“Notwithstanding, we advise investors to take positions in only fundamentally justified stocks as the unimpressive macro story remains a significant headwind for corporate earnings.
Across the sectors last week, performance was largely on a bull trend except for the NGX Oil & Gas index which lost 2.02 per cent week on week from sell pressure. The market breadth for the week was positive as 37 equities appreciated in price, 30 equities depreciated in price, while 90 equities remained unchanged. Oando led the gainers table by 34.12 per cent to close at N5.70, per share. Ikeja Hotel followed with a gain of 18.45 per cent to close at N1.22, while Champion Breweries went up by 13.27 per cent to close to N5.55, per share.
Overall, a total turnover of 2.071 billion shares worth N17.562 billion in 17,917 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 1.689 billion shares valued at N11.066 billion that exchanged hands previous week in 14,019 deals.
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