Nigeria’s stocks world’s best performing

Nigeria’s stock market is on its path to making history again in 2020. The market is now world’s best performer after a seven-day rally put equities on a ‘jet speed’ gain.

At the Nigerian Stock Exchange (NSE), the value of listed equities has increased by over N632billion ($1.6billion), year-to-date (Ytd).

The early-year rally seen at the nation’s bourse is fuelled by higher oil prices and the CBN crushing rates on T-bills.

Oil prices opened much higher after Iran’s strikes on US-Iraqi bases. But they are now below $70/barrel again ($68.60/barrel).

Also, while many companies prepare to release their full year financials from next month, the record positive looks good to continue as more investors move to buy value stocks with history of dividend payments and capital appreciation.

Cumulative value of listed equities rose to N13.603trillion as at January 7, 2020 from N12.971 trillion at the beginning of the year.

Due to current market sentiment and renewed buy-side interest in the domestic bourse, analysts anticipate an extension of positive performance into future trading sessions.