Market Update

Nigerian Equities Market Takes off on a Green Note, Adds 60Bpts

Starting off the new week, the performance index of the Nigerian Stock Exchange (NSEASI) added 60Bpts to close the day at 27,817.00 point. The bright performance robbed off on all observed sub indices as all closed blue. See the index movement table for details.

Today’s trading activities produced 20 advancers and 11 lagers. NSEASI YtD return is currently -2.88% while the Market Capitalization YtD return stood at –N298.569 billion.

As the half year earnings season journeyed to the end, more equities are expected to respond to trend on the back of reduced sentiments, thus, market will be open for more short term play. In response to this, traders are expected to strategically identify both support and resistant points of their respective equities of choice and play by within same for profitability.

The share price of Zenith Bank will be adjusted tomorrow for the recently announced 25k dividend payment. At this point we expect traders to start playing the stock even from the marked down price. Other equities that may be considered in traders’ baskets are Forte Oil and Transcorp. We strictly recommend a cautious play in UBA and Guaranty Trust Bank.

Volume Index for today is 0.80 while buy volume and sell volume is estimated at 87% and 13% respectively.  This is an indication that buyers are still on the lead around the market arena.


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