Reversing yesterday’s gain, the performance index of The Nigerian Bourse gave up 11Bpts to close at 27,233.08 from 27,252.48. NSE-Lotus II and NSE-Industrial Goods closed green while other observed market indices flirted with the bear. Today’s performance brings Week to Date market loss to 26Bpts while Month to Date gain is 1Bpts. Market Capitalization on the other hand lost N10.096 billion as it closed at N9.350 trillion.
Today’s trading activities produced 18 advancers and 15 lagers. NSEASI YtD return is currently -4.95% while the Market Capitalization YtD return stood at –N500.012 billion.
It’s no news that the Nigerian Equities market is currently weak as it trades within close range. This position had put the market in a kind of fragile state. In other words, any slight fundamental change will receive sharp response from the investing public. On the strength of this, we strictly recommend vigorous analysis of all fundamental news regarding the nation’s economy, sector or equity of choice.
In our opinion, as the earnings season winds up, traders are expected to start dusting their technical tools as this remains the major tools to identifying short trades in the absence of corporate actions. As mentioned in our last report, identifying both support and resistance of equities of play will work wonders. Another trading strategy capable of properly guiding traders’ decision is volume price analysis. All of this and many more are easily achieved through technical analysis tools.
Volume Index for today’s activity is 1.00 while buy volume and sell volume momentum is estimated at 12% and 88% respectively.
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