“However, we continue to advise investors to trade on companies’ stocks with sound fundamentals and a positive outlook amid the macro-dynamics which remains a headwind,” Cowry Assets said.
“Consequently, we see more of a ‘choppy theme’ even as institutional investors continue to search for clues on the direction of yields in the FI market. However, we advise investors to take positions in only fundamentally justified stocks as the weak macro environment remains a significant headwind for corporate earnings.”
Accordingly, the All-Share Index advanced by 6.88 per cent week-on-week to close at 47,554.34 points. Similarly, market capitalisation increased by N1.67 trillion to close the week at N25.902 trillion. Sectoral performance was largely bullish following gains in the NGX Industrial Goods index by 9.4 per cent. NGX Insurance index recorded weekly gain of 5.1 per cent, while NGX Banking and NGX Consumer Goods Index rose by 3.1 per cent and 0.1 per cent respectively, W-o-W.Market breadth for the week was positive as 40 equities appreciated in price, 19 equities depreciated in price, while 89 equities remained unchanged. Nigerian Breweries led the gainers table by 18.67 per cent to close at N48.