MARKET UPDATE FOR JANUARY 4, 2018
EARLY POSITIONING AHEAD OF EARNINGS SEASON, POSITIVE ECONOMIC DATA BUOY INDICATORS Nigerian Stock Exchange (NSE) basic indicators got a significant boost, the first for the year, on Thursday, helped by the nation’s upbeat economic data, which lifted equity on the bourse as investors and traders continued to reposition in value stocks, while companies with expected quarterly earnings are trending up, thereby supporting the ongoing rally. This resulted to breakout of many resistance levels of stocks in the New Year. \ The continued volatility, change in market holding structure, increasing volume of trades and increasingly positive market breadth revealed rising demand for stocks by investors. Thursday’s trading session was nonetheless a very volatile, closing higher to reverse the previous down market on the strength of heavy accumulation of positions in all classes of stocks, whether low, medium or high caps, ahead of the upcoming major earnings repor...