Equities trading on the floor of The Nigerian Stock Exchange closed in the positive territory as the lead performance index- NSEASI added 63Bpts to its trading points and rounded up trade at 40,788.68 from 40,533.37. Safe NSE- Oil&Gas that shed marginal points, other observed market indices rounded up in the green. As a result of this, total lost points within the week reduced to 34Bpts while Month to Date loss is now 172Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N92.223 billion, same as 63Bpts above the opening value. Meanwhile, trading activities for the day produced 33 advancers and 18 lagers. NSEASI Year to Date gain is now 6.66% while the Market Capitalization Year to Date gain stood at N1.124 trillion same as 8.26% above the year’s opening value.
We have observed that the market is currently struggling to build a support around its present trading range, in fact one could easily say it has entered a trading range; this is due to the fact that it has spent 10 trading days within a very narrow trading range (we observed performances within 4th April, 2018 and today 17th April, 2018). Meanwhile, considering the candlestick formation representing each day within this period, we can safely conclude that market still have more bearish traders.
The share price of Custodian & Allied Plc was adjusted today for 32k cash dividend recently announced by its management. Also note that the qualification date for the 2k cash dividend announced by Transcorp is today 17th April, 2018. In other words, the shareholders’ registrars will be closed and price adjusted for the said dividend on the next trading day-18th April, 2018. Similarly, the share price of Access Bank will be adjusted tomorrow 18th April, 2018 for the 40k cash dividend announced for the 2017 financial year.
In our opinion, buying in tranches despite the fairly stable market trend will keep traders in the recovery trend when it finally commence. Safe Trade.