As the market received the Chairman and CEO of Channels television today, equities trading on the floor of the Nigerian Stock Exchange again added marginal 1Bpts to close the day’s trading activities at 26,673.80 point. Like in other days, it was a mixed performance among the observed market indices as shown in the index movement table. Week to Date, NSEASI is down by 26Bpts while the Santa Claus month is up by 171Bpts from the take off point.
Value gained by the market capitalization of the listed equities during today’s trading activities was N2.575 billion same as 3Bpts below the opening value. Meanwhile, today’s trading activities produced 16 advancers and 20 lagers. NSEASI YtD return is negative -10.36% while the Market Capitalization YtD loss stood at –N1.016 trillion.
Ordinarily, market would have gained more points in today’s trading activities, but for the last minute loss recorded by Nigerian Breweries and few other banking equities. Forte Oil continued firmly on its newly found recovery moves as it topped the price percentage gainers’ log with 10.24%, Transcorp followed with 7.32% while Portland Paint, Caverton and Nem Insurance completed the top 5 gainers (%) for the day.
Like we recommended in our last report, bagging low priced equities with high probabilities of dividend payout is an intelligent investment decision. In our opinion (given the current market trend and the nation’s unfavorable economic situation), the probability of the bear dominating the general market direction is on the high side, although good numbers of traders anxiously await the emergence of Santa Claus boom.
Volume Index for today’s activity is 0.89 while buy volume and sell volume momentum is estimated at 5% and 95% respectively.