Market to sustain tempo this week —Analysts

Financial analysts have said last week’s bullish trend in the country’s capital market will be sustained this week, all things being equal.

They, therefore, see the possibility for some improvements in the general performance of the market.

“We expect the equity market to take up slightly more bullish bets as earnings season gets into gear albeit with stints of profit taking following the past week’s rally,” analysts at Vetiva Capital Management Limited said in the firm’s weekend report.

The Nigerian Stock Exchange opened last week on a positive note, bolstered by weighty gains in the industrial goods sector as investors looked forward to the release of Dangote Cement Plc 2015 financial results.

The bourse maintained this bullish sentiment Tuesday through Wednesday last week, with all key sectors closing in the green following the eventual release of Dangote Cement results.

Nigeria to Commence 24 Hours Trading Settlement Cycle

For the first time in the history of any capital market in Africa, Nigeria is set to commence 24 hours trading settlement circle, even as investors in the Nigerian Capital market are now to get dividend payment within 24 hours through the e-Dividend Payment Platform. Director General of Securities and Exchange Commission (SEC) Mounir Gwarzo made this disclosure at the e-Dividend Sensitisation Town Hall Meeting in Lagos.

According to him, the proposed system will automatically allow dividends to be credited directly into shareholders’ accounts within 24 hours of payment by the company. Gwarzo stated that this was one of the initiatives being implemented by the commission as part of its 10 year Capital Market Master Plan to encourage retail investors to return to the market and thereby deepen the market. According to him