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0 News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/nigerian-stocks-eye-continued-gains-amid-sectoral-strength/
Nigerian stocks are showing signs of continued growth following a recent rebound, with the NGX All-Share Index approaching the 105,000 mark, edging closer to this month’s high.
The market has been propelled by significant gains in stocks like Beta Glass, Access Holding, and Skyway Aviation Handling Company, with Beta Glass standing out, appreciating nearly 10%. As of now, the NGX All-Share Index has a market capitalization of NGN 64.44 trillion.
The Banking and Consumer Goods sectors have led the rally, rising 4.71% and 1.74%, respectively, while some other sectors like Consumer Services, Consumer Durables, and Distribution Services have underperformed. Despite the gains in key areas, these weak spots are creating potential risks for the broader market.
Looking ahead, the market’s momentum is likely to continue as investors focus on the upcoming earnings season, though profit-taking could weigh on short-term performance. Even though high interest rates in the fixed-income market could divert investor attention, the bullish outlook for the stock market remains intact, supported by solid fundamentals and expectations of dividend payouts.
Investors are also watching closely for Nigeria’s upcoming interest rate decision. With the current benchmark rate at 27.50%, any signs of rate stability or cuts could fuel further upside for local equities, while sustained high rates may dampen enthusiasm as alternative investments become more attractive.
News Ghana, Latest Updates and Breaking News of Ghana, Roger A. Agana, https://newsghana.com.gh/nigerian-stocks-eye-continued-gains-amid-sectoral-strength/
