The Nigerian equities market extended its negative performance last week as the Nigerian Stock Exchange All-Share Index declined further by 2.12 per cent to close at 31,827.24.
Given the conclusion of the presidential elections, which reduced the political uncertainty, it was expected that the market would witness a positive performance last week. Also, the release of corporate earnings by firms for the year ended December 31, 2018, was expected to stimulate demand for stocks. But reverse was the case.
In her opinion, the Group Chief Executive Officer of Emerging Africa Capital Group, Mrs. Toyin Sanni, had said the general expectation was that the first half 2019 would be more of the same as last year because investors would adopt a wait-and- see approach due to the elections. “But investors would want to see that there is a stable government, there is peace and government is accepted by the people, investors will want to see they can expect the right economic policy and the policies will be implemented in a consistent manner,” she had explained.
Commenting on the results, Group Chief Executive Officer, Dangote Cement, Joe Makoju, said: “This is a record financial performance by Dangote Cement, driven by a strong increase in our home market, Nigeria, despite heavy rains and uncertainties about the election. Although Pan-African volumes were unchanged in 2018, I am confident that we will see an increase in 2019, driven by higher volumes in Tanzania, Ethiopia, Congo and Sierra Leone.
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