Equities trading on the floor of The Nigerian Stock Exchange recorded another bearish day as the lead performance pointer NSEASI gave up 15Bpts of its trading points and rounded up trade at 40,615.42 from 40,677.61. It was a mixed performance amongst the observed market indices as shown in the index movement table. Week to Date a total of 99Bpts had been lost while total lost points within the month of May is now 158Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N22.526 billion, same as 15Bpts below the opening value. Meanwhile, trading activities for the day produced 12 advancers and 25 lagers. NSEASI Year to Date gain is now 6.20% while the Market Capitalization Year to Date gain stood at N1.125 trillion same as 8.10% above the year’s opening value.
Although the market had recorded another bearish day and moved closer to the long standing support line, we have noticed that it still respects the support and may recover before or right on it (all things being equal). Please understand that should the market crack or break the support, and loose the over one month battle to the bear, then, the situation can be tagged as bearish. Going by various positive economic developments, we give higher probability to the bull final takeover.
The National Bureau of Statistics (NBS) yesterday released the CPI bulleting earlier than the scheduled date. According to the report, the nation’s Headline Inflation increased by 12.48% (year-on-year) in April 2018. This is 0.86% points less than the rate recorded in March 2018 (13.34%) and represents the fifteenth consecutive disinflation since January 2017. On a month-on-month basis, the Headline index increased by 0.83% in April 2018, up by 0.01% from the rate recorded in March.
The next economic figure expected in the market from NBS is the nation’s GDP for the first three month of 2018. Meanwhile, the House of Representatives today 15th May, 2018 said the 2018 Appropriation Bill of N9.12 trillion would be passed on Wednesday (tomorrow 16th May, 2018). Should this promise be kept, it will act as another fundamental boost to market performance as portfolio managers will have more direction to investment decisions. In conclusion, we strictly maintained that traders should keep positions and avoid panic exit at all course. Safe Trade.
Jeariogbe Tunde Segun