After six consecutive bearish days, equities trading on the floor of the Nigerian Bourse gained marginal 18Bpts, closing at 26,221.75 point. It was a mixed performance among the observed market indexes as shown in the index movement table. Week to Date loss on the lead index currently stood at 282Bpts while 367Bpts has been lost so far in November.
On the other hand, value gained by the market capitalization of the listed equities is N16.542 billion same as 18Bpts from the day’s opening value.
Today’s trading activities produced 11 advancers and 27 lagers. NSEASI YtD return is currently -8.45% while the Market Capitalization YtD return stood at –N823.999 billion.
Market seemingly respected the Fibonacci Retracement line mentioned in our report yesterday. But a careful look revealed that the line might become a new resistance if more traders do not go bullish from the next trading day. Ordinarily, prompted by today’s recovery move, more traders are expected to attempt taking advantage of beaten equities share prices tomorrow. This will add to the market, strength needed to break the barrier against its north move. It is our opinion that, confirming the move before assuming a short term bullish position is an intelligent investment decision.
Should the market gather bullish strength tomorrow, traders should observe tradable stocks in the Banking sub sector, as technical readings on the sector after today’s trade is a bullish engulfing pattern (strictly recommended for traders).
Volume Index for today’s activity is 0.78 while buy volume and sell volume momentum is estimated at 43% and 57% respectively.