BusinessDay
Nigeria's leading finance and market intelligence news report.

Stock market to see more bargains on optimism over economic recovery 

Nigeria’s equities market will no doubt continue its bullish run today Wednesday June 3 as investors continue bargain hunting as they believe economy economy will gradually pick following lockdown easing.

With the continued gradual pick up in a number of global indicators, some analysts expect the market to continue its bullish pattern today, though the possibility of profit taking cannot be ignored.
With the recent upswing witnessed at the local bourse, which put about N48 billion in investors pockets, it is recommended that investors should traded cautiously in the short term, though investors wiling to invest for medium to long term tenure can still take advantage of current price levels.
Oil prices climbed by more than $1 a barrel on Tuesday on hopes that major crude producers will agree to extend output cuts during a video conference expected to be held this week and as countries and U.S. states begin to reopen after coronavirus lockdowns.
Brent crude settled at $39.57 a barrel, rising $1.25, or 3.3 percent while U.S. West Texas Intermediate crude (WTI) settled at $36.81 a barrel, jumping $1.37, or 3.9 percent.
Investors had raised bets yesterday in value stocks like Dangote Cement Plc, GTBank Plc and MTNN Plc. Cummulatively, the market gained about N48billion while the benchmark performance indicator – the Nigerian Stock Exchange (NSE) All Share Index (ASI) increased by 0.27 percent.
The World Bank Group, one of the largest sources of funding and knowledge for developing countries, is taking broad, fast action to help developing countries strengthen their pandemic response.
The Bank is supporting public health interventions, working to ensure the flow of critical supplies and equipment, and helping the private sector continue to operate and sustain jobs.
“We will be deploying up to $160 billion in financial support over 15 months to help more than 100 countries protect the poor and vulnerable, maintain the private sector, and bolster economic recovery. This includes $50 billion of new IDA resources through grants and highly concessional loans”, World Bank said on Tuesday.

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