Consolidating the previous day’s positive move, equity trading on the floor of the Nigerian Stock Exchange rounded up the week with 166Bpts gain, growing market trading point to 36,920.56 from 36,316.58. Safe NSE-Consumer Goods index that shed 63Bpts, other observed market indices gained. Nevertheless, Week to Date slashed off 335Bpts off market trading point while Month to Date returns now stands at 299Bpts. See index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N208.174 billion, same as 166Bpts below the opening value. Meanwhile, trading activities for the day produced 26 advancers and 12 lagers. NSEASI Year to Date gain is now 37.38% while the Market Capitalization Year to Date gain stood at N3.478 trillion same as 37.62% above the year’s opening value.
Friday’s recovery was quite strong and early, especially when we considered the fact that it was achieved with a volume index of about 0.72x; which confirmed buyers’ dominating status through Friday’s trading activities. Fibonacci Retracement (drawn between points, 24,667.06, 38,242.93) showed that the recovery came before the 23.6% Fibonacci Retracement Line, this is bullish. On the strength of the above, it is safe to assume that the last pull back actions were basically due to profit taking activities.
Although market had staged an early recovery, we maintained our conservative trading strategy and recommend heightened cautiousness around the market arena. Please understand that, as long as the market maintained consistent up trend, traders will respond sharply to any negative fundamentals. Thus, playing strictly by set boundaries will reduced investment risk. Safe Trade.