Wallowing deeper in the red zone, the performance index of the Nigerian Bourse shed another 45Bpts and closed the day at 27,272.14. Aside the HWC5-Index that added 12Bpts, other observed market indexes bowed to the bear.
Today’s trading activities produced 6 advancers and 31 lagers. NSEASI YtD return is currently -4.78% while the Market Capitalization YtD returns stood at –N484.004 billion.
As weak as the bear currently driving the market is, it has consistently patronized the market for eight trading days. Review of past market performances confirmed that, in the past nine trading days only one recovery move was achieved. This is a confirmation of weak investors’ confidence in the equities market. It is our expectation that, the market will at least respect 27,054.00 which remains the most reliable support point identified with the lead indicator’s trend.
Volume Index for today is 1.51 as buy volume and sell volume is estimated at 10% and 90% respectively. This is a bearish position and a complete failure of our expectation yesterday. Traders are advised to cautiously patronize the market.