Maintaining full bearish position, trading activities on the floor of The Nigerian Stock Exchange dived deeper south, closing the week at 27,425.86 point from 28,009.93. Total points lost within the week is 584.07 same as 2.09%. Please note that the lost position was despite one marginal gain posted on the fourth trading day of the week.
Volume exchanged by investors on all listed equities through the week is 1.185 billion shares valued at N10.03 billion in 18,548 transactions. This is against the 1.867 billion shares worth N16.33 billion traded in 21,584 deals in the previous week. Twenty two equities lined up on the gainers’ log, forty dipped while 118 ended the week on a flat note.
As noted in our previous report, earnings season is normally characterized by unstable trading pattern, this is due to various reactions that will visit released financials. Thus, playing the market by earnings is strictly the strategy of the season.
Volume Index for the just concluded week is estimated at 0.73 as buy volume and sell volume is estimated at 0% and 100% respectively. This is purely bearish. Fundamentally, it confirmed the poor state of most released financials which is a reflection of the recessing state of the economy.