At resumption from the two days Eid-el Kabir holiday, traders’ maintained low key as market sluggishness persisted. The performance pointer ended the day marginally in the green zone having spent the better part of trading hours in the bearish region. Performance from observed market indexes were mixed as shown in the index movement table.
Today’s trading activities produced 15 advancers and 19 lagers. NSEASI YtD return is currently -3.49% while the Market Capitalization YtD return stood at –N355.376 billion.
Undoubtedly the Nigerian equities market fundamental is weak and requires a boost to brighten investors’ mood. The marginal gain recorded towards the end of today’s trade is basically due to appreciation on Dangote Cement’s share price. Nevertheless, equities such as Zenith Bank, Access Bank, Pz Cussons, Forte Oil, and Fidson Healthcare may be considered for technical positions (medium term). Meanwhile, we are of the opinion that UBA, Guaranty Trust Bank, Unilever, Transcorp amongst few others should be watched for now as they are likely to pull back before ripping for positions.
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 0.77 while buy volume and sell volume is estimated at 100% and 0% respectively.