Nigerian Stocks Bounce To 9-year High On Oil Price

The country’s main fairness index grew 12 percent this 12 months in greenback terms, pushing it to the easiest level because 2008, Nigerian stocks have jumped to a nine-year high as Africa’s largest economy emerges from its worst recession in 25 years, buoyed via the high price of oil at $69 a barrel.

Investors are shopping for the cheapest stocks in Africa, confident that the Nigerian economy is set to get better and oil fees will continue to be high.

“The reality that we’ve seen oil alternate to about $69 (per barrel) offers alleviation that results will proceed to increase.

following the 2014 oil crash, buyers started taking activity in the usa again final 12 months when the central financial institution added a different trading window for foreign portfolio investors.

According to Paul Clark, a fund supervisor at Ashburton Investments, said that the economy is now not going to race away and have superb boom but the equity market is based totally on a lot of bad news and a lot of terrible information is going away now.

Nigeria’s GDP is set to grow by 2.1 per cent in 2018, in accordance to the International Monetary Fund.

On Tuesday, the present day information from the National Bureau of Statistics showed that annual inflation slowed for the 11th month in a row in December to 15.4 percent.