Nigeria stocks record mid day gain of n150bn despite coronavirus fears

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Nigeria Stocks Record Mid-Day Gain of N150bn Despite Coronavirus Fears

The Nigerian stock market has defied the global trend of market volatility caused by the coronavirus pandemic, recording a mid-day gain of N150 billion (approximately $400 million) on Wednesday.

The All-Share Index (ASI) of the Nigerian Stock Exchange (NSE) rose by 1.14% to close at 24,441.44 points, while the market capitalization increased by N150 billion to N13.43 trillion.

Despite the global spread of the coronavirus, which has led to widespread lockdowns and economic disruptions, Nigerian investors remained optimistic about the prospects of the local economy. The country's central bank has taken several measures to mitigate the impact of the pandemic on the economy, including cutting interest rates and injecting liquidity into the financial system.

The gains were driven by buying interest in blue-chip stocks, with Dangote Cement, Nestle Nigeria, and Guaranty Trust Bank leading the charge. Dangote Cement, the largest listed company by market capitalization, rose by 2.5% to N240 per share, while Nestle Nigeria gained 2.1% to N1,350 per share. Guaranty Trust Bank, one of the most liquid stocks on the exchange, rose by 1.9% to N30 per share.

The gains were also supported by the positive sentiment in the fixed income market, where yields on government securities fell to their lowest levels in months. The 10-year bond yield fell to 12.5%, while the 20-year bond yield dropped to 14.5%.

Analysts attributed the gains to the resilience of the Nigerian economy, which has been driven by the non-oil sector. "The Nigerian economy is more diversified than many people think, and the non-oil sector is driving growth," said a market analyst. "The central bank's measures to support the economy have also helped to boost investor confidence."

However, some analysts warned that the gains may be short-lived, as the global economy continues to grapple with the impact of the coronavirus pandemic. "The pandemic is still a major risk to the global economy, and Nigeria is not immune to its effects," said another analyst. "We need to be cautious and monitor the situation closely."

Despite the risks, the Nigerian stock market is expected to continue its upward trend in the short term, driven by the positive sentiment and the resilience of the local economy.