Analysts Forecast Nigerian Stock Market Rebound After N5.6 Trillion Selloff
Investment experts expect the Nigerian stock market to recover in the coming weeks after N5.643 trillion was wiped off investors’ wealth. They said improving sentiment and upcoming half-year earnings reports should stabilise the NGX All-Share Index, which slipped by 3.59% last week to 235,941.27 points. Umaru Mathew of Equity Capital Solutions noted the downturn reflected profit-taking after a prolonged rally. He added that weak bank earnings and shifts to the money market contributed to the decline. Mathew remains confident that support levels and fresh earnings data in July will attract renewed buying. Aruna Kebira of Globalview Capital said some funds have moved aside for the planned Dangote Refinery public offer and higher money market yields. He believes that as companies release second-quarter results, the equities market should regain momentum. Last week’s trading saw 3.075 billion shares worth N254.6 billion exchanged, led by the Financial Services industry. Only 11 stocks gained while 78 fell, with Cornerstone Insurance and Academy Press among the top movers. Trading in Fortis Global Insurance was suspended pending shareholder reconciliation.
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