Revisiting the week’s opening point, the Lead Index of The Nigerian Stock Exchange added 4Bpts as it closed the day’s trading activities at 28,247.56. By this performance, WtD returns turned flat while MtD returns remained positive at 235Bpts. Performance among observed market indexes were mixed. See the index movement table for details.
Today’s trading activities produced 25 advancers and 18 lagers. NSEASI YtD return is currently -1.50% while the Market Capitalization YtD return stood at –N147.406 billion.
During today’s trading hours, the Management of Vitafoam unveiled its 9-months financial position where it posted negative earnings to the tune of N99.69 million against the N287.06 million profit of similar period in 2015. We rate the stock a sell. Full analysis to come later.
Technically, the market is now in a sideway trend surprisingly with good volume. It is as if traders generally agreed on the pricing of most listed equities. In a situation like this, market will respond sharply to slight fundamental news. On the strength of this, we are of the opinion that traders should ensure that no fundamental news pass them by either on the general market or on their respective traded equities.
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 0.70 while buy volume and sell volume is estimated at 60% and 40% respectively.