Equities market surges by 1.4% as oil prices rebound

Equities market surges by 1.4% as oil prices rebound

By Nkiruka Nnorom

oil prices

The Nigerian equities market recorded its 8th  consecutive daily gains yesterday, rising by 1.4 percent after the price of crude oil rose above $31 per barrel.

Analysts at United Capital Plc, a Lagos based investment house, had said that  the implementation of the Organisation of Petroleum Exporting Countries (OPEC)+ supply cut deal and the influx of more quarterly corporate earnings in the Nigerian Stock Exchange, NSE, would drive sentiments as more countries weigh the need to unlock economic activities and the debate around health and economic wellbeing of the countries get louder.

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Specifically, the benchmark All Share Index (ASI) rose to 24,143.37 points from 23,809.31 points following optimism by investors    for a recovery in demand as some countries kick-start the process to ease the coronavirus lockdown.

Investors also recorded N174 billion gains at the close of the day’s trading with the equities market capitalisation rising to N12.582 trillion from N12. 408 trillion on Tuesday.

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