MARKET UPDATE FOR AUGUST 29, 2017
INDICATORS SLIDE, DESPITE ENHANCED FUNDAMENTALS, RESULTS, AS INVESTORS AWAIT FISCAL EFFORTS Nigeria’s equity market on Tuesday continued its volatility, closing south on a significantly low volume that was below its average traded volume, reflecting investors’ wait-and-see attitude as pullback continued on a selloff ahead of the long holiday declared for Friday and Monday, as well as to pick bills associated with the season. The NSE indicators gapped down sharply after a bashing that started in the early hours into midday, breaking down the support and psychological line of 36,000 to 35,747.97 before bouncing back in the afternoon to reduce the day’s loss, closing slightly above the 36,000 mark. It looked like, perhaps, an intra-day bottom was in view, but important resistance could not be taken out, and consolidated its down trend with Wave 3 corrective motive as it equally formed a double bottom that indicates a reversal. The continued downward trend of the market...