Yielding to profit takers’ call, equities trading on the floor of the Nigerian Stock Exchange gave up 44Bpts as it closed at 25,558.57. Safe NSE- Lotus II and NSE-Industrial Goods that gained marginal points, other observed market indices shed points. See the index movement table for details. The two trading day observed so far in the new week already slashed 37Bpts off market trading points. Meanwhile, Month to Date returns remained positive at 91Bpts.
Value loss by the market capitalization of the listed equities during today’s trading activities was N39.087 billion same as 44Bpts below the opening value. Meanwhile, trading activities for the day produced 13 advancers and 24 lagers. NSEASI Year to Date loss is -4.90% while the Market Capitalization Year to Date loss stood at –N404.041 billion same as 4.37% below the year’s opening value.
The management of Cadbury Plc today unveiled its financial statistics for the year ended 31st December, 2016. The report was pushed into red earnings by high selling and distribution expenses and Administrative expenses despite marginal improvement in Revenue.
Today’s negative performance is mainly due to good numbers of market movers (that is, active equities) closed below their respective opening prices while few others including some capitalized ones closed on a flat note. Such condition is typical of a recovering market. Traders will at short interval opt for profit taking to play safe.
As investors’ confidence received further boost on improved economy state, we expect more positive performance, though not without interval pull backs from profit taking activities. Hence we recommend cautious play around the market arena.