MARKET UPDATE FOR WEEK ENDED SEPTEMBER 15 AND OUTLOOK FOR SEPTEMBER 18-22
SELLING PRESSURE CONTINUE AS ‘SEPTEMBER EFFECT’ KEEP NIGERIAN MARKET DOWN The nation’s equitymarket over the past week was volatile, closing lower as equity prices continue to decline amidstpersistent selling pressure thatreversed previous week’s gains, despite the seeming positive 0.55% Q2 GDP growth reported by the National Bureau of Statistics (NBS), as well as the seventh consecutive drop in inflation rate to 16.01% recorded in August published last Friday. Instead, although it is yet early to conclude, these seem to have disappointed expectant investors, as they may have fueledthe selling pressure during Friday’s session. Indeed more stocks suffered varying levels of decline,resulting in the market recordingthe highest daily loss in the recent weeks. INVESTDATA sees the failure of the Nigerian Stock Exchange (NSE) All-Share index to elicit positive reaction, no matter how marginal, to these economic data as a sign that investor confidence in the nation’s economy an...