Taking back the lead, the bears took another blow on the market as the lead performance index- NSEASI gave up 54Bpts and ended the day’s trading activities at 25,322.30. Safe the NSE-Insurance Index which added 67Bpts, other observed sub market indices swerved. Week to Date, market activities are down by 186Bpts, while the total point lost within the month of February is now 274Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N10.982 billion same as 13Bpts below the opening value (please note that the difference between gained points of NSEASI and Market Capitalisation is due to the listing of Jaize Bank’s shares). Meanwhile, trading activities for the day produced 9 advancers and 27 lagers. NSEASI Year to Date loss is -5.78% while the Market Capitalization Year to Date loss stood at –N483.355 billion same as 5.23% below the year’s opening value.
Technically, identifying both entry and exit points through the lead performance index trend is currently not feasible. Such situation occurs when the market favors one market lord (Bull or Bear) over the other, this is a clear signal that the market is not good for short term positions at the moment. Nevertheless, it should be noted that the market is currently trending near an old support point (25,306.60). This is where it recovered from straight bearishness and commenced the Santa Claus ride in December 2016.
We encourage investors to concentrate more on their equities of choice. A careful analysis of the trend and fundamentals of such stocks should be considered, vis-a-vis the likely effect of the nation’s economic mood before assuming any investment plan.