Stock Market To Sustain Bearish Sentiment

Afrinvest Limited said: “we project a muted performance in the local bourse this week barring any positive catalyst.”

“However, we continue to advise investors to trade on companies’ stocks with sound fundamentals and a positive outlook amid the macro-dynamics which remains a headwind,” Cowry noted.Though it was a shortened trading week, it was, however, enough for the local bourse to stage a come-back from its five-week bearish streak.

Analysing by sectors, the Industrial Goods index gains by 3.2 per cent. Banking index rose by 1.9 per cent and Insurance index appreciated by 1.7 per cent. The market breadth for the week was slightly positive as 25 equities appreciated in price, 24 equities depreciated in price, while 108 equities remained unchanged. May & Baker Nigeria led the gainers table by 13.82 per cent to close at N4.20, per share. Ikeja Hotel followed with a gain of 9.73 per cent to close at N1.24, while Neimeth International Pharmaceuticals went up by 9.52 per cent to close to N1.38, per share.

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