Nigerian equities, opening the week, yesterday extended gains from previous week as the benchmark index closed 0.17 per cent stronger.
The All Share Index (ASI) rose by 83.71 points, representing an increase of 0.17 per cent to close at 48,543.36 points. Similarly, the overall market capitalisation value gained N45 billion to close at N26.170 trillion.
The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; TotalEnergies Marketing Nigeria, Nigerian Breweries, Stanbic IBTC Holdings, Julius Berger and Lafarge Africa.
Analysts at Afrivest Limited said: “in the next trading session, we expect the positive performance to be sustained on the back of the improved market sentiment and release of favourable Q1, 2022 earnings.”
Looking ahead, United Capital Plc expected the tone of the market will be dictated by the outcome of the ongoing Q1, 2022 earnings season, saying, “further positive takes may strengthen investors’ resolve to remain bullish on the market but we note that the bourse is due some short term correction following the steep uptrend observed in consecutive weeks.
