Still wangling under profit taking activities’ pressure, equities trading on the floor of the Nigerian Bourse spent another night with the bear. A total of 17Bpts were lost through today’s trading activities. Only Nse Insurance and Nse Industrial Goods gained while other observed market indexes bowed to the pressure. By today’s negative performance, total points lost within the new week increased to 62Bpts while gained points in December adjusted down to 515Bpts.
Value lost by the market capitalization of the listed equities during today’s trading activities was N15.722 billion same as 17Bpts below the opening value. Meanwhile, today’s trading activities produced 21 advancers and 20 lagers. NSEASI YtD return is negative -7.34% while the Market Capitalization YtD loss stood at –N718.521 billion.
It will be safe to conclude that the negative performance within the first two trading days of the week was largely due to profit taking activities. Recall that most equities suddenly found attraction after several days of losses, thus, it is expected that smart investors will run off with the little recovery made so far.
Please note that we are aware that most equities are yet to recover all lost points during market bearish moves, but we believed that, given the rigid economic situation (during both the bearish and bullish runs), catching in on little recovery made is not a bad option. Meanwhile, traders who lost out in the move should try as much as possible to avoid panic exits.
Volume Index for today’s activity is 0.77 while buy volume and sell volume momentum is estimated at 34% and 66% respectively.