After five consecutive loses to the bear, the bull resurfaced the market arena with marginal gain of 23Bpts. The gained points were achieved at the tail end of trade as the bear dominated the largest part of today’s trading hours.
Today’s trading activities produced 14 advancers and 17 lagers. NSEASI YtD return is currently -3.11% while the Market Capitalization YtD returns stood at –N319.425 billion.
Technically, the recovery strength is not strong enough to ascertain its continuation; nevertheless, the move confirmed the attractiveness of listed equities’ prices after the four days pull back action. Expectedly, more traders should join in the move on the next trading day (please note that this should be strictly confirmed before taking any investment decision). If this ascertion is correct, then the market is ripe for 2-3 days of gains.
It should be noted that the market will not remain in any trend for a long time in this earnings season, this is strictly due to consistent response to both economic and individual equities fundamentals. You will note that the market is now very sensitive to all fundamental news regardless of its important. We therefore urge investors to approach the market with this fact.
Volume Index for today is 0.51 as buy volume and sell volume is estimated at 88% and 32% respectively. This confirmed our expectation yesterday. Please watch out for final confirmation during today’s trade and position accordingly.