“This is especially given that despite the seeming improvements, fixed income yield continues to offer a negative real rate of return due to the galloping inflation. However, the strong and faster recovery may continue, depending on market forces, going forward, as propelled by expected Q2 earnings reports,” he said.
Performance across the sector was bearish. The Consumer Goods index led losers, down 6.3 per cent W-o-W following price depreciation in Nestle Nigeria, Cadbury Nigeria and Flour Mills of Nigeria. Following closely were the Oil & Gas and Insurance indices, which fell by 1.2 per cent and 1.0 per cent W-o-W respectively on account of price decline in Total Nigeria,
However, market breadth for the week was positive as 36 equities appreciated in price, 33 equities depreciated in price, while 87 equities remained unchanged. Honeywell Flour Mills led the gainers table by 46.34 per cent to close at N3.00, per share. Pharm-Deko Plc followed with a gain of 44.54 per cent to close at N1.72, while Courteville Business Solutions went up by 29.17 per cent to close to 31 kobo, per share.
Overall, a total of 866.544 million shares worth N12.257 billion in 17,291 deals were traded last week by investors on the floor of the Exchange, in contrast to a total of 1.610 billion shares valued at N12.586 billion that exchanged hands previous week in 18,622 deals.
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