Nigeria's equities end week on a positive note

Nigeria's equities market concluded the day and week on a much-needed positive note after a week of mixed performances. Rotimi Fakayejo, the Managing Director of Enterprise Capital Partners, provided insights on the trading day during an interview with CNBC Africa. The trading day saw a significant uptick of 2.41%, signaling a broad-based rally across various sectors. While the total trade volume was relatively lower at 1.6 billion Naira, the market capitalization surged by 1.88, driven by robust gains in the industrial goods and oil and gas sectors. This positive momentum has reignited hope for investors, hinting at a potential turnaround in the market sentiment. Dangote Cement, a key player in the market, witnessed a notable performance today, reversing previous declines and contributing to the overall market optimism. The banking sector remained active, dominating the list of top traded stocks, indicating sustained investor interest in the sector. Looking ahead, Fakayejo expressed optimism about the market's outlook in the coming week, citing positive developments such as the appreciation of crude oil prices and anticipated legislative support for budgetary processes as catalysts for market confidence. Additionally, the prospect of new listings, starting with telecommunications giant MTN, is expected to further deepen the market and attract investor attention. Overall, the positive finish to the week has set a hopeful tone for the Nigerian equities market, suggesting a potential uptrend in the near future.