For the second time within the week, trading point of the lead performance pointer of The Nigerian Stock Exchange shrank. Total point lost was 28Bpts as it ended at 33,142.18 from 33,235.28. Save our HCML-17 Index and HWC5-Index that gained, other observed market indices shed points. Points lost during the two trading days observed so far was 40Bpts, meanwhile, returns within the month remained green at 1,235Bpts. See index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N29.074 billion, same as 0.25Bpts below the opening value. Meanwhile, trading activities for the day produced 31 advancers and 28 lagers. NSEASI Year to Date gain is 23.32% while the Market Capitalization Year to Date gain stood at N2.213 trillion same as 23.94% above the year’s opening value.
The negative performance seen today was a clear confirmation of the reversal pattern formed yesterday. Judging by the small bodied candlestick that represented today’s trade, it is safe to assume that the pull back action will be short-lived. In other words, the bull’s presence is still very strong around the market arena.
Please note that the pull back action will create new entry points, especially for those who missed out in the last move. Kindly note that positioning for the half year financials had commenced before now till the end of June.
In our opinion, heightened cautiousness is necessary in every one directional market. This is because almost all equities will ride on the wings of market sentiments/forces, thereby increasing investment risk and in-turn build returns on every position. In such market scenario, all tradable points (entry and exit) are lost and recommendations are purely based on market rumors and individual expectations. Safe Trade.
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