MARKET UPDATE FOR WEEK ENDED JANUARY 12 AND OUTLOOK FOR JAN 15-19
PROFIT TAKING, VOLATILITY MAY CONTINUE AMIDST PANIC SELLING, REPOSITIONING FOR EARNINGS SEASON, Equities’ trading for the second week of 2018 on the Nigerian Stock Exchange (NSE) closed higher with prices of industrial goods stocks galloping more sharply than their peers in banking, consumers and petroleum marketing sectors. The traded volume within the period was huge as there has been no such record of 5.02bn shares transactions in the second week of a new year in more than a decade, attributable to more investors swooping in on the NSE which ranked second best performing bourse among emerging market. Add this to the fact that most Nigerian equities remain undervalued, despite the huge price gains of 2017, helped at a time the economy is in a strong recovery mode with the upbeat macro-economic indices that support strong market fundamentals, amidst the improved quarterly earnings reports of most companies, attracted huge inflow of funds into the stock market particularly fr...