The stock market of the Nigerian Exchange Limited posted its first weekly decline in February as investors trade with caution over 2023 election uncertainties.
Across the sectors last week, performance was largely upbeat for most of the indices that saw support from an increased inflow of funds into the equity space and continued buying sentiments, except for the banking index that was hit with profit-taking, which dragged the index into the negative region by 1.34 per cent week on week.
On the other side, CWG led the decliners table by 17.35 per cent to close at 81 kobo, per share. Fidelity Bank followed with a loss of 14.70 per cent to close at N4.76, while Pharma-Deko declined by 10.00 per cent to close at N1.89, per share. Analysts at Cordros Securities Limited in a report said “we believe investors will be caught between two opposing forces ranging from uncertainties ahead of the nation’s presidential election and the release of 2022 full year corporate earnings with accompanying dividend declarations.
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