Last week, Nigerian stocks advanced by 1 per cent despite fewer trading days occasioned by two public holidays observed in commemoration of Christmas. The gain rode on the back of the performance of the insurance and consumer goods indexes, which returned 7.9 per cent and 3.1 per cent respectively.
The main equity index itself has yielded 36.6 per cent year to date. That is higher than country’s inflation rate, highlighting the ability of Nigerian stocks to deliver strong returns in the face of rising price levels.
Going into the week, analysts at the investment bank United Capital said “The equities market is expected to retain its buy interest as investors cherry-pick undervalued stocks.”
