In a tight struggle to break off the bears grip, the equities market closed the day’s trading activities marginally green as it added 7Bpts to close at 27,522.62 points. NSE-Insurance and NSE-Oil&Gas closed red while other observed market indexes added points as shown in the index movement table.
Today’s trading activities produced 17 advancers and 18 lagers. NSEASI YtD return is currently -3.91% while the Market Capitalization YtD return stood at –N396.430 billion.
Having spent the better part of the day’s trade in the red region, the effort gathered to swim off the waters should be applauded. Due to the late hour recovery from the red region, a hammer candlestick pattern was eventually generated. This coming after three red days is somehow vague. Traders are therefore advised to be more cautious around the market arena. This is necessary to guide against lead on trap which will hold positions longer than anticipated.
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 1.19 while buy volume and sell volume is estimated at 96% and 4% respectively.