MARKET UPDATE FOR OCTOBER 17, 2017
TRADERS AGAIN TAKE PROFIT, AMIDST WAIT FOR MORE Q3, GDP NUMBERS Trading on the floor of the Nigeria Stock Exchange (NSE) on Tuesday continued its volatility to close on a negative note, after losing almost all its gain in the previous three trading sessions, on the strength of profit taking by traders which is expected in any earnings reporting season, especially when the growing number of market players are short-term investors, including retails players. The down market coincided with the release of September inflation rate by the National Bureau of Statistics (NBS) which dropped slightly for the eighth consecutive month to 15.98% from 16.01% in August. The marginal decline in the month, which coincides with the harvest period, is of concern to investors, suggesting that the celebrated success in agricultural sector is still shaky, meaning that either there is poor harvest or infrastructure like roads to transport farm produce to markets in the city centre. This has often...