Rounding up the week, the lead performance index of the Nigerian Stock Exchange recovered 10Bpts from the lost points during the week and closed at 36,646.46. It was a mixed performance amongst the observed market indices. In summary, the week slashed off 74Bpts from market trading points, while total points added through the month of August is now 223Bpts. See index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N24.335 billion, same as 19Bpts above the opening value. Meanwhile, trading activities for the day produced 15 advancers and 26 lagers. NSEASI Year to Date gain is now 36.36% while the Market Capitalization Year to Date gain stood at N3.384 trillion same as 36.60% above the year’s opening value.
In a report released to the investing public through the Nigerian Stock Exchange, it was announced that the management of Paint & Coatings had submitted an application to the exchange for a scheme of arrangement between the company and its shareholders. The said application was submitted through its stock broker Meristem Securities Ltd. The essence of the process is to propose a delisting of its entire shares from the daily official list of the exchange.
Without much argument, the market is currently struggling to stage a balance; recall that this is coming after sets of outstanding bullish moves that saw several portfolios out of years of negativity. In our opinion, the move will finally define tradable patterns in several listed equities and induced short trades around the market arena.
Nevertheless, it should be noted that market fundamentals have not changed despite the resisting nature of the market. We therefore maintained that traders should play cautiously around the market arena. All trading rules should be followed to the later. Safe Trade.