The NSE Index extended a sixth-day winning streak and touched a near 16-month high of 30,530 on Friday, led by banks and consumer goods companies, as some Nigerian firms reported better-than-expected third-quarter corporate earnings which helped to ease concerns over the COVID-19 crisis. Meanwhile, investors remain worried about the impact of several days of violence and social unrest on Nigeria's economic recovery. Africa's largest economy has been rocked in October by some of the biggest protests since military rule ended in 1999 against police brutality, resulting in dozens of deaths and plunging the country into a serious political crisis. Growing anger among the youth over unemployment, corruption and economic mismanagement also motivated violent protests. For the month, the NSE Index booked a 13.8 percent gain, the biggest rise since January 2018, as an interest rate cut by the central bank allowed money market liquidity to flow into equities.
Historically, the Nigeria Stock Market NSE reached an all time high of 66371.20 in March of 2008. Nigeria Stock Market NSE - data, forecasts, historical chart - was last updated on October of 2020.
The Nigeria Stock Market NSE is expected to trade at 28804.69 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 26985.45 in 12 months time.