– Despite concerns over Inflation & interest rates
Lagos — Nigerian stocks could continue their upward trend after a recent rebound. The NGX All-Share Index could test the 105,000 mark, heading toward this month’s high.
This momentum has been led by gains in stocks such as Beta Glass, Access Holding, and Skyway Aviation Handling Company, with Beta Glass leading the way with a nearly 10% appreciation.
The NGX All-Share Index reached a market cap of NGN 64.44 trillion, with the Banking and Consumer Goods sectors leading, up by 4.71% and 1.74% respectively.
However, the broader market also faced pressure from underperforming Consumer Services, Consumer Durables, and Distribution Services sectors. While key sectors perform well, weaknesses in others pose some downside risks.
Looking ahead, the market is likely to maintain its positive performance as investors turn to the upcoming earnings season.
Whilst strong buying interest is expected, profit-taking may affect short-term performance. Despite concerns over high interest rates in the fixed-income market, the overall bullish outlook remains supported by solid fundamentals and expected dividend declarations.
Attention is now on Nigeria’s interest rate decision, with the benchmark rate at 27.50%. While high rates could dampen market sentiment by making alternative investments more appealing, signs of rate stability or cuts could solidify further upside for local equities.
