By Modupe Gbadeyanka
The equity market in Nigeria closed positive last week as a result of renewed bargain hunting activity in line with expectations.
During the week, investors took advantage of the low prices stocks were selling at the market to add more to their portfolios.
As the market resume today for its first trading day of this week, analysts are of the view that this upward trend will be sustained at least for another week.
This, they said, would be supported by the Q1 2019 earnings season as two companies, Access Bank and GTBank, have already released theirs last week.
Analysts at Cordros Research said, “We reiterate our view that the blend of a compelling valuation story, together with positive macroeconomic picture leaves scope for a market recovery in the medium term. However, we guide investors to tread the cautious trading path in the short term.”
According to those at Cowry Asset, “In the new week, we expect the Nigerian equities market to close in positive territory as more companies release their Q1 2019 financial results, which are expected to be fairly positive.
“Hence, we feel investors would take advantage of the low share prices to raise the local bourse upwards.”
In the view of those at United Capital Research, “Earnings season could very well be the catalyst for an upside breakout if performance surprise positively.”
Analysts at Business Post, in their opinion, expect another bullish week as more stocks with low valuation are mopped up by investors.
“We believe that the market will close positive this week as investors buy up fundamentally sound stocks presently trading at low prices.
“The release of more financial statements of publicly quoted companies for Q1 2019 will further drive bargain hunting at the market,” they said.
Dipo Olowookere 
Adedapo Adesanya