MARKET UPDATE FOR OCTOBER 16, 2017
INVESTORS, TRADERS RETURN AHEAD Q3, YEAR-END POSITIONING, ECONOMIC DATA INFLOW The nation’s stock market had a positive, even if volatile Monday to start the week in consolidation of the three trading sessions of up market as earnings speculation trading which had commenced earlier entered top gear with hope of more numbers hitting the bourse in the coming days. The first banking sector earnings report was made available by the directors of United Bank for Africa Plc during the session, giving an insight into the kind of third quarter reports that traders and investors should expect from its peers, especially the first tier stocks. The day opened slightly up before having back and forth movement by the mid-morning trading as it searched for intraday direction until midday when highly capitalized stocks appreciated in value amidst continued positioning ahead of their nine-month numbers. As a result of this, there was an increased demand for banking, consumer goods, agribu...