Diving further south, the performance pointer of The Nigerian Stock Exchange dipped. Today’s activities sliced 50Bpts off NSEASI trading points as it ended at 25,857.06 point from 25,986.81. Performance within observed market indices were mixed as shown in the index movement table. Meanwhile, Week to Date loss stood at 120Bpts while 501Bpts has been lost so far in November.
Value lost on the market capitalization of listed equities during today’s trading activities is N47.384 billion same as 50Bpts from the opening value.
Today’s trading activities produced 9 advancers and 19 lagers. NSEASI YtD return is currently -9.72% while the Market Capitalization YtD return stood at –N949.540 billion.
Value lost on the share price of Dangote Cement and few highly capitalized equities (amongst which is Forte Oil) swallowed the positive contributions of the banking sub sector. Traders taking advantage of the seemingly low priced banking stocks pushed up the prices of some stocks in the sector.
Please note that the general market mood remains bearish. Although NSEASI may experience interval strength test, the weak economic state of the nation remains the bear’s strong point.
Nevertheless, the banking sub sector remains a major watch for quick profits at market reversal. We therefore maintained our position that traders should fill their respective trading baskets with active banking stocks. This did not in any way condemn investments in other sectors.
Volume Index for today’s activity is 0.78 while buy volume and sell volume momentum is estimated at 27% and 73% respectively.