Trading on the floor of The Nigerian Stock Exchange rounded up the last trading day of the week in the positive territory. Total points added to market trading point was 32Bpts as it closed at 36,848.17 from 36,737.24. It was a mixed performance among the observed market indices as shown in the index movement table. Please note that the total gain through the week was 145Bpts while the month of October already added 400Bpts to the market points. See index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N39.904 billion, same as 32Bpts loss above the opening value. Meanwhile, trading activities for the day produced 28 advancers and 13 lagers. NSEASI Year to Date gain is now 37.11% while the Market Capitalization Year to Date gain stood at N3.436 trillion same as 37.17% above the year’s opening value.
Judging by the pattern generated by trading activities from 15th September till date, one may safely conclude that the uptrend will be sustained (although, this should not be expected without short interval pull backs). On a daily basis, the market had posted higher lows and higher highs. In addition to this, it posted strong resistance against the bear and enjoyed support on the 23.6% Fibonacci retracement line (drawn within points 24,667.06 and 38,242.93, that is, 2nd March & 11th August).
We reiterated that, although we expect uptrend to be sustained, trading point is currently near the last high and may suffered some pull back from short term traders.
We maintained that traders should tread cautiously around the market arena. Possible profits should be accumulated while strict care should be exercised against risky investment decisions. All trading rules should be followed to the later. Safe Trade.