“We expect the direction of market performance to be shaped by the ongoing third quarter earnings season as investors cherry-pick fundamentally sound stocks. Overall, we reiterate the need for taking positions in only fundamentally justified stocks as the weak macro environment remains a significant headwind for corporate earnings,” Cordros Capital stated.
On the negative side, VFD Group led the decliners with a drop of 18.98 per cent to close at N218.20 per share. Consolidated Hallmark Insurance followed with a loss of 10.43 per cent to close at N1.03. Secure Electronic Technology and Sunu Assurances Nigeria dropped by 10 per cent each to close at 27 kobo and 99 kobo respectively while McNichols dipped by 9.68 per cent to 56 kobo per share.
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