Stock market extends rally as investors position for earnings season

By Peter Egwuatu
The Nigerian stock market has sustained its positive momentum on Week-on-Week, WoW, as renewed buying interest in blue-chip stocks outweighed widespread profit-taking across the broader market. The benchmark, Nigerian Exchange (NGX) All-Share Index, ASI, closed marginally higher by 0.1%    at 245,573.60 points from 245,283.68 the previous week, arising from sustained institutional demand in fundamentally strong banking, consumer goods and energy stocks, even as many medium and small-cap stocks came under selling pressure.
The week’s performance highlighted the resilience of the market despite cautious investor sentiments, while profit-taking remained evident across se...