Swerving further into the red territory, equities trading on the floor of The Nigerian Stock Exchange gave up a whooping 115Bpts through today’s trading activities as it rounded up trade at 34,951.27 from 35,358.73. Nevertheless, it was a mixed performance among the observed market indices as shown in the index movement table. Week to Date, market dipped by 151Bpts while total loss for the current month is now 156Bpts. See index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N140.459 billion, same as 115Bpts below the opening value. Meanwhile, trading activities for the day produced 16 advancers and 19 lagers. NSEASI Year to Date gain is now 30.05% while the Market Capitalization Year to Date gain stood at N2.801 trillion same as 30.30% above the year’s opening value.
As the market maintained dwindling status with dominating strength from the bear, we have identified two supports for the market. The first, though weak is sighted around 34,200.80 while the second lays around 32,276.30. Please understand that although the market is expected to find recovery strength around these points, market fundamentals may change directions accordingly. In other words, the point should only be used in setting exit and entry points.
On the strength of the above, we maintained that traders should tread cautiously around the market arena. Possible profits should be accumulated while strict care should be exercised against risky investment decisions. All trading rules should be followed to the later. Safe Trade.