The stock market sustained its bullish trend yesterday as buying interest in bellwethers such as Dangote Cement Plc, MTN Nigeria Communications Plc and Guaranty Trust Bank Plc drove indicators to new highs.
In all, 20 stocks appreciated in price compared with eight stocks that depreciated. The market has remained bullish since last week as investors shifted attention to equities market following a cut in the Monetary Policy Rate by the Monetary Policy Committee of the Central Bank of Nigeria . “We expect the market might continue to benefit as domestic investors seek alpha-yielding opportunities in the face of increasingly negative real returns in the fixed income market. However, we advise investors to trade in only fundamentally justified stocks as the weak macro environment remains a significant headwind for listed companies,” analysts at Cordros Research said.
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