Inflation may hit 34.98 per cent this month, says Cordros

The projection is premised on the base effects from the prior year, the recent hike in electricity tariffs and increased demand, which accompanied the Eid-el-Fitr festivities.

Meanwhile, a turnover of 1.6 billion shares worth N32.3 billion was recorded in 44,915 deals by investors on the floor of the exchange, up from a total of 1.1 billion units, valued at N28.7 that changed hands in 21,921 deals during the preceding week. Analysts urged investors to rethink trading and investing strategies to stay ahead of the game, in the face of higher interest rates and yields in alternative investment windows, amid mixed economic data and ongoing reform policies of the government.

On the price movement chart, the equities market sustained its bearish trend for the fifth consecutive week, as continued profit-taking activities on tier-one banking stocks drove the market lower. A total of 31,329 units valued at N5.558 million were traded last week in 167 deals compared with a total of 64,300 units valued at N3.204 million transacted last week in 48 deals.

Cordros Capital Inflation United Bank For Africa Plc

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