MARKET UPDATE FOR MAY 24, 2017
PROFIT TAKERS LURK, AS INVESTORS SAVOUR NIGERIA’S IMPROVED ECONOMIC DATA The Nigerian equity market on Wednesday responded positively, just as expected, to the huge of economic data released by the National Bureau of Statistics (NBS), showing that 2017 first quarter GDP contracted by 0.53%, a significant improvement year-on-year over the negative GDP of 1.72% recorded in Q4 2016. The improvement, analysts agree,confirms along with other economic indices before now,that the Nigerian economy is on recovery path, a situation that would further boost the market fundamentals. The NSE benchmark index closed higher to continue the recovery move in the market with improved demand for stocks as revealed by the volume traded index was 0.94, buying position was 82%, while selling volume was 18% of the total volume for the day. Investors are looking beyond the data because most of the economic data are backward looking or historical, while stock markets are forward looking ...