Nigeria’s stock market opened the new trading week on a slightly positive note (+0.07percent).
After last week’s profit taking activities, the market’s slightly positive close on Monday August 18 came in line with some analysts expectation that banking stocks will resume rally following proposed interim dividends. They also expect insurance stocks to moderate rally due to activities of profit takers.
“A calm equity market is expected in August. Some banks have sent dividend payment proposals to the CBN. Their stocks may appreciate when results are results. There may be profit taking in the insurance stocks,” United Capital research analysts said in their monthly economic and financial insights for August.