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Nigerian Stocks Rally For The Second Straight Day and Best in Five Months

Nairametrics by Nairametrics
November 11, 2014
in Uncategorized
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Nigerian stocks gained the most since May 30 closing 1.3% higher at 33,670.75. This is now the second day running that it has gained after going on a 12 day losing streak, the longest in half a dozen years. 

A total of 46 shares rose, 12 fell and 137 were unchanged. Gains were across sectors ranging from Banks to manufacturers and energy companies with 22 stocks rising 5 percent or more.

Analyst interviewed in a Bloomberg article gave the following possible reasons for the rally.

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The resurgence is likely due to the perceived bottoming-out of most of the stocks……That’s driving investors to take opportunities quickly.

However, the article also confirmes some analyst still believed this may prove short-lived if oil prices don’t stabilize or recover.

After the euphoria, most people will want to take profits,” he said. “That’ll lead to another downward trend.

Tags: News Review
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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