The Director General of the Securities and Exchange Commission (SEC), Ms. Arunma Oteh.
Nigeria’s benchmark stock index rallied in its best six-day gain since 1998 as local investors sought bargains following the gauge’s drop to the lowest in almost two years.
The Nigeria Stock Exchange All Share Index (NGSEINDX) climbed 0.7 percent by the close in Lagos, the commercial capital, extending its advance since Dec. 18 to 20 percent and trimming its drop this year to 16 percent. Guinness Nigeria Plc (GUINNESS), the local brewing unit of Diageo Plc, climbed to its highest level in more than a month, while Nestle Nigeria Plc (NESTLE) rose 7 percent.
Foreign investors sold Nigerian stocks as the price of crude dropped into a bear market and on concern that measures the country’s central bank put in place to stem capital outflows would hinder their ability to sell holdings in Africa’s top oil producer. The lower stock prices are opportunities for domestic buyers, according to Abiola Rasaq, a research analyst at Lagos-based Associated Discount House Ltd.
“The bargain hunting is done largely by the local investors who see opportunities to buy into these stocks,” he said by phone today. “Foreign investors are being very careful because they are not clear about what regulations may come up.”
The Central Bank of Nigeria said earlier this month that lenders must clear positions daily after previously being allowed a net-open position of 1 percent of shareholder funds. It also ordered dollars bought from banks by foreign-currency dealers to be used within 48 hours or sold back to the regulator