“However, we continue to advise investors to trade on companies’ stocks with sound fundamentals and a positive outlook,” Cowry Assets said.
“Nevertheless, increased FI yields may continue to constrain buying activities. Overall, we reiterate the need for positioning in only fundamentally sound stocks as the weak macro environment remains a significant headwind for corporate earnings.”The Nigerian equities market could not consolidate the gains of the prior week following pressure from profit-taking activities during the week. Thus, the All-Share Index dipped by 0.48 per cent week-on-week to close at 52,214.72 points.
However, market breadth for the week was positive as 48 equities appreciated in price, 30 equities depreciated in price, while 78 equities remained unchanged. CWG led the gainers table by 56.82 per cent to close at N2.07, per share. Ardova Plc followed with a gain of 37.50 per cent to close at N26.40, while Transnational Corporation went up by 33.51 per cent to close to N2.59, per share.
Overall, a total turnover of 3.602 billion shares worth N36.451 billion in 27,801 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 2.973 billion shares valued at N22.828 billion that exchanged hands previous week in 23,765 deals.