He noted that, some stocks are trading within their buy ranges to become more attractive at this point for income investors and traders, even as the market anticipates positive news, while oil price continues to oscillate above $68 per barrel to support the global economy and stock market recovery across climates, saying, “we also expect the ongoing COVID-19 vaccination to support global and domestic economic recovery that will enhance the market and give direction.
Last week, the stock market advanced week-on-week by 1.83 per cent as bullish proceedings dominated the market amid bargain hunting in ICT and Banking stocks such as MTN Nigeria Communications , Airtel Africa, Guaranty Trust Bank Holding Company and Zenith Bank. Market breadth for the week closed the same as 29 equities appreciated in price, 29 equities depreciated in price, while 98 equities remained unchanged. Honeywell Flour Nigeria led the gainers table by 28.13 per cent to close at N2.05, per share. Northern Nigeria Flour Mill followed with a gain of 22.76 per cent to close at N7.55, while Airtel Africa went up by 15.38 per cent to close to N750.00, per share.
The Financial Services Industry, measured by volume led the activity chart with 584.793 million shares valued at N3.728 billion traded in 8,658 deals; contributing 36.32 per cent and 29.62 per cent to the total equity turnover volume and value respectively. The Consumer Goods Industry followed with 525.860 million shares worth N3.655 billion in 3,553 deals, while Natural Resources Industry pulled a turnover of 250.928 million shares worth N1.376 billion in 72 deals.
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