Stock market operators have predicted that mixed performance will be sustained on the nation’s bourse this week ahead of the September Monetary Policy Committee (MPC) meeting and August inflation report.
They said this in Lagos on Monday, while speaking on stock market expectations in the new week.
The Chief Operating Officer, InvestData Ltd., Mr Ambrose Omordion, said that the MPC slated for Sept. 20 and Sept. 21 and August inflation report would determine stock market trend in the next coming days.
Omordion said that institutional and other investors were looking forward to the August inflation report and the outcome of the MPC meeting just as they continue to reposition off-portfolios for the last quarter.
Omordion added that the stock market would witness a mixed trend as investors and traders digest the results of first-tier banks and happenings in the money market due to rise in Treasury Bill rates.
Also speaking, Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., anticipated cautious trading in the bourse following the MPC meeting scheduled for next week.
Kurfi urged investors to take positions in only fundamental stocks with growth potential, noting that weak macro story remains a significant threat for corporate earnings.
Superficially, the market capitalisation lost N177 billion to close at N20.279 trillion compared with N20.456 trillion posted in the corresponding week.
Also, the All-Share Index inched lower by 339.23 points or 0.86 per cent to close at 38,921.78 against 39,261.01 achieved in the comparative week.
Consequently, the month-to-date and year-to-date losses increased to 0.8 per cent and 3.3 per cent respectively.
