Last week, the Nigerian equities market closed in the positive zone, as the NSEASI recorded a 2.92% increase to close at 26,319.47pts. All sectoral indices recorded gains, with the Consumer Goods and Banking Sector Indices leading the pack with a +6.00% and +3.60% increase respectively. NB topped the gainers’ chart last week with a share price appreciation of 25.12% while AIICO led the laggards by shedding 20.00% off its share price. The bullish trend witnessed during the week was triggered by favorable buying activities on mid to large cap stocks on the bourse.
Despite rising concern about a second wave of the coronavirus negatively impacting capital markets across the world, the bulls dominated the local bourse last week as improved system liquidity and attractive prices spurred buying interests. Barring any negative catalysts, we expect sustained bullish momentum in the equities market this week to be driven by the unattractiveness of yields in the fixed income market and the availability of low-priced but fundamentally sound tickers. Ultimately, we expect the market to close in the positive zone.
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