Mixed Performance Ahead, But Reversal Imminent, As NGSE Forms Double Bottom
Market Update for May 8 Equity prices on the Nigerian Stock Exchange (NSE) closed down again at midweek as selloffs continued, because market operators have since activated their cautious mode amidst the prevailing uncertainties, in the absence of any news in the offing capable of inspiring hope that the administration has plans to reinvigorate the economy and rather allow the ship to twist and turn. Until then, there is the rising confidence crisis and low market liquidity arising from the fact that smart investors have earlier exited, triggering a flight to safety, seeking solace in the money and fixed income market that continues to experience a boom. On the political front, the Presidential Election Tribunal began sitting also on Wednesday, and has fixed next week for hearing on the suit by the main opposition Peoples Democratic Party (PDP) and its candidate, challenging the outcome of the February 23 Presidential election which returned President Muhammadu Buhari for a secon...