Sustained buying interest ahead of more scorecards continued last week, as the Nigerian capital market extended its gains for the third consecutive week. The increase in stocks pushed the all-share index and market capitalisation up by 0.5 per cent and N145 billion to close at 55,794.51 points and N30.395 trillion respectively.Sustained buying interest ahead of more scorecards continued last week, as the Nigerian capital market extended its gains for the third consecutive week.
Analysts linked the performance to investors’ bargain hunters and positioning in anticipation of improved full-year earnings and dividend declarations. “Overall, we advise investors to seek trading opportunities in only fundamentally justified stocks as the weak macro story remains a significant headwind for corporate earnings.”
“Market players should target dividend-paying companies and defensive stocks to protect their portfolios ahead of the governorship election and post-dividend adjustment. The financial services industry led the activity chart with 414.4 million shares valued at N5.6 billion traded in 8,136 deals; thus contributing 40.5 per cent to total equity turnover volume.
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