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Wednesday, February 8, 2023

Stocks clawback gains to hit 2017 support near 24,000 points

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Nigerian Stocks have managed to claw back gains to trade at a 2week near 24,000 points, after signs that the global economy was beginning to re-open and the worst of the virus pandemic may be over.

Stocks were up 0.58 percent yesterday or 138.86 index points bringing the market to support levels last seen in 2017 (see chart).

Gains were led by large cap market leaders like MTN Nigeria (+1.5%) and Guaranty Trust Bank (+1.1%), as the market breadth closed positive, recording 25 gainers as against 13 losers.

Oil prices rose following positive news from the global economy and the rally in risk assets as West Texas Intermediate crude increased 3.2% to $32.83 a barrel.

Markets also responded to news that an experimental vaccine from the U.S. biotechnology company Moderna Inc. showed signs that it can create an immune-system response to fend off the new coronavirus, offering tentative hopes in the global effort to combat the pandemic.

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