In the last 48 hours, the price of Brent has gained over 20% and Nigeria’s Bonny light by over 10% on confirmation that major oil producers would meet via video conference on Monday, April 6 to discuss the falling demand for crude oil.
The meeting will include the OPEC+ group of producers including Russia. Azerbaijan also confirmed it received an invitation for the meeting.
In Nigeria, we can only look forward to the outcome of the meeting with optimism as the 10 million barrels proposed cut is just half of the current loss of demand which is about 20 million barrels per day. The cut may just be enough to stabilise prices rather than set prices northbound strong enough to build our foreign reserves.
Unlike oil prices, Investors in the stock market were not so lucky as most global market indices closed down to end another turbulent week dominated by COVID-19 headlines. FTSE 100, DAX, CAC 40 all lost points.
In Nigeria, financial sector stocks dominated the gainers’ chart but could not rescue the All Share-Index (ASI) from the Bears. The ASI lost 0.13% to increase the year-to-date loss of the market to 21.41%. See the image below for a complete snapshot of market performance.
Market Breadth: The breadth of the market was stronger today as the bulls dominated with 15 gainers as against 13 losers. See the list of top gainers or losers below:
Market Turnover: Turnover declined by 7.94% in volume while value grew by 3.97%. See top 10 traded stocks below: