Nigerian equities can repeat 2017 feat in 2020, says Kurfi

Nigerian equities could repeat their 2017 feat in 2020 with double-digit return that could compensate for the losses suffered in recent years. After a three-year consecutive losing streak, Nigerian equities in 2017 posted average positive return of 42.3 per cent, which was regarded as one of the highest returns in the global stock market.

Managing Director, APT Securities and Funds Limited, Mallam Garba Kurfi, said the Nigerian stock market was poised for a repeat of the 2017 performance this year, citing similarity of scenarios, macroeconomic environment and inherent attractions of Nigerian equities.

Kurfi, a leading capital market expert, spoke yesterday in Lagos at the first quarter forum of the Capital Market Correspondents Association of Nigeria (CAMCAN).

According to him, the benchmark index for the Nigerian equities market, the All Share Index (ASI) is expected to close in double digit by the end of 2020, a repeat of the 2017 performance.

He said investors should watch out for stocks that will benefit from the implementation of the new Finance Act such as companies that would benefit from Value Added Tax (VAT) exemption like Nestle Nigeria.