Going into the new week, Cowry Assets Management Limited expected the current trend of bullish trend to persist as investors continue on profit booking and portfolio rebalancing ahead of the year-end seasonality amid election uncertainty, saying “however, we continue to advise investors to trade on companies’ stocks with sound fundamentals.
Afrinvest Limited stated that, “this week, we anticipate a modest sell-off as investors begin to re-align portfolios ahead of the new year.”For another week, the domestic bourse maintained its bull transition driven by strong buying interest and price appreciation in the large-mid cap stocks and portfolio reshuffling by investors seeking alpha ahead of the year-end seasonalities as players digest the recent macroeconomic data ahead of the earning season.
Across the sectorial front, the performance was largely bullish in the week and was spearheaded by the Industrial Goods sector for another week, emerging as the leading advancer by 3.44 per cent. NGX Banking followed with a weekly gain of 2.87 per cent, NGX Insurance rose by 0.47 per cent, while NGX Oil/Gas Index increased by 0.36 per cent. On the flip side, the NGX Consumer Goods sectors closed the week with a decline of 0.2 per cent.
On the other side, McNichols led the decliners table by 11.48 per cent to close at 54 kobo, per share. Academy Press followed with a loss of 9.70 per cent to close at N1.21, while Prestige Assurance declined by 8.70 per cent to close at 42 kobo, per share.