Speaking on market performance for the first five months of the year, the founder of Tradelines DotBiz Investment Limited, Mr Tunde Jeariogbe, said equities performances on the floor of the Nigerian Stock Exchange were mixed, with January and April closing in the positive territory, while February, March and the just concluded month of May dragged performances through the bearish region.He noted that, “in all, the All-Share Index recorded year-to-date loss of 4.
He stated that, “we cannot rule out reactions to MPC meetings held so far in the year. Although the NBS reported a marginal adjustment in the inflation numbers for the month of April, and an 0.51 YoY growth in the nations GDP for the first quarter of the year, the impact was more negative on equities performances. It must also be mentioned that, the improvement in the fixed income market saw less risky funds out of the Equities market.
Responding, an analyst at PAC Capital, Wole Adeyeye, attributed the decline to high yield on fixed income market, and fear of naira devaluation to led to foreign investors’ exit. Also, the CEO of Greenville Capital Limited, Mr Azeez Bello stated that, “the equities market performance has mutedly been bearish with shy buying interest from investors for the five months ended May, 2021.
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