Profit-taking Ahead, As NGSE Index Forms Double Top On Mixed Sentiments, Oil Price Decline
Market Update for April 20 Monday’s trading on the Nigerian Stock Exchange closed on a flat note after a two-week rally that ignored seemingly, all the negative news about the impact of the Coronavirus (COVID-19) pandemic now ravaging the global scene, leaving blood and woe on the world’s once boisterous cities, now mostly on lockdown mode. The sharp divergence between the market performance and economic realities were major sources of concern for many market players and watchers, as the V -bottom shaped recovery pattern was setting in. The high volatility during Monday’s session was due to a much-anticipated profit booking from the recent uptrend besides indecision among players despite price appreciation by highly capitalized stocks. The day’s downturn particularly followed the news of a further crash in the price of crude oil Nigeria’s mainstay at the international market, hitting its lowest level in 21 years. It is no longer news that the world is changing drastically a...