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Nigerian Equity Markets | 14 Sep 2015: Nigerian Equities market sustained its positive performance …
Lagos, Nigeria, Capital Markets in Africa —The Nigerian Equities market sustained its positive performance from the previous week as the Benchmark Index – All Share Index- appreciated 2.3%, crossing the 30,000pts psychological line to close at 30, 369.97pts. This performance was driven by rallies in Blue chip stocks, as GUINNESS (+10.2%), GUARANTY (+4.8%) and DANGCEM (+2.4%) spearheaded the charge.
A positive performance was also recorded across sectors as all sectors indicators drifted northwards save for the Insurance sector Index (-0.9%). The Consumer goods index appreciated the most (+3.2%) buoyed by rallies in GUINNESS (+10.2%) and NIGERIAN BREWERIES (+1.8%).
We believe recent rally observed in the market remained connected to the expectation surrounding the announcement of Cabinet members by the Buhari-led government before the end of this month. Notwithstanding the above, we maintain our view that investors should trade cautiously and stay bullish on counters with solid fundamentals.
Source: Afrinvest (West Africa) Limited Research Team