Nigerian stocks did not change much on Friday as the benchmark index edged up by only 0.02 per cent, raising concerns that the market, which reached a high in the seven days to June 27, must have plateaued, and could be set forThe main stock index, which measures the cumulative movement of all the stocks listed on the exchange, has seen little or no movement within the three days, a situation called flattish trade in stock market parlance.
“Intensifying inflationary pressures, aggressive policy normalization, and recession fears are all factors poised to keep bullish sentiments in check,” analysts at investment bank United Capital said in an outlook note on Monday seen by PREMIUM TIMES. Yet, as the earnings season might emerge anytime soon, strong earnings release next week could prove a disruptive force that could drive trade and set stocks on an upward course once again.
The all-share index inched up 12.08 points to 51,829.7, while market capitalisation scaled up to N27.9 trillion.The Initiates led gainers, appreciating by 10 per cent to close at N0.44. Cutix grew by 9.78 per cent to end trade at N2.47. Linkage Assurance went up by 9.62 per cent to N0.57. John Holt rose to N0.82, notching up 9.33 per cent in the process. Caverton traded up 8.82 per cent to N1.11.
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