January 25, 2019
By InvestAdvocate
Lagos (INVESTADVOCATE)-The Nigeria’s equity market on Friday extended its gains from the prior week as the benchmark index appreciated 1.35 percent Week-on-Week (w/w) to 31,426.63 basis points.
Cordros weekly market report said save for Monday, all-share index (ASI) closed positive in all sessions over with.
“Against that backdrop, the Month-to-Date (MtD) loss is now at a tamer 0.01 percent,” the report affirmed. According to Cordros, on sectoral breakdown, all sector indices closed in the red — save for the Banking (+7.15 percent) index — with the Oil & Gas (-7.70 percent) index leading the pack, followed closely by the Industrial (-6.55 percent), Consumer Goods (-3.73 percent), and Insurance (-1.32 percent) indices respectively.
Following this positive trend, market capitalisation on the Nigerian Stock Exchange (NSE) increased to N11.72 trillion, from N11.56 trillion in the previous week.
“In spite of this week’s rally, our view continues to favour cautious trading pattern in the equities market amidst brewing political jitters ahead 2019 elections, and the absence of a positive market trigger. However, we expect the positive macroeconomic fundamentals to drive recovery in the long-term,” the Cordros report affirmed.
Click here to read full PDF copy of Cordros Weekly Market and Economic Report
