Cautious Trading Yet, As Investors, Await Major 2020Q1 Earnings, Data For Market Direction
Market Update for April 28 The mixed and volatile trend on the Nigerian Exchange continued at the midweek as the benchmark NGX All-Share index (NGXASI) closed again slightly lower on a less than average traded volume and negative breadth. This indicated profit booking among the four major sectors of the market in the midst of impressive Q1 numbers and expectation of major economic data like 2021 Q1 GDP, April Purchasing Manger Index and others. This was despite the seeming mixed sentiments in the last two trading sessions, the impressive Q1 corporate earnings from United Capital, Fidson Healthcare, Livestock Feeds, Julius Berger, May and Baker, as well as Fidelity Bank, among others. Consequently, with money flow index still looking up at above 60points, and oil price oscillating above $60 per barrel and forecast that it could hit $80pb in the second half of this year, the market is likely to close positively this month and quarter all things being equal. History is about to repe...