Last week, the Nigerian equities market ended on a positive note yet again, as the NSEASI gained 0.13% WoW to close at 28,697.06pts, thus raising the YtD return to 6.91%. While all sectoral indices closed in the negative zone, the NSEFBT10 advanced by 2.90% week on week. INTBREW emerged top gainer with a gain of 18.20% WoW, while NNFM shed 9.89% of its share price to lead the losers. Whilst investors sought to take profit on counters which gained in the previous weeks, the bullish sentiment in the market was sustained by the buying activities on fundamentally justified stocks, as well as tickers in the consumer goods spaces.
The unrest across the country seemed to dampen investors’ confidence at some point last week. However, the imposition of curfews across states which served as the hotbed of protests restored calm to the nation. The financial system remains robust with liquidity contributing to the continued uptick in the equities market. In addition, the low yield in the fixed income space and the dearth of attractive investment opportunities should stimulate buying interests in fundamentally sound stocks. Against this backdrop, we expect the market to close in the positive zone this week.
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