As investors on Monday revved up investment drives for improved earnings, investment researchers at Bancorp Securities Limited, a leading investment research and consulting services provider in Nigeria, have advised investors in the equities market to closely monitor oil price fluctuations and FX market dynamics, as these elements will play a critical role in shaping market sentiment and performance.
The analysts, in the firm’s ‘Weekly Stock Recommendation for Sep 30 to Oct 4, 2024’ circulated to our correspondent, predicted that the overall market outlook appeared cautiously optimistic, bolstered by rising trading volumes and selective stock rallies that hint at a potential bullish reversal.
However, the experts cautioned that rising interest rates and corporate governance issues may temper upward momentum in the coming weeks.
Following a further appraisal of the prevailing micro and macroeconomic factors in the economy, the experts advised: “Given these considerations, investors are encouraged to prioritize stocks with strong fundamentals and minimal downside risks concerning their share prices to navigate the evolving market landscape effectively.”
