Inflation Data: Experts Foresee Profits On NSE

Some capital market operators have expressed optimism that stock market activities would experience mixed performance due to profit taking and July inflation figure expectations.
They told newsmen last Monday in Lagos, that the market this week would likely be buoyed with profits taking, with investors taking advantage of gains recorded in recent time.
Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd, said that analysts were anticipating profit taking on the strength of second quarter numbers released in the market so far.
Kurfi said that July inflation figure that would be released by the National Bureau of Statistics (NBS) this week, was another factor that would likely affect the market.
He, however, said that the market would sustain its positive growth because of strong fundamentals and positive economic outlook.
Also speaking, Mr Ambrose Omordion, the Chief Operating Officer, Invest Data Ltd, said that there would be portfolio reshuffling ahead of the release of inflation data for July and second quarter Gross Domestic Product (GDP) figure.
Omordion said that investors should position in stages valued stocks with high upside potential, noting that most stocks on the exchange were still undervalued.
He said that investors should make use of company fundamental data and chart pattern, while investing in the market to maximize growth.
Omordion attributed the market growth to post earnings reporting season that rekindled investor confidence, thereby leading to strong liquidity and high demand of equities.
Our source reports that a total turnover of 1.52 billion shares worth N28.87 billion were exchanged by investors in 23.053 deals last week.
This was in contrast with a turnover of 2.52 billion shares valued at N114.12 billion transacted in 23.546 deals in the previous week.