By Nkiruka Nnorom
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.
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.