Despite the positive market momentum towards last week close, investor cherry-picking across the market amid an overall cautious sentiment, is likely to prevail, according to market analysts.
“We expect this to filter into this week and anticipate sideways trading at week open,” Vetiva analysts said in the firm’s weekly report.
Shrugging off gains from the penultimate week, the Nigerian equities market opened last week in the red amid tepid investor participation. The tide turned at mid-week as gains in bellwethers buoyed the market to its first positive close for the week.
Sentiment remained positive till week close, albeit with weakening momentum as the All-Share Index advanced a marginal by three basis points on Friday.
Also predicting this week’s events, analysts at Meristem Securities said, “This week, we envisage renewed investor optimism in the Nigerian bourse, as we expect investors to take position on large cap stocks which shed significantly last week.
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