• Analysts predict gloomy outlook,blame rising pandemic,weak economy
For instance, the Chief Research Officer, Investdata Consulting Limited, Ambrose Omoduon, affirmed that the seeming bull-run of crude oil prices at the international market has supported the positive sentiment driving the market. United Capital Plc analyst, in its report, titled: “What is driving the rally in the equities market,” said: “The question on the mind of investors includes whether the uptrend is sustainable and what exactly is driving this recovery. In our opinion, the recovery in share prices is driven by rebalancing in the oil market, which has resulted in a 94 per cent rebound in oil prices from $18 per barrel to about $35 per barrel within a month.
Specifically, the ASI rose by 70.42 points or 0.29 per cent to 23,941.75 points. Accordingly, investors gained N36billion in value as market capitalisation went up to N12.477trillion. The improved performance was impacted by gains recorded in medium and large capitalised stocks, amongst which are; Okomu Oil, Dangote Cement, Presco, Unilever Nigeria, and Guaranty Trust Bank.
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