A financial expert, Ambrose Omordion, has predicted that activities in the nation’s bourse this week would be trailed with profit taking following fund managers window dressing.
Omordion, the Chief Operating Officer, InvestData Ltd., told the News Agency of Nigeria in Lagos that the market would witness profit taking after month-end dressing by fund managers.
He said that the market would experience mixed performance due to expected account rebalancing by fund managers which would lead to profit taking in preparation for the month of August.
Omordion said that the mixed performance would not last for a long time due to investors’ anticipation of more improved half year earnings yet to be released in the market.
He attributed market growth last week to investors’ last minute positioning for earnings expectations.
Omordion said that most of the earnings released last week beat market and analysts expectations.
He noted that positive economic data released by the National Bureau of Statistics (NBS) contributed to the market growth.
Omordion, however, called for quick implementation of the 2017 budget to sustain the market and economic growth.