Nigerian Stock Index Rises 1.5%, Wema Bank Leads Picks

The Nigerian stock market saw a 1.5% gain last week, buoyed by increased liquidity and strong first-quarter earnings, such as Lafarge Africa's significant profit surge, though analysts caution that elevated interest rates may keep investor sentiment cautious. Investors are closely watching upcoming earnings reports and the May Monetary Policy Committee meeting for further direction. In India, benchmark indices traded near record highs, with several major stocks like Mahindra & Mahindra, Siemens, and RBL Bank in focus due to financial developments. Additionally, several companies—including IRFC, Oberoi Realty, Adani Green Energy, and UltraTech Cement—are set to release Q4 results, with recent market performance reflecting losses amid geopolitical tensions. Brokerage firms are offering mixed outlooks on key Indian stocks: Morgan Stanley remains positive on Axis Bank despite near-term challenges, Jefferies and Goldman Sachs are optimistic on SBI Life and SBI Cards, while Citigroup and HSBC have issued cautious ratings on Tech Mahindra and Rallis India, respectively.