By Dipo Olowookere
The Nigerian stock market started the week bearish yesterday, with some equities being offloaded by investors as a result of political tension in the country.
More stocks would be sold off as the nation gear up for the rescheduled presidential and parliament elections this weekend.
In the midst of the uncertainty, analysts at Meristem Research have advised investors to sell, buy and hold some equities because of different reasons.
“This week, we expect a reversal in the market mood recorded in the past few weeks. The strong gains recorded last week, unlocked opportunities for profit taking for investors and we expect this to ensue this week.
“We also expect the postponement of the general elections to cast doubt over investors’ opinion on the market.
“The postponement also increases the pessimism on the integrity of the government, weakening investors’ confidence of the system.
“Consequently, we expect a negative close this week,” they said.
Check out their analysis in the image below. Happy trading week.
