Starting off the new week, equities trading on the floor of the Nigerian Stock Exchange achieved a last minute recovery and inched north by 3Bpts. In other words, it moved from 26,223.54 where it ended the previous trading day and closed at 26,231.37. It was a mixed performance amongst the observed market indices as shown in the index movement table. Month to Date the market lead index is down by 239Bpts.
Value gained by the market capitalization of the listed equities during today’s trading activities was N2.693 billion same as 3Bpts below the opening value. Meanwhile, today’s trading activities produced 19 advancers and 15 lagers. NSEASI YtD loss is -2.39% while the Market Capitalization YtD loss stood at –N221.329 billion.
Although the market ended on a positive note today, it was a tough day for the two market lords as the market spent most part of the trading hours in the red region only to recover towards the tail end of trade. Undoubtedly more traders are currently indecisive even as the earnings season approaches. Expectations from the ongoing MPC meeting also contributed to the market performance. Popular assumption expected that members will support leaving the rates unchanged despite the building headline inflation rate.
On the strength of the above, we recommend calculated positions in proven fundamentally based equities. It should also be noted that joining any equity at its highest high in the past 60 trading days is likened to joining a moving train, kindly play by the trend.