After two weeks of declines, the Nigerian equities market closed in the green, as the NSEASI gained 1.05%, pushing the YtD return up to 7.85%.Thirty-four (34) gainers and forty-one losers settled market breadth at 0.83x.
Bullish sentiment towards counters in the consumer goods and oil & gas sectors was sufficient to turn around the losses recorded on other trading days in the week.
We expect the bullish investor sentiment seen on Friday last week to persist this week and spread across the various sectors of the market. The industrial goods sector shed significantly last week owing to declines on sector heavyweight, DANGCEM. We expect investors to take advantage of the relatively attractive price at which the counter is trading.
As Q1:2018 results keep rolling in, we expect the impressive performance of companies to sustain bullish investor sentiment.
In sum, we anticipate a positive close to the market this week