Despite the increased pressures from the sellers’ side, equities trading on the floor of The Nigerian Stock Exchange maintained bullish positions at resumption from the one day public holiday. Total points garnered by the lead activities pointer was 74Bpts as it closed at 29,281.04 from 29,064.52. Save the NSE-Oil&Gas index that shed points, other observed market indices gained. So far, the month of May remained the most bullish this year as it already added 1364Bpts to market trading points. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N73.314 billion, same as 74Bpts above the opening value. Meanwhile, trading activities for the day produced 29 advancers and 17 lagers. NSEASI Year to Date gain is 8.95% while the Market Capitalization Year to Date gain stood at N874.156 billion same as 9.45% above the year’s opening value.
Having observed how traders took profit from few equities during today’s trading activities; it would be save to expect opportunities for new positions on the next trading day (please note that this may occur without the market pulling back). Good enough for the market, bullish zeal swallowed selling pressures, this has further established the current bull’s strength and improve traders confidence around the market arena.
We are of the opinion that, traders should smartly study equities of interest side by side the general market direction. Such trading strategy will expose both entry and exit positions and also confirm market mood, thereby placing traders at an advantage positions in the highly volatile market.
We maintained that opting for growth oriented listed equities will largely improve portfolios’ value. In other words, highly leveraged, cyclical and speculative companies that survived the recession (on the strength that the current economy recovery signs will not fail) should be considered for better performance. Safe Trade.