Halting the six (6) days recovery run, the Nigerian Stock Exchange Performance Pointer NSEASI gave up 7Bpts to end the first trading day of the week at 27,839.93 point. Other observed market indexes posted mixed performances as shown in the index movement table.
Today’s trading activities produced 27 advancers and 18 lagers. NSEASI YtD return is currently -2.80% while the Market Capitalization YtD return stood at –N287.431 billion.
Earlier than our expectation, Wema Bank posted the first recovery move today as it gained 1.59% to close at N0.64. All things being equal the stock should record more positive. Similarly, UBA gained mildly to close at N4.21. As noted in our report yesterday Pz Cussons yielded the call of profit takers as it shed 4.89% of its opening price.
We maintained buy rating on Zenith Bank, meanwhile joining the current sustainability struggle of Guaranty Trust bank may not be an intelligent investment decision. Traders may also consider Forte Oil in their trading basket. Please note that the market fundamental is currently weak, thus quick exit of positions may fail severally, and we therefore advised that medium positions should be considered.
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 1.36 while buy volume and sell volume is estimated at 12% and 88% respectively.