It was a jolly ride for the Nigeria’s equity market last week as gains were recorded in all trading sessions of the week.
Instructively, the ASI posted a whopping 3.94% w/w gain following buying sentiments across Dangote Cement (+10.11% w/w), Nestle (+3.49% w/w), and NB (+3.85% w/w) shares. Thus, the MtD loss is now at a tamer 1.35%.
On sectoral breakdown, all sector indices closed positive – save for the Banking (-1.04%) index–, with the Industrial (+12.71%) index leading the pack, followed closely by the Insurance (+5.51%), Consumer Goods (+2.72%), and Oil & Gas (+0.59%) indices respectively.
In spite of last week’s rally, market watchers continue to favour cautious trading pattern in the equities market amidst brewing political jitters ahead 2019 elections, and the absence of a positive market trigger.
They however, say that positive macroeconomic fundamentals to drive recovery in the long term were still very much around.