Halting the long bearish days, equities trading on the floor of The Nigerian Stock Exchange closed in the positive territory, adding 22Bpts. The positive performance slowed down the Week to Date loss to 8Bpts while points lost within the current month adjusted to 626Bpts. Aside Nse Premium and Nse Oil/Gas Index that shed marginal points, other observed market indices ended in the green.
Value gained by the market capitalization of the listed equities during today’s trading activities was N19.162 billion same as 22Bpts from the opening value. Meanwhile, today’s trading activities produced 19 advancers and 11 lagers. NSEASI YtD return is negative -10.83% while the Market Capitalization YtD loss stood at -N1.066 trillion.
The candlestick formation representing today’s trading activities is technically referred to as a strength bar. The market has been in a long downtrend before now, thus an up bar with higher volume closing near the high is a sign of strength returning.
Should more traders take sides with the bull on the next trading day, the market may put up strong reversal force (this will be played out by a higher gain). This makes the current trading region an important support for future reference. Nevertheless, it is very necessary to confirm this assertion before taking any investment decision in this regard.
Volume Index for today’s activity is 0.72 while buy volume and sell volume momentum is estimated at 79% and 21% respectively.