Market Update

Nigerian Equities Market: Update Monday 14th November, 2016

Equities trading on the floor of The Nigerian Stock Exchange today treaded further bearish zones as it gave up another 70Bpts to close at 25,986.81. Left the NSE-Insurance Index that gained 61Bpts, other observed market indices shed points. Please note that the point lost so far in November is currently 453Bpts.

Due to today’s negative performance the market capitalization of the listed equities lost N63.365 billion same as 0.70% of the day’s opening value.

Today’s trading activities produced 10 advancers and 22 lagers. NSEASI YtD return is currently -9.19% while the Market Capitalization YtD return stood at –N904.876 billion.

According to the report released by the National Bureau of Statistics, in October, the nations inflation index rise by 18.3% YoY, this is 0.48% higher than the rate recorded in September. We do not see the MPC shifting grounds on monetary policies due to this increase.

As noted in our previous report, the market seems to have collide with a major resistance around its current trading range, and today’s move can be likened to an intended reverse taken to gather strength. We believe it will be safe for the market to engage this reverse, at least to a stage where prices becomes very attractive enough to win most traders back to the market. In other words, the market may attempt further bearish zones (although not without interval recovery attempt).

The banking sub sector remains a major watch for quick profits at market reversal. We therefore maintained our position that traders should fill their respective trading baskets with active banking stocks. This did not in any way condemn investments in other sectors.

Volume Index for today’s activity is 0.66 while buy volume and sell volume momentum is estimated at 5% and95% respectively.

 

Comment here

Market Update

Nigerian Equities Market: Update Monday 14th November, 2016

Equities trading on the floor of The Nigerian Stock Exchange today treaded further bearish zones as it gave up another 70Bpts to close at 25,986.81. Left the NSE-Insurance Index that gained 61Bpts, other observed market indices shed points. Please note that the point lost so far in November is currently 453Bpts.

Due to today’s negative performance the market capitalization of the listed equities lost N63.365 billion same as 0.70% of the day’s opening value.

Today’s trading activities produced 10 advancers and 22 lagers. NSEASI YtD return is currently -9.19% while the Market Capitalization YtD return stood at –N904.876 billion.

According to the report released by the National Bureau of Statistics, in October, the nations inflation index rise by 18.3% YoY, this is 0.48% higher than the rate recorded in September. We do not see the MPC shifting grounds on monetary policies due to this increase.

As noted in our previous report, the market seems to have collide with a major resistance around its current trading range, and today’s move can be likened to an intended reverse taken to gather strength. We believe it will be safe for the market to engage this reverse, at least to a stage where prices becomes very attractive enough to win most traders back to the market. In other words, the market may attempt further bearish zones (although not without interval recovery attempt).

The banking sub sector remains a major watch for quick profits at market reversal. We therefore maintained our position that traders should fill their respective trading baskets with active banking stocks. This did not in any way condemn investments in other sectors.

Volume Index for today’s activity is 0.66 while buy volume and sell volume momentum is estimated at 5% and95% respectively.

 

Comment here