Aftermath Of Failed Rally: Mixed Performance Ahead, Amidst Profit-taking, Low Liquidity
Market Update for August 27 Trading on the Nigerian Stock Exchange (NSE) remained bearish for the second consecutive day after a failed attempt at the rebound. Tuesday’s was yet another very volatile and mixed session that confirmed the failed bear rally as the key performance index, the NSE All-Share could not follow through on the fourth day, just as the intraday low has been undercut on an increased volume of trade. Given that effect of the seemingly positive news of a new cabinet has been halted at the beginning of the week, investors are looking to the release of Nigeria’s Q2 GDP, a major macroeconomic data, sometime next week. The GDP data will, nonetheless, confirm what the nation’s stock market has been signaling- that all may not be well with the economy after all. Also, the month of August is gradually drawing to a close, just as fixed-income yields are on the rise, due to foreign investors offloading their positions, leading to the ongoing price drops in the fixed inco...