The Nigerian stock market closed the first trading week of the year on a positive note. This is driven by gains in Bua Foods (+5.1%), MTN Nigeria (+3.1%), and WAPCO (+3.6%). As a result, the All-Share Index (ASI) advanced by 1.4% w/w to 103,586.33 points, with the Year-to-Date return settling at +0.6%. Trading activity was robust, as both trading volume and value increased by 93.9% w/w and 35.9% w/w, respectively.
Sectoral performance was broadly positive, as the Insurance (+26.9%), Consumer Goods (+2.2%), Banking (+0.6%) and Industrial Goods (+0.5%) indices recorded gains, while the Oil & Gas (-0.4%) index closed the week lower.
Cordros Capital predicts that “as the new year unfolds, we anticipate heightened market volatility with a bullish tilt, driven by ongoing portfolio rebalancing activities as investors respond to evolving macroeconomic conditions, shifting market sentiment, and position for the earnings season ahead”.
