"The Nigerian All-Share Index edged higher today, holding above the 140,000-point level and marking its fifth successive session of gains. This performance continues a recent bullish trend observed in the market. Sector performance was also mostly positive, reflecting the general optimistic sentiment. However, the market will need further confirmation to signal a solid rebound that can offset the recent correction."
"On the macroeconomic front, the naira firmed to reach NGN 1,500/USD this week, easing worries about imported inflation. Furthermore, easing inflation and signals from the CBN that lending rates could fall could create a constructive outlook for Nigerian equities. A policy pivot at the September 22-23 Monetary Policy Committee (MPC) meeting could accelerate the potential recovery."
"The banking sector was higher today, with gains in Zenith Bank, UBA, and FBN Holdings. Additionally, the Q2 GDP growth rate is expected to be between 3.2% and 3.9% year-on-year. An acceleration from Q1's 3.13% growth would be a positive development for the market and investor sentiment."
The Nigerian All-Share Index remained above 140,000 points, recording a fifth consecutive session of gains amid a recent bullish trend. Sector performance was mostly positive, reflecting optimistic sentiment across industries. The banking sector advanced, led by gains in Zenith Bank, UBA, and FBN Holdings. The naira strengthened to NGN 1,500/USD, reducing concerns about imported inflation. Easing inflation and central bank signals that lending rates could decline may support equity valuations. A policy pivot at the September 22-23 Monetary Policy Committee meeting could accelerate recovery. Q2 GDP is projected between 3.2% and 3.9% year-on-year, potentially improving investor confidence if it accelerates from Q1.
Read at London Business News | Londonlovesbusiness.com
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