As indecisiveness heightened around the market arena, the lead performance pointer of the Nigerian Bourse shed another marginal point (4Bpts) to close the day at 28,236.23 point. By this, WtD return turned red (4Bpts) while MtD return remained positive (231BPts). It was a mixed performance among other observed market indices as shown in the index movement table.
Today’s trading activities produced 22 advancers and 23 lagers. NSEASI YtD return is currently -1.42% while the Market Capitalization YtD return stood at –N148.300 billion.
Undoubtedly, market liquidity is currently weak as more traders seemed to be sitting on the fence. Many traders are of the opinion that the risk involved in taking positions against the expected third quarter financial statistics is quite on the high side given the operating economic space that characterized the quarter. Thus, most traders have adopted the seeing it before believing it strategy. In other words, they opted to play safe by investing at some high level of confidence.
We maintained our position that traders should pay more attention to their trades and seriously mind their stops (up (+) or down (-)). Investment greed should be avoided at all cost.
Volume Index for week’s activity is 0.65 while buy volume and sell volume is estimated at 82% and 18% respectively.