Consolidating last positive move, equities trading on the floor of The Nigerian Stock Exchange added 52Bpts as it rounded up at 37,312.28 from 37,120.28. It was a mixed performance amongst the observed market indices as shown in the index movement table. Please note that after today’s trade, total points added to the market trading points is now 172Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N66.452 billion, same as 52Bpts below the opening value. Meanwhile, trading activities for the day produced 16 advancers and 24 lagers. NSEASI Year to Date gain is now 38.84% while the Market Capitalization Year to Date gain stood at N3.666 trillion same as 39.65% above the year’s opening value.
As noted in our previous report, the last resistance point is currently supporting the market. The line is becoming more important as the market already rebound (Daily) right on from it for four consecutive trading days. Although we recommend cautious play around the market, we are of the opinion that the current uptrend will be maintained. Further strengthening this fact are the improving economic indicators and the improved financial performances posted by listed equities for the nine months financial year.
The current season will last for 6-months, after which the full year statistics will be expected, worthy of note during the season are major festivities that may lower equities’ prices and give room for new positions. Thus, smartly scanning released nine months financials and successfully predicting full year earnings will help investors in filling their trading baskets with profitable equities for medium term investments. Safe Trade.