Market Records 8.53% Growth in Q1’18; Negative Sentiment Permeates in Subsequent Quarters

Thursday, January 24, 2019 6:30AM /Proshare Research

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The Nigerian Stock Market recorded an impressive performance in Q1 2018 with +8.53% gain recorded. Negative market sentiment permeated the market in subsequent quarters as investor became wary of emerging global and domestic economic developments. The NSEASI dipped by -7.77% and -14.40% in Q2 and Q3 2018 respectively. The index dipped further by -4.08% in Q4 2018 as the market closed the year with a YTD of -17.81%.

The following factors could be said to be responsible for the dreary market performance at the end of the past year:

• The exit of foreign investors due to the rise in domestic US interest rates as the Fed pushed up its policy rate to douse emerging inflationary pressure.
• Anxiety by some foreign investors over the fortunes of the economy pre and post 2019 general elections; and
•  Rising global yields on non-equity assets which continue to nudge global fund managers to reallocate portfolio funds towards fixed income securities and other alternative investment assets. 

Do feel free to share your opinions/observations and feedback with us vide content@proshareng.com and/or research@proshareng.com

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