Nigerian equities beat global stocks with N259b gains

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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Bank stocks gains help stop Nigerian equities from sinking furtherA positive market breadth posted as there were 24 gainers against 17 losers.
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Nigerian stocks rise further on bank stock gainsThe benchmark index edged 0.29 per cent higher.
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Nigerian stocks shed N274bn on profit-taking in blue-chip equitiesMarket breath closed on a negative note, with 25 losers recorded compared to 19 losers.
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