Posting the first recovery attempt, the lead activities index of the Nigerian Stock Exchange added 13Bpts to close the day’s trade at 25,936.24. NSE-Oil & Gas and NSE-Lotus both closed down while other observed market indices gained. Week to Date, total lost point is 149Bpts while the new month is down by 38Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N11.266 billion same as 13Bpts above the opening value. Meanwhile, trading activities for the day produced 20 advancers and 17 lagers. NSEASI YtD loss is -3.49% while the Market Capitalization YtD loss stood at –N308.400 billion.
Having lost its long standing support to the bearishness, traders are left with no other choice than to play cautiously until the market discovered a new support and build new trading pattern. It should be noted that as the market drifts south, most equities share price will hit attractive prices, therefore, strategically positioning in tranches will yield positive returns.
Another investment pointer is the earnings season which is expected to guide investors in this period. Please note that some financial statistics are already being unveiled. For example, the market recently received results from Forte Oil, Flour Mills, Honeywell Flour Mills, Vitafoam, Neimeth amongst others. We are of the opinion that timely positioning in good financials will yield awesome returns in at least two trading weeks. Please play by the figures.