Yielding to profit taking activities pressure, the performance index of The Nigerian Stock Exchange gave up 45Bpts to end the day’s trade at 26,586.56 point from 26,707.10. Aside HWC5-Index and Nse Consumer goods Index that added marginal points, all other observed market indexes shed points. Today’s negative performance has brought gained points within the month down to 533Bpts. See the index movement table for details.
Value lost by the market capitalization of the listed equities during today’s trading activities was N41.475 billion same as 45Bpts below the opening value. Meanwhile, today’s trading activities produced 16 advancers and 27 lagers. NSEASI YtD return is negative -7.18% while the Market Capitalization YtD loss stood at –N702.798 billion.
It will be safe to conclude that today’s negative performance was purely due to profit taking activities. Recall that most equities suddenly found attraction after several days of losses, thus, it is expected that smart investors will run off with the little recovery made so far.
Please note that we are aware that most equities are yet to recover all lost points during market bearish moves, but we believed that, given the rigid economic situation (during both the bearish and bullish runs), catching in on little recovery made is not a bad option. Meanwhile, traders who lost out in the move should try as much as possible to avoid panic exits.
Volume Index for today’s activity is 0.82 while buy volume and sell volume momentum is estimated at 27% and 73% respectively.
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