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Nigerian equities beat global stocks with N259b gains

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Nigerian stocks played the contrarian at the weekend with a net capital gain of N259 billion in a week marked by general decline in share

A market-wide rally drove the Nigerian market to average gain of 1.27 per cent at the weekend, equivalent to net capital gains of N259 billion. The rally moderated the negative average year-to-date return for Nigerian equities to -2.41 per cent.

Review of the trading reports showed that the rally was driven by bargain-hunting across the sectors , especially the banking sector, as investors realigned portfolios in expectation of first quarter earnings. Analysts at Cordros Securities said they expected the market to be flooded with results as the first quarter 2021 earnings season commences in full swing.

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