MARKET UPDATE FOR MAY 22, 2017
INDICATORS SLIP AS CAUTION, PROFIT TAKING, REPOSITIONING CONTINUE ON NIGERIA’S EQUITY MARKET The nation’s stock market indices closed marginally down on Monday to start the week as profit taking and cautious trading continued, while the investing community awaits the outcome of the ongoing meeting of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC)and expectation of first quarter GDP figures that would confirm whether the nation’s economy is out of recession. Recall that the 2016 Q1 GDP gave a hint of the nation’s economic downward slide officially after dragging in 2015. Monday’s trading started out with upside movement, then a sharp run-up, which continued into the midday session, before pulling back early afternoon to finish the day in red. The fact that the market is experiencing a pull back or correction at this point is expected, as it is a sign that investors should not panic because the market is entering a new phase with factors in favour of t...