Sliding further south, the Lead Index of the Nigerian Stock Exchange flirted with the bear as it lost 11Bpts. The negative performance is despite gains recorded by few equities in the banking, insurance and industrial goods sub sector.
Today’s trading activities produced 15 advancers and 18 lagers. NSEASI YtD return is currently -4.35% while the Market Capitalization YtD returns stood at –N441.814 billion.
During the past 10 trading days, the market recorded 3 days of mild gains and 7 black days for a net of 4 black days. This is clearly a bearish position. Nevertheless, a strong support has been identified around 27,054.10 point, we expect a strong recovery on or before this point. Failure of this expectation signals a major fundamental flaw. We therefore recommend a cautious play.
Among the equities that traded against the market are, Access Bank, Guarantee Trust Bank, Zenith Bank, FCMB, Diamond Bank, Fidelity Bank, Sterling Bank, UBA, AIICO, Airline Services, and Okomu Oil. We expect Nigerian Breweries and 7Up Bottling Company to gain some points anytime around the current price.
Volume Index for today is 0.43 as buy volume and sell volume is estimated at 56% and 44% respectively. This is a confirmation of possible recovery from tomorrow.