In the new week, analysts at Cordros Securities Limited said: “with the moderation in the prices of bellwether stocks this week, we expect savvy investors to take advantage of this and make re-entry ahead of the first half , 2022 earnings season.
“However, we do not rule out the possibility of continued profit-taking activities. As a result, we think the local bourse will likely exhibit a choppy pattern. Therefore, we advise investors to take positions in only fundamentally justified stocks.” Analysts at Cowry Assets Management Limited, stated that, “in the new week, the anticipation of first half , 2022 results are expected to act as catalyst to trigger more bullish sentiments. Also, we continue to maintain positive sentiments in the market while investors are advised to trade on companies’ stocks with good fundamentals and a positive outlook so as to avoid falling into the bear trap.
The All-Share Index shed 0.53 per cent week-on-week to close at 51,557.41 points. Similarly, market capitalisation lost N139 billion W-o-W to close at N27.803 trillion.Particularly, sell-offs in International Breweries, Union Bank of Nigeria , FBN Holdings , FCMB Group and NASCON Allied Industries led the weekly loss.Sectoral performance was largely bearish. The NGX Banking index declined by 0.31 per cent. NGX Insurance index recorded a weekly loss of 2.
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