Reversing the week to date loss to 1Bpts, the performance pointer of the Nigerian Stock Exchange added 25Bpts to end the day’s trading activities at 25,739.18 from 25,673.80 point. It was a mixed performance among the observed market indices as shown in the index movement table. Please note that the total point gained so far in December is 197Bpts.
Value gained by the market capitalization of the listed equities during today’s trading activities was N22.494 billion same as 25Bpts below the opening value. Meanwhile, today’s trading activities produced 19 advancers and 20 lagers. NSEASI YtD return is negative -10.14% while the Market Capitalization YtD loss stood at –N994.362 billion.
Leading the price percentage gainers for today is Forte Oil with 10.24% gain. Although the equity looks good and strong enough to record more green days, traders should be watch closely for pull back point so as to maximize profit. Nevertheless, should the stock experience profit taking induced pull back, old investors should avoid panic exit. This is because the chance of uptrend continuing is high. Traders who positioned in Transcorp four days prior may consider taking quick profit giving the reversal pattern generated by trading activities on the stock today.
We maintained that positioning in 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 0.58 while buy volume and sell volume momentum is estimated at 59% and 41% respectively.
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