Profit-taking activities of domestic and foreign investors in the Nigerian equities market, which made them to smile home with about N330billion as at last Thursday has reduced market capitalisation to about N15.55trillion.
The NSE recorded a four-day straight loss as its All Share Index (ALSI) sheds 0.49 per cent and month-to-date and year-to-date returns fell to -2.29 per cent and 13.29 per cent, respectively.
According to stock market analysts, sell-offs and profit-taking were recorded in almost all the sectors, but specifically in consumer good and 2nd tier banking stocks on Thursday.
Data made available by StanbicIBTC Stockbrokers Limited on Thursday showed that The NSE Consumer Goods Index declined by 198 basis points or 1.98 per cent largely on Nestle stock whose shares declined by 5.0 per cent. Nigerian Breweries, a foremost brewer and the most capitalised in its sector, recorded 3.24 per cent price depreciation on Thursday.
In spite of the appreciable loss recorded in the consumer goods sector in the review week, there are some exceptions in blue chip stocks like beverage manufacturer, Cadbury Plc, which recorded a price gain of 4.38 per cent, while fast-growing International Breweries Plc, also grew its shares by 2.61 percent.
The NSE Banking Index was another major contributor to the fall of the NSE ALSI in the week with a 1.1 per cent drop in its sector index. “We saw more profit-taking activities across the tier 2 banking names”, said analysts with StanbicIBTC Stockbrokers.
For instance, a big uptake was seen in Sterling Bank Plc, one of the tier-two banks on Thursday as investors crossed around 1.7billion units of its shares, lifting the price from N2.13 per share to N 2.23, representing 4.69 per cent gain in price level on Thursday.
“We saw a big cross of around 1.7billion units in Sterling bank today and that alone accounted for 51 percent of the total value traded on the day”, analysts hinted.
Accordingly, Sterling Bank led the volume and value charts on Thursday with 1.75billion and N3.83billion, respectively.
Activities on the shares of Skye Bank, a tier-two bank was to the detriment of the sellers, who offloaded at a huge discount. The bank lost 8.93 per cent in share price on Thursday as price dropped from N1.12 per share to N1.02 per share, to lead the laggards’ squad.
Notwithstanding the profit-taking activities in the Nigerian bourse, performance outlook remains positive as financial experts see the market sustaining the gains it recorded in 2017.
Afrinvest, in its markets outlook for 2018, said the Nigerian bourse will deliver a return of at least 32.7 percent in 2018, which he described as a bull case. On a base case (moderate), a return of 19.8 per cent is expected while in the least scenario, 7.7 percent return is visible.
Managing Director of Afrinvest Securities Limited, Mr. Ayodele Ebo, noted that, the “Nigerian market traded at a premium to frontier market peers in the last bull market (2013) but currently trades at a discount.”
However, Afrinvest pointed out that, the 2018 performance projection for the NSE is largely dependent on three key factors, namely earnings fundamentals of corporate, stability in the FX market and other macro indicators as well as portfolio flow dynamics.
Analysts at SCM Capital believe earnings would be sustained given recent events and favourable economic indicators in the biggest economy in Africa.
Head Research, SCM Capital, Mr. Sewa Wusu, in his review of the market performance, attributed the recent rally in the equities market in Nigeria to market sentiments. His words: “The present profit taking in the market is expected as the rally in the first few weeks in January was huge and it is normal for investors to offload at a point to take profit.”
Wusu said both the tier-one and tier-two banks are being speculated on by investors as they prepare to announce their financial year ended 2017 earnings. “Investors look forward to getting dividend from these banks towards the end of the first quarter in 2018,” he disclosed.
In a recent market review, Cordros Asset Management Limited said the possibility of continued profit taking remains high, but added that, “Our theme on the market remains positive, on the back of favourable macro economic conditions.”
The Nigerian Stock Exchange, which ranked second best performing stock market in Africa and 11th best in the world in 2017, offered investors a 42 per cent return on investment in 2017.
The MTN Group plans to raise about $500 million from the sale of shares in its Nigerian business during the first half of the year, fulfilling the terms of a deal struck with the West African nation to settle a record fine, according to people familiar with the matter.
Standard Bank Group Limited and Citigroup have been advising Africa’s largest mobile-phone company on the disposal of as much as 30 percent of the Lagos-based unit on the Nigerian Stock Exchange,Bloomberg quoted people who asked not to be identified as the details aren’t public.
Most of the shares will be sold to local institutions and individuals, though foreign investors could be brought in to ensure the process is a success, one of the people said.
Discussions are on-going and a final decision hasn’t been made, they said.
Spokespeople for MTN and Citigroup in Johannesburg didn’t immediately comment. Standard Bank didn’t immediately respond to calls seeking comment.
MTN agreed to list the Nigerian unit as part of a June 2016 agreement to pay a $1 billion fine for missing a deadline to disconnect unregistered subscribers amid a security crackdown.
The penalty, originally set at $5.2 billion, led to the resignation of the Johannesburg-based company’s then chief executive officer and a slump in the share price that’s yet to be clawed back.
The stock extended gains, and traded 4.5 percent higher at 128.83 rand as of the close in Johannesburg, giving a market value of 243 billion rand ($20 billion).
If successful, the Lagos share sale will be the biggest on the Nigerian Stock Exchange after Starcomms Plc, which raised $796 million when it listed in 2008, according to data compiled by Bloomberg.
MTN, Nigeria’s biggest mobile-phone company with just over 50 million subscribers as of end September, slumped to a loss in 2016 as it absorbed the financial impact of the fine, though said last month it returned to profit the following year.
Nigeria and other sub-Saharan African governments are trying to gain more from international mobile-phone operators taking advantage of rising smartphone use and faster data speeds.
MTN has also agreed to sell shares in Ghana as one of the conditions of a deal to gain spectrum rights, while Vodacom Group Ltd., South Africa’s market leader, was ordered to list 25 percent of its Tanzanian business last year, raising $213 million
The volume of trading surged at the stock market Thursday boosted by huge transaction in the shares of Sterling Bank Plc. Although the market remained bearish for the fourth consecutive day, the volume of trading jumped by 337 per cent to 2.221 billion shares worth N7.495 billion exchanged in 5,468 deals, up from506.299 million shares worth N4.571 billion traded in 6,155 deals the previous day.
However, Sterling Bank Plc accounted for 78.5 per cent as investors transacted 1.745 billion shares of the bank for N3.839 billion in 108 deals. The high demand for the shares of the financial institution also lifted its price by 4.6 per cent from N2.13 to N2.23.
But the market maintained its negative momentum as the Nigerian Stock Exchange (NSE) All-Share Index went down by 0.49 per cent to close at 43,326.89. Similarly, market capitalisation shed N75.8 billion to close lower at N15.5 trillion. Accordingly, the month-to-date and year-to-date returns fell to -2.29 per cent and 13.29 per cent in that order.
Yesterday’s decline resulted mostly by sustained sell-offs across board with Nestle Nigeria Plc, Nigerian Breweries Plc and FBN Holdings Plc being the drags. Skye Bank Plc recorded the highest price decline of 8.9 per cent, trailed by Consolidated Hallmark Insurance Plc with 4.8 per cent. Nestle Nigeria Plc shed 5.0 per cent, just as Diamond Bank Plc and AIICO Insurance Plc lost 4.8 per cent and 4.7 per cent respectively.
Other top price losers were: NAHCO Plc (4.6 per cent); Multiverse Plc (4.5 per cent); Cornerstone Insurance Plc ( 4.5 per cent); WAPIC Insurance Plc (4.4 per cent) and Japaul Oil & Maritime Plc (4.3 per cent). In all, 28 stocks depreciated, while 17 appreciated.
Unity Bank Plc led the price gainers with 9.3 per cent, trailed by Forte Oil Plc with 4.9 per cent, just as Royal Exchange Plc followed with 4.7 per cent. Sterling Bank Plc chalked up 4.6 per cent, while Cadbury Nigeria Plc and Custodian Plc garnered 4.3 per cent and 4.2 per cent respectively.
Other top price gainers included: Linkage Assurance Plc (3.8 per cent); United Capital Plc (3.6 per cent); NPF Microfinance Bank Plc (3.1 per cent); and International Breweries Plc (2.6 per cent).
Meanwhile, sector performance was mixed as three of the five closed in the red. The NSE Consumer Goods Index led with a decline of 2.0 per cent followed by the NSE Insurance Index with 0.6 per cent.
The bears remained in control of the stock market leading to the fourth consecutive day of losses Thursday. The pressure from the bears pulled the Nigerian Stock Exchange (NSE) All-Share Index (ASI) fell further down by 0.99 per cent yesterday to close at 43,529.06.
However, 21 stocks escaped from the charging bears to close higher. Dangote Sugar Refinery Plc led them with 10.16 per cent. African Prudential Plc and United Bank for Africa Plc followed with 4.1 per cent and 4.1 per cent respectively.
FBN Holdings Plc chalked up 4.0 per cent while Access Bank Plc gained 3.9 per cent.
Transnationwide Exress Plc and WAPIC Insurance Plc garnered 3.8 per cent and 3.8 per cent in that order. Other top gainers included: Livestock Feeds Plc (3.1 per cent); Linkage Assurance Plc (2.7 per cent); Flour Mills of Nigeria Plc (2.6 per cent).
Flour Mills is currently shopping for N40 billion from existing shareholders through a Rights Issue.
Specifically, the company is issuing 1,476,142,418 shares of 50 kobo each to existing shareholders in the ratio of nine new shares for every 16 shares held as at the close of business on December 8, 2017 at N27 per share.
According to the Group Managing Director of the company, Mr. Paul Gbededo, the rights issue is part of strategy to grow and build long-term value for all stakeholders.
“The proceeds from the Rights Issue will be used to strengthen the company’s capital base by deleveraging our balance sheet, supporting our working capital needs and positioning the Company to exploit value-accretive opportunities, whilst giving greater operational and financial flexibility to ensure business growth and continuity,” he had said.
Meanwhile, Glaxosmithkline Consumers Nigeria Plc led the price losers for the day with 9.6 per cent. Caverton trailed with 9.4 per cent. Diamond Bank Plc and Skye Bank Plc shed 9.2 per cent apiece just as Unity Bank Plc and Wema Bank Plc depreciated by 9.1 per cent and 8.4 per cent respectively.
Other top price losers were: Honeywell Flour Mills Plc (6.2 per cent); Stanbic IBTC Holdings Plc (4.9 per cent); FCMB Group Plc (4.8 per cent) and Eterna Plc (4.7 per cent).
A further review of the market showed that two sectors closed negatively, while two ended in the positive territory, while one was flat. The NSE Industrial Goods Index led laggards, shedding 2.0 per cent trailed by the NSE Banking Index with a decline of 0.4 per cent.
On the positive side, the NSE Consumer Goods Index led with a gain of 0.7 per cent, followed by the NSE Oil & Gas Index that appreciated by 0.3 per cent.
Banking stocks, driven by Tier-One banks, offered the best returns to investors in the equities market in Nigeria in 2017. The banking sector of the Nigerian Stock Exchange, which was rated second best bourse in Africa and 11th best in the world, gave equity investors a 73.3 per cent return on investment in one year.
“Given the resilience demonstrated by the banks amidst tougher operating conditions, the banking index was unsurprisingly the best performing sector in 2017, up 73.3%. Performance of the banks remained driven by resilient earnings, supported by interest income (due to higher interest rate environment),” a report on the performance of the market released by Afrivest Research last week disclosed.
On aggregate, the NSE All Share Index delivered 42.3 per cent annual return to share investors (local and foreign) in the review financial year ended 2017.
“It was a significant bounce back following a three year losing streak,” analysts with Afrinvest Research disclosed.
The overall performance of the Nigerian stock market has been attributed to renewed interest by domestic and foreign investors following stability in macroeconomic fundamentals recorded by Africa’s biggest economy in 2017.
Analysts with Afrinvest revealed that the resilient performance from the banks, especially top Tier-One banks in the likes of Guaranty Trust Bank Plc, Zenith Bank Plc, Access Bank Plc, and United Bank for Africa (UBA) Plc, was responsible for the favourable performance of the sector in the review period.
According to Afrinvest, investors showed significant interest in Tier-One banks, which led to Guaranty Trust Bank (GTB) Plc recording 64.9 per cent price appreciation in the period, while Zenith Bank Plc recorded 73.8 per cent price gain. Access Bank Plc increased its share value with a gain of 78 per cent, while United Bank for Africa Plc emerged the most improved stock in terms of price appreciation with 128.9 per cent growth.
Fidelity Bank, a Tier-Two bank, however, joined in the price gainer’s list with 196.4 per cent growth in share price in 2017.
The next most profitable sector for investors in 2017 was Consumer Goods. The sector’s index offered 37 per cent, following distance banking. Analysts have attributed the favourable performance of the sector in 2017 to increase in product prices and improvement in access to foreign exchange, as well as the relative peace in the north-eastern part of the country. Those factors, according to Afrinvest, positively impacted earnings of companies in the index.
The best performing stock in the Consumer Goods sector in 2017 was Dangote Sugar Refinery Plc. The stock, a member of the Dangote Group, boosted investor’s money by 229.8 per cent price appreciation. This was followed by International Breweries Plc, which increased investors’ investment by 192 per cent price gain, as investors cheered the decision of its parent company – AB Inbev – to merge operations of all its subsidiaries in Nigeria.
In the same vein, the Industrial Goods index increased 23.8 per cent on the back of gains in Beta Glass Plc 69.2 per cent price gain, followed by Dangote Cement Plc, the most capitalised stock on the Nigerian bourse, which grew its share price with 32.1 per cent.
The Insurance index grew 10.4 per cent, as Linkage Assurance Plc increased share value by 32 per cent, while Mansard Insurance went up by 20.9 per cent.
The Oil and Gas index gained 5.8 per cent for the year, emerging the least rewarding sector. Seplat Petroleum Plc emerged the best gainer in that index with 56.9 per cent price gain while Oando Plc, despite the challenges faced with regulators in the year, delivered 27.4 per cent gain to investors. The positive performance of the oil and gas industry was mainly due to performance of upstream players, which was bolstered by the cessation of attacks on oil installations in the Niger Delta as well as improved global oil prices. “Sentiment towards the downstream players remained soft during the year, due to absence of reforms needed to revitalise the sector,” Afrinvest Research noted.
The NSE All Share Index had declined 6.2 per cent as at April 20th, 2017 prior to the launch of the I&E FX window. However, following the launch of the window, massive buy interest returned to the domestic equities market to take advantage of cheap valuation of assets. Corporate releases for the rest of the year were reflective of the improving conditions in the broader economy; hence the rally was sustained all year. The NSE ASI gained 42.3 per cent in 2017, the second highest year-on-year index return in 10 years.
“Broad-based rally recorded across sectors as a result of the improved sentiment in the market. A broad-based rally was recorded, which drove all sectors to close in the green for 2017,” analysts said.
In its outlook for 2018, Afrinvest Research has projected that the banking index will again take the lead with 88.2 per cent return. Consumer Goods was tipped to return 37 per cent, like it did in 2017.
After falling the previous week to halt a three-week rally, the equities market rebounded last week to close higher. The Nigerian Stock Exchange (NSE) All-Share Index (ASI) rose 1.98 per cent to close at 44,639.99, while market capitalisation grew higher by 2.09 per cent to end N16.019 trillion.
The positive performance stemmed from bargain hunting by investors, who are taking position ahead of the earnings release season. While the results for 2017 full year are would soon begin to come in, some companies released their interim results that showed impressive performance.
Hence, more investors raised demand for stocks, a development that lifted the prices of shares. At the close of the week, three sectors recorded positive performance, while two ended in the bears’ territory.
The NSE Industrial Goods Index led with (+5.3 per cent), followed by the NSE Banking Index (+2.1 per cent), while the NSE Insurance Index rose 1.4 per cent. Conversely, the NSE Consumer Goods Index led the decliners with 3.3 per cent, followed by the NSE Oil & Gas Index wit 0.70 per cent.
According to analysts at Meristem Securities Limited, as they envisaged at the beginning of the week, the market closed in the green zone, with the NSEASI advancing by 1.98 per cent despite the decline in market’s volume and value.
“We note the influx of relevant market information in the course of the week; such as the release of financial scorecards across the consumer goods sector alongside the implementation of the Par value rule and the new pricing methodology. We, however, note that the market’s performance was driven by positive sentiment across counters in the banking and industrial goods space. In the coming week, we envisage a continuation of this positive outing, as we expect price appreciation on the market’s heavily-weighted counters alongside positive sentiment in the consumer goods space,” the analysts said.
Daily Performance
The equity market opened the week on a positive note as the bargain hunters drove the market higher. As a result the NSE ASI went up by 1.22 per cent to close at 44,306.48. Market capitalisation closed higher at N15.88 trillion. Gains recorded in the share prices of Dangote Cement, Transcorp, FBN Holdings, UBA and Stanbic IBTC were mainly responsible for the positive performance on the first day of the week.
Operators said the market gradually recovered from the oversold region with bargain hunting by investors particularly in stocks that declined in prior sessions
“Bargain hunting by investors will drive market performance in coming sessions in anticipation of 2017 earnings seasons,” they added.
In terms sectoral performance, four of the five indices closed northwards. The NSE Industrial Goods Index led gainers, up 1.7 per cent, trailed by the NSE Banking Index that rose by 0.9 per cent. Similarly, the NSE Insurance Index appreciated by 0.6 per cent, while the NSE Oil & Gas Index closed 0.6 per cent higher. The only decliner was the NSE Consumer Goods Index that shed 0.7 per cent.
The market maintained the positive trend on Tuesday with the NSE ASI rising 0.42 per cent to close at 44,493.79, market capitalisation added N67.1 billion to be at N15.9 trillion.
Performance was largely driven by buying interest in Dangote Cement Plc; Stanbic IBTC Holdings Plc; and Ecobank Transnational Incorporated (ETI).
Unlike the previous day when four sectors appreciated, three closed higher while two shed weight. The NSE Insurance Index appreciated the most, rising by 0.7 per cent followed by the NSE Industrial Goods Index and NSE Banking Index that appreciated rising 0.6 per cent and 0.5 per cent respectively.
On the negative side, the NSE Oil & Gas Index shed 0.6 per cent, while the NSE Consumer Goods Index lost 0.3 percent.
After risin for two days, the bears returned on Wednesday as investors locked in profits. Consequently, the NSE ASI depreciated by 0.34 per cent today to close at 44,343.65. Market capitalisation ended lower at N15.90 trillion following depreciation in the share prices of International Breweries, Transcorp, FBN Holdings, Nigerian Breweries and UBA.
Performance across sectors was largely mixed as three of five indices trended southwards, led by the NSE Consumer Goods Index with 1.1 per cent.
The NSE Insurance Index trailed, shedding 0.3 per cent while the NSE Banking Index went down by 0.2 per cent.
On the positive side, the NSE Industrial Goods Index appreciated the most, up 1.9 per cent. The NSE Oil & Gas Index added 0.3 per cent.
The market rebounded on Thursday, which was the first day of the new month. The NSE ASI appreciated 0.26 per cent to close at 44,460.18, while market capitalisation added N58.9 billion to close at N15.95 trillion.
The market got the boost from the appreciation recorded in the share prices of Dangote Cement, Unilever, Union Bank, Transcorp and UBA.
“Market closed positive largely on account of the gain in the share price of Dangote Cement. Market performance should improve going forward as the outlook of the market remains positive in the short-term,” operators said.
Despite the rebound, performance across sectors showed that four out of the five were negative. The NSE Insurance Index led with a decline of 0.9 per cent following sell offs in WAPIC Insurance Plc (-4.0 per cent) and Law Union & Rock (-4.6 per cent). The NSE Consumer Goods Index followed falling 0.4 per cent due to price depreciation in International Breweries (-4.8 per cent), Dangote Sugar Refinery (-1.9 per cent) and Nigerian Breweries Plc (-0.1 per cent). The NSE Banking Index and NSE Oil & Gas Index shed 0.1 per cent apiece.
On the other hand, the NSE Industrial Goods Index was the lone gainer, rising by 0.7 per cent following gains in Dangote Cement Plc (+1.9 per cent) and CCNN (+4.8 per cent).
The equity market appreciated further on Friday with the index rising 0.40 per cent to close the week at 44,639.99. The appreciation recorded in the share prices of Dangote Cement, Unilever, FBN Holdings, Access Bank and Zenith Bank were mainly responsible for the gain recorded in the Index.
“Price corrections and profit taking in previous sessions presented buying opportunities for investors. This may continue in the coming sessions,” analysts said.
Market Turnover
Investors traded a total of 3.268 billion shares worth N28.123 billion in 35,761 deals last week by investors in contrast to a total of 7.157 billion shares valued at N42.545 billion that exchanged hands the previous week in 39,037 deals.
The Financial Services Industry led the activity chart with 2.482 billion shares valued at N17.056 billion traded in 23,039 deals; thus contributing 75.96 per cent and 60.65 per cent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 375.113 million shares worth N1.047 billion in 1,968 deals. The third place was occupied by Consumer Goods Industry with a turnover of 262.198 million shares worth N6.843 billion in 5,921 deals.
Trading in the top three equities namely – FCMB Group Plc, Transnational Corporation of Nigeria Plc, and Skye Bank Plc accounted for 1.181 billion shares worth N2.830 billion in 5,219 deals.
Also traded during the week were a total of 32,189 units of Exchange Traded Products (ETPs) valued at N1.299 million executed in 19 deals, compared with a total of 153,755 units valued at N1.883 million that was transacted two weeks ago in 11 deals.
A total of 16,268 units of Federal Government Bonds valued at N17.053 million were traded this week in 28 deals, compared with a total of 6,715 units valued at N5.318 million transacted previous week in 15 deals.
Price Gainers and Losers
Meanwhile, 49 equities appreciated in price during the week, higher than 30 of the previous week, while 42 equities depreciated in price, lower than 44 equities of the previous week.
AIICO Insurance Plc led the price gainers with 35.5 per cent, trailed by Unity Bank Plc with 31.7 per cent. Wema Bank Plc chalked up 31.5 per cent, while C & I Leasin Plc garnered 25.8 per cent.
Other top price gainers included: NPF Microfinance Bank Plc (25 per cent); Diamond Bank Plc (23.1 per cent); WAPIC Insurance Plc (22.9 per cent); Champion Breweries Plc (22.1 per cent); Sterling Bank Plc (18.8 per cent); and Learn Africa Plc (18.5 per cent).
On the contrary, LASACO Assurance Plc led the price losers with 28 per cent, trailed by Associated Bus Company Plc with 20 per cent decline. Law Union & Rock Insurance Plc shed 16.6 per cent, while African Alliance Insurance Plc and Royal Exchange Plc fell 16 per cent piece.
Other top price losers included: International Breweries Plc (9.4 per cent); Linkage Assurance Plc (9.3 per cent); Newrest ASL Nigeria Plc (8.9 per cent); FTN Cocoa Processors Plc, UNIC Diversified Holdings Plc (8.0 per cent each).
Capital Bancorp Plc, a frontline capital market operator, has identified critical factors that will further boost the performance of the Nigerian capital market this year.
The firm outlined these factors in its report titled: ‘Economic Review and Outlook For 2018,’ released yesterday. Speaking on the report yesterday in Lagos, Managing Director, of the company, Mr. Higo Aigboje explained that the performance boosters are: stability of oil prices, effective management and improved liquidity of the foreign exchange market, improvement on the corporate earnings, significant focus on the non-oil sector to increase output and lower interest rate regime.
According to him, effective synergy in the use of fiscal and monetary policies, government’s focus on the real sector of the economy, improved market participation by local investors and domestic institutional investors, efficient regulation of the market by the Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) are other factors that will help to sustain the market rally.
“Others are passage, passage of Petroleum Industry Bill, unbundling of Nigerian National Petroleum Corporation and listing of resultant companies and deliberate efforts aimed at encouraging more listing on The Exchange company such as Telecom, Gencos among others,” Aigboje said.
The stockbroker, however, explained that issues such as sudden rise in insecurity can trigger exit of the foreign portfolio investors (FPI), political instability owing to forthcoming general elections, sudden reversal in oil prices, an upturn in the yields of fixed income securities and failure in the banking sector which may trigger a sell-off can cause further damage to the entire stock market.
He noted the company’s review of the global and Nigeria’s financial markets was designed to serve as a compass for both indigenous and foreign investors as well as potential investors.
Speaking on Bancorp e-Trade, Aigboje noted that it was a high-technological innovation aimed at promoting financial inclusion in Nigeria.
According to him, the product allows an investor to trade online in the stock market and it is being upgraded for additional uses.
Presenting the Executive Summary on the economy, the company’s Chief Analyst, Mr. Victor Chiazor, Capital Bancorp has forecast that the global economic growth would hit 3.5 per cent this year as against 3.1 per cent last year.
“With ample opportunities in some stocks in the Banking and Consumer Goods sectors of the equities market , we have projected a 25 per cent return for the Nigerian stock market in 2018, though downward risks to achieving this target remain visible,” Chiazor said.
