Nigerian Stocks Rally, Cross Psychological Level of 70,000 For First Time

By: The New Diplomat

Cat:

November 1, 2023

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By Agency Report

Nigeria’s share index crossed a psychological threshold of 70,000 points for the first time on Wednesday after stocks gained for the third straight session, Refinitiv data showed.

The All Share Index (.NGSEINDEX) climbed 1.94% to close at 70,581 points for the first time ever.

Nigerian equities started to rally at the end of May, when new President Bola Tinubu launched reforms to the country’s foreign exchange market and scrapped a costly but popular fuel subsidy that had sucked up government finances.

READ ALSO: Gunmen Kidnap Traditional Ruler In Plateau

Stocks have gained 35% since May, as local funds pile back into equities. Also double-digit inflation which is rising has supported the shift to equities as yields on the fixed income market turn negative.

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The banking stocks which rose to a 20-year high in June have led the charge following the reforms.

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Reporting by Chijioke Ohuocha; Editing by Josie Kao

NB: Culled from Reuters

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