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Nigerian stocks gain for 7th session, oil firms rise

Published 28/09/2020, 15:51
Updated 28/09/2020, 15:54
© Reuters.

ABUJA, Sept 28 (Reuters) - Nigerian stocks rose for the
seventh straight session on Monday, closing up 0.72% at a new
six-month high as oil and gas shares gained.
Stocks have been trading at six-month highs since Friday as
funds have switched into equities, driven by low yields on the
bond market after central bank unexpectedly cut interest rates
last week to spur growth.
Nigeria's money markets have been awash with liquidity after
foreign investors dumped local assets following an oil price
crash triggered by the coronavirus pandemic.
In the past the central bank had kept yields in the debt
market high to attract foreign investors and dollars into the
economy.
On Monday, the main share index .NGSEINDEX ended at
26,507.84 points, a level last seen in March. The oil index
.NGSEOILG5 , which has underperformed other sectors this year,
rose 1.33% to lead the gainers.
Oil prices were steady at $42.04 on Monday. The global
benchmark Brent LCOc1 has recovered from a 21-year low below
$16 seen in April. Total TOTAL.LG gained the maximum 10% allowed on the
bourse while Oando OANDO.LG climbed 9.85%. MTN Nigeria
MTNN.LG , the second-biggest listed company, rose 2.02%.
A total of 22 companies advanced and seven firms declined,
while a hundred others saw no trades.

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