“In our view, the outcome of the MPC meeting has already been priced. Hence, we expect a neutral reaction from market participants. However, we still see scope for the market to deliver positive returns in Q4, 2021, given that yields will trend southwards; investors positioning in dividend-paying stocks ahead of 2021 full year dividend declarations in Q1, 2022; and increased activities from FPIs supported by improved liquidity conditions in the Investors & Exporters FX window.
“Also, institutional investors and others continue to digest the Q2 GDP growth ahead of more first-tier bank results, as well as the continued repositioning of portfolios for the year’s last quarter. Also, investors are still observing the interplay of forces in the FX market as the CBN gives a guideline for the new digital currency platform.
Specifically, the NGX All-Share Index rose week-on-week by 22.09 points or 0.06 per cent to close at 38,943.87 points. Similarly, market capitalisation rose N11 billion W-o-W to close at N20.290 trillion.
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