For the second time since market commenced recovery move (precisely on the 15th August, 2016), the performance index of The Nigerian Equities Market closed almost flat as it inched south by 1Bpts. Aside NSE-Premium and NSE-Insurance index that closed red, other observed market indexes added marginal points.
Today’s trading activities produced 27 advancers and 15 lagers. NSEASI YtD return is currently -2.90% while the Market Capitalization YtD return stood at –N299.180 billion.
Technically, volume price analysis of the candlestick representing today’s trading activities revealed a no/low supply situation. This means that smart money holds large opportunity to markup price. If the market agrees with this position on the next trading day, the recovery moves will continue. Nevertheless, it is appropriate to wait for a confirmation before taking any investment decision in this regard.
As noted in our report yesterday, the share price of Zenith bank was adjusted for 25k dividend after which smart money marked up the price above the marked down price. Transcorp on the other hand gained 4.42% while Forte Oil added 5%.
Please note that positions in Access Bank, UBA, and Guaranty Trust should be done cautiously as we foresee price yielding to pressures from profit takers.
Volume Index for today is 0.67 while buy volume and sell volume is estimated at 42% and 58% respectively.