The Nigerian equities market recorded second night out with the bull today as it added another 19Bpts to close the day at 27,574.09. As can be seen from the NSEASI daily chart, the two positive outings still struggle to reverse the one day slash caused by the bear three trading days back. NSE-Pension and NSE-Banking shed marginal points while other observed market indexes added points. See the index movement table for details.
Today’s trading activities produced 23 advancers and 11 lagers. NSEASI YtD return is currently -3.73% while the Market Capitalization YtD return stood at –N378.747 billion.
The market seems to be building support around its current trading range, although the strength of the support depends on how far it can hold the market and more importantly, the ability of the market to recover from the point. Despite this, we maintained that the market is weak and traders will find it very difficult to exit short term positions. On the strength of this, we recommend medium and long term positions at the moment.
Please note that we maintain our position that traders should pay more attention to their trades and seriously mind their stops (up (+) or down (-)). Investment greed should be avoided at all cost.
Volume Index for today’s activity is 0.98 while buy volume and sell volume is estimated at 99% and 1% respectively.