Unveiling higher earnings opportunities in the Nigerian stock market, head, Banking and Finance Department, Nasarawa State University, Keffi, Prof. Uche Joe Uwaleke, expressed optimism that the stock market would rebound in third quarter of the year. Uwaleke, said this yesterday in Lagos, as a guest lecturer at the Capital Market Correspondent’s Association of Nigeria (CAMCAN), quarterly forum.
He said that the Nigerian stock market Price Earnings (PE) ratio ranks lower, therefore establishing greater room for growth. Uwaleke, who lectured on the theme: ‘Stock Market in the First Quarter 2019 and Post-Election Prospects,” said the Nigerian market which ranked as the world’s third most rewarding market in 2017, ranking only after Turkey and Argentina, and became bearish subsequently, was poised to enter into another bullish era.
On the factors that would drive the market in the third quarter, Uwaleke said that unfolding internal and external factors would impact the equities market positively. He said that swearing in of the newly – elected president and early constitution of cabinet members, lowering Monetary Policy Rate (MPR) by the Monetary Policy Committee (MPC), increase in minimum wage, increase in oil price and continued stability in foreign exchange (FX) would impact on the market.
Uwaleke, who is also the president of Chartered Institute of Bankers of Nigeria (CIBN), Abuja branch, listed other factors that would drive stock market’s reversal in third quarter to include, continued moderation in inflation, steady growth in Nigeria’s gross domestic product (GDP), early signing of 2019 budget and implementation, improved growth in the non oil sector amongst others, adding that “All these projections are higher than what we saw in 2018.”
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