Nigeria: Analysts Predict Moderately Positive Outlook for Stock Market

12 November 2013

Analysts at InvestmentOne Limited has predicted that the positive sentiment that ruled the stock market in the last few weeks will continue this week despite a buildup for profit-taking activity. The Nigerian equities market had sustained its stellar performance the previous week as the benchmark index, during the week, rose (38,125 points) to a 3-month high bolstered by little encouraging Q3 results and renewed sentiments.

"We opine that the renewed sentiment will continue to support the market in the new week although it appears there is a buildup for profit taking given the drag in the last two sessions. Nevertheless, we maintain a moderately positive outlook for the week. While prices have moved over the last eight sessions, we believe valuations on average remain relative attractive majorly for the banking stocks and secondly the industrials. However, we think the consumer goods is relatively fairly priced," they said.

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