Analysis from top market analysts have reported that the Nigerian stock market will sustain its positive trend as investors seek bargain-hunting opportunities. Last week was a success as investors smiled as the Santa Claus rally continued.
At the end of last Friday's first trading week, the NGX added more than N2.6 trillion to market capitalisation as stocks were driven by positive market breadth and huge interest across stocks.
The opening week did not only experienced an increase in market highs but also saw an increase in benchmarks.
Analysts Optimism From Different Sectors
Analysts at Afrinvest Limited said, “This week, we anticipate an extended positive performance on the bourse, buoyed by strong investor sentiment.”Analysts at Cordros Securities Limited said,
- In the near term, we believe positioning for 2023 full-year earnings releases and accompanying dividend declarations will continue to support buying activities on the local bourse even as institutional investors search for clues on the direction of yields in the FI market.
- However, we advise investors to seek trading opportunities in only fundamentally justified stocks as the weak macro environment remains a significant headwind for corporate earnings.
Read more: https://www.investingport.com/analy...aus-rally-will-continue-at-the-ngx-this-week/