MARKET UPDATE FOR JANUARY 22, 2018
PROFIT-TAKING, VOLATILITY MAY CONTINUE AMIDST REPOSITIONING FOR QUARTERLY, FULL-YEAR REPORTS Trading on the Nigeria Stock Exchange (NSE) was once more interesting, mixed and highly volatile at the same time to start the week Monday on negative note, as the market bowed to selling pressure amidst profit talking and stock revaluations to match their fundamental strength after more prices hit their new 52-week high. Volume was huge, breadth flat, while the composite NSE All-Share index experienced a pullback to close the day. Profit taking among the conglomerate and banking stocks were unprecedented as Transnational Corporation of Nigeria (Transcorp) and some first-tier banking stocks suffered losses. The day started out with a little pop to the upside, and had a run up which was consolidated midmorning, reaching intraday highs of 45,321.82 around the noon hour, before it pulled back early afternoon to touch a low of 44,748.20, where it held support...