Despite the upbeat investor sentiment, capital market analysts are anticipating cautious trading this week as post-election developments unravel.
The Nigerian Exchange (NGX) Limited remains upbeat during the 2023 election season in Nigeria and signals a complete change of patterns in the history of Nigeria’s stock market as the positive sentiment and buying interest witnessed across all classes of stocks with a history of dividend payment had supported the uptrend.
As equity market investors digest the latest macroeconomic data on Nigeria’s economic performance in 2022 and the lingering cash crunch around the economy, the domestic bourse at the close of the week and ahead of the Saturday presidential and governorship elections, traded at a 16-year high, breaking out the recent resistance levels of 54, 290.84 points on buying pressure in the midst of the uptick noticed in the fixed income market rates and yields.