MARKET UPDATE FOR AUGUST 9, 2017
NIGERIA’S EQUITY MARKET SURGES FURTHER, AMIDST PERSISTING VOLATILITY The benchmark index of Nigeria's equity market at mid-week's trading session continued its volatility moving slightly down at the opening session. The index later gapped up sharply to finally breakout the 38,000 psychological line to 38,144.02 after an intra-day high of 38,186.79 and low of 37,961.43. The sharp rally is a continuation of a 4-wave motive on seven straight days of up market with improving volume to support the rally. The continued interest of domestic and international investors in the consumer goods sector reflected on the volume of trade among the players, as their improving fundamentals has become point of attraction. The increasing transactions in Guinness Nigeria, Nestle and Nigerian Breweries that involved foreign investors since the beginning of the week revealed rising participation of smart money in the market. This is just as the nation's foreign exchange reserve hit ...