BusinessHighlight

February N434.6bn equities gain boosts investors confidence 

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Investors’ confidence in Nigeria’s stock market is seen bosted by a N434.6 billiion gained last month at the Nigerian Stock Exchange, analysts who said March holds a positve outlook report.

“We expect the Nigerian equities market to close in green territory as investors take advantage of the low prices amid positive corporate results and increased dividend pay-out,” analysts at Cowry Asset Management Limited said last weekend.

Gainers in the Nigerian stock market include Nestle, Beta Glass, Presco gained N15, Dangote Cement, GTBank, Zenith Bank and Flour Mills of Nigeria, NASCON Allied Industries, Stanbic IBTC, Dangote Sugar Refinery, Oando, Union Bank, African Prudential and United Bank for Africa, among others.

Despite postive outlook for March, with analysts anticipating a market pick-up, Cordros Securities expects that investors will “remain on the fence following the refusal of the opposition to concede defeat” and are guiding investors “to tread the cautious trading path in the short term.”

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