Invest Data Consulting Ltd

NIGERIAN BOURSE REMAINS WEAK AMIDST HIGH VOLATILITY DESPITE MARGINAL GROWTH Nigeria’s equity market on Wednesday closed higher after three consecutive trading sessions of down market ahead of August inflation data expected to be released tomorrow by the National Bureau of Statistics (NBS). The figures are likely to be slightly down or flat, against the backdrop of the fact that the poor implementation of the 2017 budget by the Federal Government , even as cost of transportation remains high, despite the claim that petrol price has dropped, due to the deplorable conduction of Nigeria roads which continues to affect movement of agricultural produces from farms to city centres, thereby keeping food prices high in a harvest season. The NSE All-Share index opened midweek’s trading slightly up in the morning, before pulling back at midday to hit intra-day low of 35,221.27 point, due to losses suffered by high cap stocks as the investing public continued to separate the reality a...

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...

INVESTORS BEGIN COUNTDOWN AHEAD OF JULY 31 DEADLINE FOR Q2 EARNINGS REPORTS Nigeria’s equity market last week closed strong and positive to continue its bullish run that was driven by positive economic data and impressive numbers emanating from the manufacturing sector, especially Unilever’s local arm, Lafarge Africa, Honeywell and Flour Mills,while stocks in the financial services sector that have so far published their results revealed mixed performance. In particular, insurance companies have so far remained dominant among those making their numbers available to the Nigerian Stock Exchange (NSE) earlier this season than before. Those stocks that have so far presented their half-year score-cards include: NEM, Guinea Insurance, Lasaco and United Capital, Wema Bank. In the past week, Africa Prudential has presented an impressive half year report which beat market expectations. Another booster of the NSE’s bull-run is news of plans by the Federal Government to listits a...