By Taiye Olayemi
Investment analysts have expressed optimism that the Nigerian stock market will rebound in the weeks following the recent selloff that wiped N5.643 trillion from investors’ wealth.
The analysts, in an interview with the News Agency of Nigeria (NAN) on Sunday, said improving investor sentiment and the expected release of half-year corporate earnings could help stabilise the market after the current correction phase.
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The Nigerian Exchange Ltd. (NGX) All-Share Index and market capitalisation declined by 3.59 per cent to close the week at 235,941.27 points and N151.327 trillion respectively.
This compares with 244,738.74 points and N156.970 trillion recorded in the previous week.
Mr Umaru Mathew, Head of Capital Market, Commodities and Dealers at Equity Capital Solutions Ltd., said the market downturn reflected a natural correction after an extended bullish run.
According to him, profit-taking by investors and weaker-than-expected earnings by some banks contributed to the recent decline.
This post was originally published on this site.
