Rounding up the week, equities trading on the floor of The Nigerian Stock Exchange improved by 19Bpts as it closed at 36,703.58 from 36,634.89. NSE-Banking Index and NSE-Industrial Goods shed marginal points while other observed market indices gained. Week to Date, a total of 112Bpts was lost while Month to Date returns revisited the positive territory by 6Bpts. See index movement for table.
Value gained by the market capitalization of the listed equities during today’s trading activities was N23.904 billion, same as 19Bpts above the opening value. Meanwhile, trading activities for the day produced 14 advancers and 26 lagers. NSEASI Year to Date gain is now 36.57% while the Market Capitalization Year to Date gain stood at N3.527 trillion same as 38.15% above the year’s opening value.
Although the losers’ log still outweighs the gainers’, traders seem to have fully digested the seemingly fundamental daunting news on MSCI index reshuffle. Hopefully, market should reverse position by revisiting last trend. Recall that, market is yet to witness the impact of the recently released improved headline inflation figure due to panic exerted on market by MSCI news.
Expected to further reshape investors’ mood in the new week, is the third quarter GDP statistics scheduled for release at the early hours of Monday, 20th November, 2017, and the 259th monetary policy committee (MPC) meeting which will commence on same day and end on Tuesday, 21st November, 2017.
We are of the opinion that smart traders should take advantage of the equities negatively affected in the two days bearish moves. Safe Trade.