Nigeria stocks gained N180bn in one week

Nigeria stocks climbed by +1.41 percent in the trading week to Friday August 7 on renewed optimism that companies’ earnings will begin to improve as the nation’s economic activities pick up. The NSE ASI rose for five straight days, thanks to investors who showed interest in banking, oil & gas stocks.

The record gain valued at about N180billion helped erase this year’s losses (-6.71percent). The value of listed stock on the Nigerian Stock Exchange (NSE) increased to N13.063trillion from week open low of N12.882 trillion, while the NSE All Share Index (ASI) increased to 25,041.89 points from 24,693.73 points at the beginning of the review trading week.

The market enjoyed some level of renewed interest as more bellwether companies recorded relatively fair half-year (H1) earnings results, in addition to the stability seen recently in the crude oil market.

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By Teliat Sule • August 9, 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.