He pointed out that, “the relatively low volume traded in the midst of retracement is creating new buy opportunities on the strength of the third quarter numbers. Also, candlestick formation and volume traded during the session revealed that institutional players are not buying yet. It is equally noteworthy that during a ranging market many players seat on the fence waiting for a breakout or down before jumping into any position.
The market breadth for the week was positive as 32 equities appreciated in price, 28 equities depreciated in price, while 96 equities remained unchanged. Meyer Plc led the gainers table by 27.27 per cent to close at 42 kobo, per share. ROYAL Exchange followed with a gain of 15.00 per cent to close at 69 kobo, while FTN Cocoa Processors went up by 13.51 per cent to close to 42 kobo, per share.
Overall, a total turnover of 1.317 billion shares worth N15.330 billion in 18,292 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 2.630 billion shares valued at N26.900 billion that exchanged hands previous week in 20,848 deals.