Nigerian stocks end five-day losing streak to gain 0.17%
Reuters
Published Mar 13, 2020 17:30
Nigerian stocks end five-day losing streak to gain 0.17%
ABUJA, March 13 (Reuters) - Nigerian stocks ended a five-day
losing streak on Friday to gain 0.17 percent, after investors
halted a sell-off caused by the oil price collapse and worsened
by fears of a possible naira devaluation.
On Friday, the main share index .NGSEINDEX had spiralled
downwards during mid-trades but recovered towards market close
to lift off from a 4-year low it touched previous session.
The central bank said late on Thursday that the market
fundamentals did not support a devaluation of the naira currency
at this time. Traders said the market calmed down on Friday after heavy
selling that saw the market decline 23.5% from its peak in
January to 22,734 points.
The index of Nigeria's top 10 banks .NGSEBNK10 , the most
liquid sector, rose 4.17 percent on Friday. Consumer goods and
oil sectors were still in the red.
United Bank for Africa UBA.LG , Fidelity Bank FIDELIT.LG
and Zenith Bank ZENITHB.LG each climbed more than 9%.
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Written By: Reuters
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