Nigeria’s equities market on Friday bounced back and extended its gains from the prior week as the benchmark index retuned 1.35% w/w to 31,426.63. Save for Monday, ASI closed positive in all sessions over with.
Against that backdrop, the MtD loss is now at a tamer 0.01%. On sectoral breakdown, all sector indices closed in the red — save for the Banking (+7.15%) index — with the Oil & Gas (-7.70%) index leading the pack, followed closely by the
Industrial (-6.55%), Consumer Goods (-3.73%), and Insurance (-1.32%) indices respectively.
In spite of the week’s rally, analysts 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, they expect the nation’s positive macroeconomic fundamentals to drive recovery in the long-term.