Capital market analysts said, January was a great month as the Nigerian stock market started the year 2023 on a bullish note, driven by positive sentiment from corporate earnings expectations.
To him, “also, sentiments continue to be positive and upbeat in the face of mixed interest rates and government bonds tumbling on last weekend’s downgrade of Nigeria by Moody’s following anxieties over the coming general elections, especially given the spate of violence across the country, as well as rising public debts, among others.”
Speaking with LEADERSHIP, vice president, Highcap securities Limited, Mr. David Adnori said, the anticipation for end-of-the-year dividend distribution lifted the stock market in January 2023, saying, “the performance of the stock market in January is driven by shareholders’ expectation for the end of the year earnings and distribution of dividends.”
Analysts at Investment One in a report titled, ‘2022 review and 2023 macro-economic and financial market outlook’ said, the direction of market performance will be largely determined by the trio impact of fixed income yields in tandem with monetary policy, corporate actions, and election turnouts.
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