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.

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By Lolade Akinmurele • January 8, 2020

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.