The first trading day of the new month was ushered in by the bear, as trading activities on the floor of the Nigeria stock exchange shed 60Bpts and rested the day at 27,843.00.
Today’s trading activities produced 15 advancers and 28 lagers. NSEASI YtD return is currently -2.79% while the Market Capitalization YtD returns stood at –N287.943 billion.
The sustained bear’s presence around the market arena is as a result of traders reprising equities prices on the strength of the financial numbers recently released by listed equities. We are of the opinion that catching in on price drop for short term profit is a welcome development. Some of the equities to watch are Transcorp, FCMB, Skye bank and others currently receiving heavy whip from angry investors due to various negative fundamentals.
The chart below shows buyers’ (white area) and sellers’ (red area) strength through today’s trading activities. As can be seen from the last bar, Sellers practically dictated the market direction through today’s trade. As the sell volume accounted for 83% of the total volume traded for the day while buy volume takes only 17%. This is bearish.