Starting off the new week, trading activities on the floor of The Nigerian Stock Exchange maintained positive drive as the lead performance pointer added another 141Bpts and rounded up trade at 36,831.93 from 36,320.93. All observed market indices agreed with the positive move as shown in the index movement table. On this ground, Month to Date market returns improved to 396Bpts.
Value gained by the market capitalization of the listed equities during today’s trading activities was N175.892 billion, same as 141Bpts above the opening value. Meanwhile, trading activities for the day produced 27 advancers and 21 lagers. NSEASI Year to Date gain is now 37.05% while the Market Capitalization Year to Date gain stood at N3.431 trillion same as 37.11% above the year’s opening value.
Judging by the pattern generated by trading activities from 15th September till date, one may safely conclude that the uptrend will be sustained (although, this should not be expected without short interval pull back). On a daily basis, the market had posted higher lows and higher highs. In addition to this, it posted strong resistance against the bear and enjoyed support on the 23.6% Fibonacci retracement line (drawn within points 24,667.06 and 38,242.93, that is, 2nd March & 11th August).
We reiterated that, although we expect uptrend to be sustained, trading point is currently near the last high and may suffered some pull back from short term traders.
On the strength of the above, we maintained that traders should tread cautiously around the market arena. Possible profits should be accumulated while strict care should be exercised against risky investment decisions. All trading rules should be followed to the later. Safe Trade.