Short-term Profit Taking On NGSE, As Investors Crunch Q3 Numbers
Market Update For October 24, 2018 Volatile trading on the Nigerian Stock Exchange continued at the midweek, amidst profit booking, as the benchmark All-Share Index closed negative after four consecutive sessions of bull-run. This was as traders cashed out their profit from the recent rally, driven by Q3 numbers released so far. Investors are taking advantage of the corporate earnings to reposition and reshuffle their portfolios as they study and interpret the numbers ahead of full-year expectations and changing market dynamics in the midst of increasing political risks and uncertainties ahead of the 2019 general elections which is less than four months away. The All Share index opened Wednesday on a little upside in the morning before pulling back sharply by mid-morning and into the afternoon, touching intraday lows of 32,403.60 basis points, from a high of 33,201.34bps. It therefore broke down the 33,000 mark and the shortest Moving Average of seven and 21, after touching ...