By Modupe Gbadeyanka
Trading activities commenced yesterday on the floor of the Nigerian Stock Exchange (NSE) and the two sessions this week have ended in the red zone.
Analysts at Meristem Research predict that pockets of bargain hunting are expected in the banking space as a number of stocks are still trading below their fundamentally justified values.
“Also, we do not rule out some level of profit-taking activities on large-cap stocks that gained significantly in the week past.
“However, we posit that buy pressures will outweigh the sell. Hence, we expect the market to close the week positive.”
Last week, closing positive on two out of the four trading days, the NSEASI advanced by 1.26 percent, pushing the YtD return to settle at 33.78 percent.
There were 28 gainers and 39 losers in the week, reflecting a market breadth of 0.72x.
The gainers chart was led by GUINNESS after it advanced by 27.59 percent to close at NGN96.33.
JAIZBANK (-7.79 percent) emerged as the top underperformer in the week, after closing at NGN0.71
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