MARKET UPDATE FOR WEEK ENDED AUGUST 25 AND OUTLOOK FOR AUGUST 28-31
VOLATILITY MAY LINGER, AS INVESTORS ENGAGE IN MONTH-END PORTFOLIO REBALANCING The nation’s equity market last week was highly volatile to close lower withtechnical indicators mixed, to confirm the trend direction due to wavy behavioral pattern of the market amidstsustained profit taking and positioning for interim dividend, helped by impressive numbers from first-tier banks hitting the market. Last week also, the share price of Zenith Bank and Guaranty Trust Bank were adjusted for dividend offered by their directors, furtherputting pressure on the market. During the week too, the market reacted to the release of half-year audited numbers by Access Bank, Ecobank Transnational Incorporated (ETI) and UBA which came mixed, a situation market players had factored into their share prices along with the dividend by all but ETI. This situation in the market may not last for too long because Q2 financials from these banks are impressive and strong to further drive their prices be...