Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
Joseph Uddin
Nov 25, 2020 18:17
Impressive rebound on the NGSE!
0
0
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data
Nigerian stocks rise to one-week high on hopes recession will be short-lived
© Reuters.
ABUJA, Nov 25 (Reuters) - Nigerian stocks climbed to a
one-week high on Wednesday after the central bank expressed
optimism that it expected a recession in Africa's biggest
economy to be short-lived, citing a smaller than forecast
contraction in the third quarter.
The all share index .NGSEINDEX rose 1.25% to 34,769
points, a level last seen on Nov. 19, lifted by the banks
.NGSEBNK10 and consumer goods .NGSEFBT10 stocks.
The Nigerian economy slipped into a recession in the third
quarter, causing stocks to decline to a two-week low on Monday,
while the currency eased on the black market due to dollar
shortages in the country.
Central Bank Governor Godwin Emefiele, however, said on
Tuesday that the contraction in growth had bottomed out after
the third quarter shrunk less than the second quarter. He
expected the recession to end by the first quarter next year.
Stocks had been rising since last month to become the
world's best performing after the central bank unexpectedly cut
interest rates the previous month to spur growth. The bank kept
rates on hold on Tuesday.
Shares of a total of 37 companies gained on Wednesday while
12 declined and another 100 recorded no trades.
Drugmaker May & Baker MAYBAKE.LG rose 10%, the maximum
allowed on the bourse, while energy firm Eterna Oil
ETERNAO.LG , Flourmills FLOURMI.LG , Axa Mansard MANSARD.LG ,
Transcorp TRANSCO.LG , FCMB FCMB.LG among others climbed more
than 9.5% each.
Related Articles
Comments (1)
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.