MARKET UPDATE FOR JULY 26, 2017
Banking stocks by buy for Profitable Interim Dividend Income Nigeria’s equity market at the end of midweek’s trading had a volatile day, with strong volatility at the opening and end. The day started out with a pullback to intraday low of 35,504.88 and made a three year new high of 37,794.22 to close higher in continuation of its 15-day bullish run with highly capitalized stocks recording value gain on the strength of increasing demand for blue-chips in expectation of their Q2 numbers. Many investors and traders also used the blue-chips to build hedges in their portfolios. The day’s volume traded index was 0.94; buying position, 96% and selling volume, 4% of the total transaction. Sectoral indexes were higher as investors and traders took position in different sectors with expectation of their Q2 scorecards. The increasing inflow of foreign portfolio investors into the market continues to be driven by the flexible exchange policy of the Central...