MARKET UPDATE FOR NOVEMBER 2, 2017
INDICATORS FLAT, AMIDST REBALANCING INDUCED VOLATILITY, HOPE FOR BETTER ECONOMIC DATA Nigeria’s stock market on Thursday had a mixed session to continue its volatility as it struggled to breakout the recent resistance level where it formed a double top as mentioned in our previous day’s review, but on intraday movement. It mildly broke out the level by touching a high of 36,912.54 before slightly closing below the level on a high volume as big cap stocks like Nigerian Breweries, Zenith Bank, Dangote Cement, as well as Unilever, PZ and International Brewery shed value amidst profit taking by traders from three trading sessions of bull-run to narrowly close lower on a positive market technicals. The index started out the day with a move down just after the opening bells, and then rebounded between midday and mid afternoon session, only to rollover in the last minutes as the blue chips listed above were negative. The index was negative by about 10.05 points. It w...