May 11, 2020/Coronation Research

It is the role of equity markets everywhere to predict company earnings and future economic conditions. Generally, equity markets rally far ahead of the end of recessions. The current rally in the Nigerian Stock Exchange All-Share Index, which is up 16.3% since 6 April, is therefore intriguing. Does it predict the resolution of Nigeria’s problems, as the rally from April to December 2017 did? And, if one is unsure about that, how should one position an equity portfolio?

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