Rounding up the week, equities trading on the floor of The Nigerian Stock Exchange added marginal 4Bpts and closed at 33,261.66. It was a mixed performance amongst the observed market indices as shown in the index movement table. Total point added to the market trading points through the week was 247Bpts while the Month to Date return stood at 44Bpts.
Value gained by the market capitalization of the listed equities during today’s trading activities was N5.083 billion, same as 4Bpts above the opening value. Meanwhile, trading activities for the day produced 27 advancers and 15 lagers. NSEASI Year to Date gain is 23.77% while the Market Capitalization Year to Date gain stood at N2.216 trillion same as 23.97% above the year’s opening value.
Equities in the banking sector chiefly boosted the market performance through the week; this can be established by the 610Bts gain recorded by the sub sector’s index through the week. Meanwhile, the sector responded to traders’ profit taking activities today as the index NSE-BNK gave up 21Bpts and ended below the previous day’s close. The effect of the move was clearly seen on the lead performance log as momentum slowed.
In our opinion, the banking sub sector still remain a must watch for traders. Should the pull back action continue on the next trading day, gaps for positioning will open up, we expect traders to take advantage of such move. Please understand that one major attraction to this sector is the expected half year financials. Recall that good numbers of the equities here have stable history of half year incentives. On the strength of the impressive three months performance from these equities, most traders already heightened their expectations in this regard.
Kindly follow the last three months financials to effectively project half year cash dividend expectations. Safe Trade.