– Records steady gains in key sectors
Lagos — The Nigerian equity market remains bullish, with the NGX All-Share Index nearing its January high of 105,530 points and market capitalization surpassing NGN 65 trillion.
This upward movement is largely driven by weekly gains in key banking stocks such as FBN Holdings, Guaranty Trust Holding Company, and Access Holdings, although they stabilized to a certain in yesterday’s session.
With the ongoing earnings season, market momentum is expected to remain strong, supporting further upside in Nigerian equities.
Investor sentiment continues to be strong, with significant gains across sectors such as healthcare technology, transportation, and technology services.
Out of all the sectors in the market, only 2 closed in the red yesterday, commercial services and process industries, indicating broad-based sectoral support. Stocks such as Eterna and Cadbury Nigeria saw notable rises, reflecting overall market strength.
The positive momentum among sectors offers stability, contributing to a positive outlook for Nigerian equities.
Nigeria’s Finance Minister, Mr. Wale Edun, emphasized the country’s economic growth during a meeting with First Abu Dhabi Bank.
He highlighted key reforms, including market-driven pricing for foreign exchange and petroleum products, increased trade via the African Continental Free Trade (AfCFTA), and improved revenues.
These measures have strengthened Nigeria’s economic fundamentals, which could contribute to a positive long-term investment outlook for Nigerian stocks and reinforce the country’s attractiveness to foreign investors.
*Daniel Wesonga, Senior Sales Manager at Pepperstone
