In January, the equity market appreciated by 5.32%.
79 stocks appreciated, 58 recorded nil movements while 24 declined in value.
All indices closed in green with the insurance index leading the chart with 29.7% gain.
We anticipated cautious trading in January since most stocks opened the year in high valuation.
Contrary to our expectations, the market was majorly bullish as the All Share Index recorded 14 gains out of 20 trading sessions.
In the absence of major policy reversal by the CBN, we are hopeful of another positive performance as miserable yields and rates persist in the fixed income market.
In the past, February recorded more of mixed sentiments with the Bulls showing strength in the second half of the month.
Last year February was one of the few exceptions as covid-19 fever overwhelmed markets and the Bulls globally.
In this report, we reviewed key economic indicators and shared insights on the possible outlook for the rest of the year.
Without anticipating an overall market direction, we shared insights on the equity market outlook for February and recommended some stocks for your portfolio.