Trading activities on the floor of the Nigerian Stock Exchange reversed good portion of gained points during the week as it gave up 130Bpts closing the day’s trading activities at 36,575.86 from 37,059.21. It was a mixed performance amongst the observed market indices as shown in the index movement table. Week to Date, lead activities pointer is down by 93Bpts while Month to Date returns remained green to the tune of +203Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N166.600 billion, same as 130Bpts below the opening value. Meanwhile, trading activities for the day produced 19 advancers and 25 lagers. NSEASI Year to Date gain is now 36.10% while the Market Capitalization Year to Date gain stood at N3.359 trillion same as 36.33% above the year’s opening value.
Joining the interim dividend league, the management of UBA unveiled its audited half year financial performance today. In the report a 20k cash dividend was announced with closure date scheduled for 31st August, 2017 and payment date at 11th September, 2017.
The dwindling nature of the market in recent times could mean an attempt to defend the height attained so far, if the move is successful, it will form a tradable pattern, which can be followed till the market welcome another major fundamental boost (please note: major fundamental boost in view is the nine months financial performances). Should this assertion comes true, then investors are in for another trading session.
Nevertheless, it should be noted that market fundamentals have not changed despite the resisting nature of the market. We therefore maintained that traders should play cautiously around the market arena. All trading rules should be followed to the later. Safe Trade.