“However, we expect this to be tempered by bargain hunting activities from early birds ahead of the Q3, 2021 earnings season. However, we advise investors to take positions in only fundamentally justified stocks as the weak macro environment remains a significant headwind for corporate earnings,” they said.
Hence, given the bullish sentiment in the equities space, the All-Share Index rose week-on-week by 1,258.89 points or 3.23 per cent to close at 40,221.17 points. Similarly, market capitalisation rose N656 billion W-o-W to N20.956 trillion. The market breadth for the week was positive as 33 equities appreciated in price, 22 equities depreciated in price, while 100 equities remained unchanged. University Press led the gainers table by 20.59 per cent to close at N1.23, per share. Dangote Cement followed with a gain of 14.29 per cent to close at N280.00, while Presco Plc went up by 9.93 per cent to close to N80.25, per share.
The market last week opened for four trading days as the federal government declared Friday October 1, 2021 a Public Holiday to mark the Nations 61st Independence Anniversary. Overall, a total turnover of 2.187 billion shares worth N16.183 billion in 14,377 deals were traded during the week by investors on the floor of the Exchange, in contrast to a total of 1.290 billion shares valued at N13.921 billion that exchanged hands previous week in 16,745 deals.