In a continued struggle to swim above the waters, and perhaps reactions to reduction in the inflation figure, trading activities on the floor of the Nigerian Stock Exchange reversed the lost points recorded in the previous trading day as it added 59Bpts to end the day’s trading activities at 25,248.56. Aside NSE-Industrial Goods that slid, other observed market index closed north. By this performance, Week to Date market returns is green at 18Bpts while Month to Date loss adjusted to 18Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N51.194 billion same as 59Bpts above the opening value. Meanwhile, trading activities for the day produced 21 advancers and 12 lagers. NSEASI Year to Date loss is -5.92% while the Market Capitalization Year to Date loss stood at –N496.416 billion same as 5.37% below the year’s opening value.
Judging by the lead indicator’s trend, we can conclude that good percentage of portfolios still trend below their respective year opening values. As can be seen from the market statistics above, both the All Share Index and Market Capitalization currently trend below year opening points. In fact, a close look shows that market now struggles to break the Santa Clause take off point.
In our opinion, the current harsh and unfavorable business environment is responsible for the ongoing market sluggishness cum weak momentum. Nevertheless, the National Bureau of Statistics had reported a reduction in the inflation rate from 18.72% (YoY) in January to 17.78% (YoY) in February. Though in our opinion, such reduction is yet to be felt by Nigerians as commodities prices is on a rapid increase despite the strength recovery by the naira translation rate in recent times. Perhaps, the effect of this figure will be more glaring on or before April.
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