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

The New Diplomat
Writer

Ad

Global CEOs, Top Diplomats, Ministers, Governors, Industry leaders gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas, Minerals, Maritime Opportunities

By Abiola Olawale Following the official opening of the 80th Session of the United Nations General Assembly (UNGA80), New York, USA, high-level delegations from over a dozen countries, including global CEOs, top diplomats, ministers, governors, industry leaders will gather in New York to unlock the Gulf of Guinea’s over $800 billion Energy, Oil & Gas,…

Charted: Populations of China, India, U.S., and Europe (1950–2100)

Key Takeaways India is projected to remain the world’s most populous country through 2100, stabilizing around 1.5 billion people. China’s population is expected to fall by more than half, from 1.4 billion to 0.6 billion. Europe’s population will decline steadily, while the U.S. population grows gradually to 420 million. As global demographics continue to shift,…

Elon Musk drops to second place as AI boom powers Oracle’s Larry Ellison to world’s richest status

By Obinna Uballa Elon Musk has lost his long-held crown as the world’s richest person to Oracle co-founder Larry Ellison, following a record-breaking surge in Ellison’s net worth. According to Bloomberg’s Billionaire Index, Ellison’s fortune jumped by an unprecedented $101 billion on Tuesday night to reach $393 billion, surpassing Musk’s $385 billion. The windfall came…

Ad

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.

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.

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

Reporting by Chijioke Ohuocha; Editing by Josie Kao

NB: Culled from Reuters

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp