Expect Mixed Market, As Investors React To Banks’ Earnings Releases

Profit Taking

Market Update for November 19 By Investdata Analysts Thursday’s trading on the Nigerian Stock Exchange was very mixed and volatile, with equity prices swinging into losses on the strength of banks’ Q3 numbers falling below expectation, thereby halting the previous day’s gains and recovery. This, expectedly, has triggered another round of profit-taking, despite the positive economic news of an expansion in the nation’s industrial output as revealed by the Purchasing Managers index of 50.2points, up from the 49.6 points in October. The lower-than-expected earnings reports from the banks have been…

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