Testing further red zones, the performance index of the Nigerian Bourse today gave up another 18Bpts to close the day at 27,707.12 point from 27,756.67. NSE-Pension, NSE-Banking and NSE-Oil&Gas all gained marginal points while other observed market indexes trended the south zone as shown in the index movement table below.
Today’s trading activities produced 13 advancers and 17 lagers. NSEASI YtD return is currently -3.26% while the Market Capitalization YtD return stood at –N333.054 billion.
The candlestick formation representing today’s trading activities is a wide spread down bar. This confirms that the market is still weak. The smart money seems to be locking in traders into poor positions. The implication of this is that traders will be forced to stay in their various positions longer than anticipated. Kindly avoid panic exit.
Please note that we maintain our position that traders should pay more attention to their trades and seriously mind their stops (up (+) or down (-)). This is will help in avoiding a bull trap situation. Investment greed should be avoided at all cost.
Volume Index for today’s activity is 0.76 while buy volume and sell volume is estimated at 26% and 74% respectively.