Equities trading on the floor of the Nigerian Bourse closed in the red as the performance pointer gave up 28Bpts and settled at 25,671.23 from 25,743.03 where it wrapped up the previous day. It was a mixed performance among the observed market indices as shown in the index movement table. The total point lost during the new week is now 27Bpts while Month to Date returns remained positive at 170Bpts.
Value loss by the market capitalization of the listed equities during today’s trading activities was N24.699 billion same as 28Bpts below the opening value. Meanwhile, today’s trading activities produced 14 advancers and 15 lagers. NSEASI YtD return is negative -10.37% while the Market Capitalization YtD loss stood at –N1.019 trillion.
More traders seem to have assumed bearish position as today’s performance is a clear continuation of what came to play around the market arena on the first trading day of the new week. Buyers had a full day as most active equities were bargained at lowest prices possible. This is a clear ride on sellers’ keenness for exit. Should the situation persist on the next trading day, the recently found recovery attempt by the market will fail.
Please note that the possibilities of the festive season impacting negatively on the market trend is on the high side, thus at higher confidence level we conclude that bearish trend may continue. Nevertheless, investors should understand that in any market, stocking time is when prices are down. We therefore recommend positions in low priced equities with high probability of dividend payment.
Volume Index for today’s activity is 0.67 while buy volume and sell volume momentum is estimated at 4% and 96% respectively.