As it was with the U.S market, earnings season kicked off on a strong footing in Nigeria, with most Tier-1 banks reporting strong numbers across lines.
The impact of the foregoing drove renewed sentiment for naira risk assets. Evidently, the benchmark index gained 1.78%, WtD, to 30,086.31 points.
Thus, the MtD and YtD losses dipped significantly to 3.07% and 4.27%, respectively.
On sectoral breakdown, gains across the Consumer Goods (+5.70%), Insurance (+2.44%), Banking (+2.07%), and Industrial Goods (+0.46%) indices masked the loss in the Oil & Gas (-2.12%) index.
Experts reiterate their view that the blend of a compelling valuation story, together with positive macroeconomic picture leaves scope for a market recovery in the medium term.
However, they guide investors to tread the cautious trading path in the short term.


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