Nigerian stocks on Tuesday saw their biggest gain since early January to lift the market from its lowest point in the year, as global efforts to limit the economic impact of the virus spread intensifies.
The stock market rose 1.24 percent in intra-day trade on Tuesday following gains in big stocks including MTNN (+4.55%), GTB (+6.61%), Zenith (+6.93%), Access Bank (+8.44%) and First Bank (+9.57%)as of 1:20 pm. Market closes 2:30pm.
Stocks had plunged to their lowest in the year, after the best start to a year since 2013 at least, paving the way for investors to buy cheap as the world fights to control Coronavirus spread and weaken its economic impact.
The IMF and the World Bank on Monday said they stood ready to support countries facing immediate financing needs arising from the virus crisis.
Similarly, the representatives of the world’s seven most industrialized countries (G7) will meet to decide on an effective response to the threat posed by the COVID-19 outbreak to global economy.
On its part, OPEC and its members are expected to announce deep cuts to oil production that would prop up price this week. Already Brent has pared some of its losses last week and risen to $53.26 per barrel ahead of the announcement.
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