Invest Data Consulting Ltd

Nigeria’s stock market over the past week had a volatile and mixed performance to close higher on an uptrend that supports buying opportunity as demand for stocks were in the increase with the earnings reporting season entering its peak, ahead of the release of September inflation and Q3 GDP data from the National Bureau of Statistics (NBS).  The increasing buying pressure reflected on the volume traded for the period under review, which is likely to continue in this new week judging from the fact that technicals had given a buy signal for some sectors and individual stocks, especially the stocks that will beat Q3 earnings expectations.  The improvement in market breadth in the past two weeks has strengthened the up trending ability and direction which confirms the recovery in the market on positive sentiments.  The improved speculative activities of traders are becoming noticeable in the buying pressure that supported the recent breakout that ushered i...

VOLATILITY MAY PERSIST AMIDST PORTFOLIO REPOSITIONING AHEAD OF Q3 EARNINGS SEASON, YEAR-END The nation’s stock market had a positive, even if volatile Wednesday. The day started out with a move downside, before gravitating back and forth, reaching support and holding twice between the mid-morning and midday, as profit taking ensued in the Industrial Goods and Insurance sector. There was a real strong intraday rally to a high of 35,500.23 from a low of 35,272.84 that is becoming the new month’s support level. Since the market broke out of the downtrend line it had consolidated sideways its movement in a narrow range, waiting for positive news as earnings reporting at this point is light with portfolio repositioning and speculative activities underway as the season gradually kicked off with more companies announcing their Q3 closed period (when their senior officials and directors who are shareholders of such companies are forbidden from trading in them to prevent a situation wh...