Trading activities on the floor of the Nigerian Stock Exchange today, ended on a green note as it added 49Bpts to close at 25,331.77 point. Safe NSE-Insurance Index all observed market indices added points as shown in the index movement table. Week to Date, lost points reduced to 70Bpts just as Month to Date lost adjusted down to 72Bpts.
Value gained by the market capitalization of the listed equities during today’s trading activities was N43.146 billion, same as 49Bpts below the opening value. Meanwhile, trading activities for the day produced 15 advancers and 13 lagers. NSEASI Year to Date loss is -5.74% while the Market Capitalization Year to Date loss stood at –N481.831 billion same as 5.21% below the year’s opening value.
It was a relief as the market rebounded from where it ended the previous trading day’s trade. Recall that in our last report, we mentioned the possibility of a recovery attempt during today’s trade, though our confidence on the success of such move was low given the strong outing posted by the bear yesterday. Please note that, just as in the field of play; the bears have a higher control of the market compared to the bull, hence exiting positions stand the risk of being prolonged beyond target exit time.
On the strength of the above, we maintained that traders should play cautiously around the market arena, opting for long positions looks good at the moment. Nevertheless, playing short term positions in few equities are likely to yield some profits, though with low probability of success.
In our opinion, traders may consider equities such as Zenith Bank, FBNH, Access Bank, Fidson Healthcare, African Prudential, and perhaps Nahco and Flourmills in their respective trading baskets. Safe Trade.