Brexit: More UK busi­nesses to visit Nige­ria, says en­voy

Daily Trust - - BUSINESS - From Omobayo Azeez, La­gos

There are in­di­ca­tions that more Bri­tish busi­ness com­pa­nies will in­vest in Nige­ria, fol­low­ing the exit of the United King­dom from the Euro­pean Union.

The UK Trade En­voy to Nige­ria, John How­ell, stated this, Wed­nes­day, on the floor of the Nige­rian Stock Ex­change (NSE), when he vis­ited to per­form the Clos­ing Gong cer­e­mony.

How­ell, in his brief ad­dress, hinted that part of the ef­fects of UK’s with­drawal of her mem­ber­ship from the Euro­pean Union was that “the UK busi­ness com­mu­nity will do more busi­nesses in Nige­ria.”

How­ell’s com­ment was, how­ever, in sharp con­trast with the ear­lier re­sponse of many Nige­rian in­vestors to Brexit who, after the an­nounce­ment was made in June, de­vel­oped fear that led to low sen­ti­ment on the Nige­rian bourse.

Mean­while, at the close of mar­ket, yes­ter­day, mar­ket in­dex nose­dived by 0.56 per cent as mar­ket cap­i­tal­i­sa­tion shed N54bn and the All-Share In­dex lost 158.66 points to close at N9.633trn and 28,046.96 ab­so­lute points re­spec­tively.

The ses­sion also ended with de­clin­ing stocks out­num­ber­ing gain­ing ones in the ra­tio 27 to eight, while 10 other stocks closed flat.

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