GBOLABO AFUWAPE
The bourse turned bullish last week, first time in 2019 to be upbeat in five straight sessions and resulting in 3.94 percent gain..
The All Share Index gained 394basis points for last week to settle at 31,005.17pts, implying a year to date return of -1.35 percent.During the week’s trading there were thirty-eight gainers (38) and twenty-nine (29) losers, hence market breadth closed at 1.31x.
NEM gained 43.35 percent to close at the top of the gainers’ list.
Others like SOVRENINS, ROYALEX, CCNN, and CUSTODIAN were the other top performing stocks with respective gains of 30.00 percent, 28.57 percent, 25.50 percent, and 21.70 percent.
However, RESORTSAL lost 29.73%, along with BETAGLAS (-17.91 percent), LINKASSURE (-13.85 percent), BERGER (-9.88 percent), and ETRANZACT (-9.87 percent) at the bottom of the price chart.
Also in the week, trading in the shares of CILEASING resumed this week, following its technical suspension since the 13th of December 2018 to allow for the consolidation of every four (4) ordinary shares held into one (1). The stock closed at NGN9.04 at the end of trading
this week.
The market snapped its two-week losing streak in 2019 as investors took advantage of the currently cheap valuations, especially on heavily weighted stocks like
DANGCEM (+10.11 percent), NESTLE (+3.49 percent), NB (+3.85 percent).
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