According to analysts at the Nigerian Exchange (NGX) Limited, the movement noticed in the stock market recently is a result of the up-and-down movement in investors' optimism. And this is predicted to continue this week.
Market players are expecting new triggers to fuel more purchasing activity, such as due to the July inflation data release.
The market is ready for a change as excitement surrounds the prospect of positive news that might spark another wave of purchasing enthusiasm.
The decrease in rates inside the Treasury Bills' primary market offers is noteworthy, with reductions to 5%, 5.9%, and 9.8% for the 91-day, 182-day, and 364-day instruments, respectively. This pattern reflects continuous portfolio rebalancing and sector rotation, which is aided by strong business results.
Analysts Optimism
Looking ahead to the new week, analysts at Cowry Assets Management Limited said: “We anticipate a mix of sentiments fueled by bargain hunting, amidst the backdrop of anticipated positive developments.“Investors will be closely monitoring corporate earnings, especially among first-tier banks, as they navigate the landscape in the context of the forthcoming July inflation data release. Meanwhile, we continue to advise investors on taking positions in stocks with sound fundamentals.”
Read more: https://www.investingport.com/what-...-this-week-trading-the-nigerian-stock-market/