Trading activities on the floor of the Nigerian Bourse ended the week with the bear as it shed 19Bpts (Friday) thereby reversing all gained points on Thursday. Surprisingly volume momentum was exceptionally high on Friday. In our opinion the market is facing a major resistance around the current trading range, and may trend lower in the absence of supportive fundamental moves.
Observed market indices experienced mixed performance as shown in the index movement table. Week to Date, the market is down by 300Bpts while points lost within the month is estimated at 385Bpts.
On the other hand, value lost by the market capitalization of the listed equities is N17.510 billion same as 19Bpts from the day’s opening value.
Today’s trading activities produced 11 advancers and 27 lagers. NSEASI YtD return is currently -8.63% while the Market Capitalization YtD return stood at –N841.510 billion.
Eighteen (18) equities made it to the advancers log for the week; this is below the twenty- four (24) gainers in the previous week. Thirty-six (36) equities ended the week lower against the thirty-seven (37) in the previous week. One hundred and twenty-seven (127) equities remained unchanged compared to the one hundred and twenty (120) last week.
The Nigerian Stock Exchange during the week placed a full suspension on the trading in the shares of Ikeja Hotel, according to NSE this is to safeguard shareholders’ investments in the company due to the continued dispute between the major shareholders which has negatively impacted on the Company’s governance structure.
Volume Index for today’s activity is 9.17 while buy volume and sell volume momentum is estimated at 24% and 76% respectively.