{"id":6265,"date":"2011-12-20T00:33:16","date_gmt":"2011-12-19T22:33:16","guid":{"rendered":"http:\/\/www.myza.co.za\/12\/nigerian-stocks-at-3-week-high-gold-etf-listed\/"},"modified":"2011-12-20T00:33:16","modified_gmt":"2011-12-19T22:33:16","slug":"nigerian-stocks-at-3-week-high-gold-etf-listed","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/nigerian-stocks-at-3-week-high-gold-etf-listed\/","title":{"rendered":"Nigerian stocks at 3-week high, gold ETF listed"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p><span class=\"articleLocation\">LAGOS<\/span> Dec 19 (Reuters) &#8211; Nigerian equities climbed to<br \/>\na three week high on Monday, creeping up over a psychological<br \/>\n20,000 point level largely owing to a rise in banking shares,<br \/>\ntraders said, as the bourse also listed its first exchange<br \/>\ntraded fund (ETF).<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>The bourse started trading Nigeria&#8217;s first gold-backed<br \/>\nsecurity, NewGold, on Monday to broaden its range of products<br \/>\nbeyond traditional equities and bonds.<\/p>\n<p><span><\/span><\/p>\n<p>The all-share index rose 0.1 percent to 20,045<br \/>\npoints, as selling pressure on shares eased and investors begin<br \/>\nto take position for 2012, traders said, with Fidelity Bank<br \/>\n and Skye Bank up almost five percent.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The market is going up because stocks are oversold at the<br \/>\nmoment,&#8221; one trader told Reuters, adding that foreign investors<br \/>\nwere going long on equities.<\/p>\n<p><span><\/span><\/p>\n<p>He said foreigners accounted for around 80 percent of total<br \/>\ntrades on the bourse.<\/p>\n<p><span><\/span><\/p>\n<p>The NewGold ETF traded 2,425 units out of the 400,000 units<br \/>\nlisted on Monday, and shed 2.0 naira to close at 2,542 naira,<br \/>\nfollowing a fall in international gold prices.<\/p>\n<p><span><\/span><\/p>\n<p>Traders said NewGold will track gold prices in the<br \/>\ninternational market and that it was too early to determine how<br \/>\nwell it would perform in the medium to long term.<\/p>\n<p><span><\/span><\/p>\n<p>The bourse said it will waive trading fees on the unit until<br \/>\nMarch 1, 2012.<\/p>\n<p><span><\/span><\/p>\n<p>NewGold, originated by South Africa&#8217;s Absa Bank Ltd<br \/>\nhas a primary listing in South Africa and before its Nigeria<br \/>\ndebut had one other listing on Botswana&#8217;s bourse.<\/p>\n<p><span><\/span><\/p>\n<p>A source at the stock exchange told Reuters on Friday that<br \/>\nmore exchange traded funds were expected early next year, but<br \/>\nthat appetite for the ETFs will determine how many go ahead. \t<\/p>\n<p> (Reporting by Chijioke Ohuocha; Additional reporting by Mayowa<br \/>\nOludare)<\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>LAGOS Dec 19 (Reuters) &#8211; Nigerian equities climbed to a three week high on Monday, creeping up over a psychological 20,000 point level largely owing to a rise in banking shares, traders said, as the bourse also listed its first exchange traded fund (ETF). The bourse started trading Nigeria&#8217;s first gold-backed security, NewGold, on Monday [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-6265","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=6265"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/6265\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=6265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=6265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=6265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}