For the first time within the month of October, the performance index of the Nigerian Stock Exchange inched north by 8Bpts. Thus, the WtD and MtD returns were both adjusted to 107Bpts each. HWC5-Index, NSE-Premium, NSE-Pension and NSE-Consumer Goods all added marginal points while other observed market indexes shed points as shown in the Index Movement log.
Today’s trading activities produced 20 advancers and 23 lagers. NSEASI YtD return is currently -2.13% while the Market Capitalization YtD return stood at –N222.199 billion.
Although the points gained today is slim compare to the loss recorded within this week/month, it paused the bear and may fairly increase traders’ confidence on the next trading day.
Technically, the candlestick formation that represented today’s trade is a small bodied Long Shadow. This indicated that the sellers dominated the market during the first part of trade, thereby driving prices lower before the buyers out-shadowed them during the other part of the day’s trade. In other words, the market might be attempting a recovery, as more traders assumed bullishness. Normally a confirmation is always necessary.
We recommend timely position in the shares of the followings; Guaranty Trust Plc, Access Bank, Nascon, African Prudential, Wema Bank, Wapco, Fidson, Transcorp and Flour Mills. We expect the equities to yield ample profit in medium term.
Volume Index for week’s activity is 1.47 while buy volume and sell volume momentum is estimated at 74% and 26% respectively.