Nigerian stocks advanced by 1.8 per cent last week, inching close to returning 36 per cent this year, riding on a surging demand for energy stocks. Also in the course of the week, the benchmark index crossed the 100,000 basis point mark, the first time since July.
The financial services industry continued to dominate trade in volume terms even though banking, which is the main driver of activity, remains the sector index with the lowest year-to-date return at 19.5 per cent. That compares with oil & gas which has so far yielded 160.1 per cent.
“Looking forward, the equities market is expected to retain its buy interest as investors cherry-pick undervalued stocks,” analysts at investment bank United Capital had earlier said.
