Equities: Cautious Nigeria, Bullish Ghana

Nigeria's Lagos All-Share Index (LASI) is currently in a short-term downtrend. We believe that further 'skeletons in the closet' may be revealed in the banking sector over the coming weeks, and continue to target 20,000. However, we are mindful that in the meantime, the clean-up of the banking sector is boosting investor confidence by removing the 'known unknowns'. Meanwhile, the Ghana All-Share Index is skyrocketing. We are medium-term bullish, eyeing further gains to 7,101.

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