Afrinvest Limited added that “in the absence of any positive catalyst, we expect the market performance to remain depressed next week, due to rising yield in the fixed income market.”Performance of the equities market in the just concluded week was downbeat as intense bargain hunting activities and bearish sentiments drove the market down.
Particularly, profit-taking activities witnessed in Zenith Bank, Stanbic IBTC Holdings, Airtel Africa and FBN Holdings drove the weekly loss. However, market breadth for the week was negative as 22 equities appreciated in price, 36 equities depreciated in price, while 98 equities remained unchanged. Chams Holding Company led the gainers table by 19.23 per cent to close at 31 kobo, per share. P Z Cussons Nigeria followed with a gain of 12.80 per cent to close at N9.25, while NEM Insurance went up by 11.88 per cent to close to N5.65, per share.
Overall, a total turnover of 949.819 million shares worth N9.329 billion in 18,525 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.195 billion shares valued at N12.924 billion that exchanged hands previous week in 19,305 deals.
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