Nigerian stocks edged higher on Monday after a 0.2 per cent improvement in the benchmark index and investors’ faith in the financial services sector intensified.
United Capital topped PREMIUM TIMES weekly stock investment guide published earlier and principally drove Monday’s gain alongside other financial services stocks including Africa Prudential and Zenith Bank. Market breadth, which measures the level of investors’ sentiment towards trade, closed in the positive as 31 gainers were recorded compared to 70 laggards.
“From the large cap stocks, we expecting the profit taking to extend to the mid-cap and small-cap outperformers,” they added.