Nigerian equities jumped 0.69 per cent on Wednesday, on course for a positive return this week, as investors’ exuberance for bank stocks helped sustain an uptrend that began at the last trading session. That helped pare the bourse’s year-to-date yield down to 2.04 per cent.
Blossoming passion for the shares of Airtel Africa, which has been the pivot of gain for two straight sessions, is much needed at a time when broadly upbeat half-year corporate results have failed to turn trade around significantly unlike in other bourses elsewhere. Gains mustered by the bourse in the last two days are jointly the biggest in many days, and it is probable that the issuing of the mid-year financials of the Big 5 banks commonly known as FUGAZ in the days ahead could be the major pillar the market will hinge on to sustain gain if they come out positive.
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