Maintaining trading range, equities trading on the floor of the Nigerian Stock Exchange ended mildly with the bear as it gave up marginal 4Bpts and closed at 40,772.26 from 40,788.68. It was a mixed performance amongst the observed market indices as shown in the index movement table. Week to Date, the lead activities index is below opening by 38Bpts while total point lost within the month of April is now 176Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N5.930 billion, same as 4Bpts above the opening value. Meanwhile, trading activities for the day produced 24 advancers and 18 lagers. NSEASI Year to Date gain is now 6.61% while the Market Capitalization Year to Date gain stood at N1.118 trillion same as 8.22% 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.
Events for Thursday 19th April, 2018 are as follows; the qualification date for the recently announced N1.50 cash dividend by the management of National Salt Company Plc (NASCON). Similarly it is the qualification date for the 3k dividend reported by MCNicholes for the year ended 31st December, 2017. Please note that the price will be adjusted for the said dividends on Friday 20th April, 2018.
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.