Lagos — Nigerian equities remain elevated, with the NGX All Share Index closing at 130,283.84 points following a 1.02% advance on Thursday, positioning the market for a positive weekly finish. However, the market saw mixed performances at the sector level, as nine out of twenty sectors declined, led by electronic technology, producer manufacturing and health technology, indicating a possible uptick in profit-taking activity. Gains in non-energy minerals, commercial services and consumer non-durables helped lift the overall performance.
Performance among blue-chip stocks was uneven. Shares in Dangote Cement and BUA Cement recorded solid gains, while MTN Nigeria Communications, BUA Foods and Geregu Power were broadly unchanged. Financial names such as Guaranty Trust Holdings and Zenith Bank ended lower.
Market attention is now focused on the Central Bank of Nigeria’s (CBN) forthcoming interest rate decision. The CBN maintained its benchmark rate at 27.50% in May. Should inflationary trends continue to moderate and monetary policy guidance shift towards a more accommodative stance, Nigerian equities may see broader support.
*Daniel Wesonga, Senior Sales Manager at Pepperstone
