As the market received financial score cards from listed equities with December financial year, the lead activities index recorded another positive day as it added 33Bpts to the market trading points. Safe NSE-Consumer Goods and NSE-Oil&Gas shed points, other observed market indices gained. Month to Date the lead activities index is in the green by 432Bpts. See index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N42.215 billion, same as 33Bpts loss above the opening value. Meanwhile, trading activities for the day produced 24 advancers and 15 lagers. NSEASI Year to Date gain is now 37.57% while the Market Capitalization Year to Date gain stood at N3.479 trillion same as 37.62% above the year’s opening value.
Judging by the pattern generated by trading activities from 15th September till date, one may safely conclude that the uptrend will be sustained (although, this should not be expected without short interval pull backs). On a daily basis, the market had posted higher lows and higher highs. In addition to this, it posted strong resistance against the bear and enjoyed support on the 23.6% Fibonacci retracement line (drawn within points 24,667.06 and 38,242.93, that is, 2nd March & 11th August).
We reiterated that, although we expect uptrend to be sustained, trading point is currently near the last high and may suffered some pull back from short term traders.
We maintained that traders should tread cautiously around the market arena. Possible profits should be accumulated while strict care should be exercised against risky investment decisions. All trading rules should be followed to the later. Safe Trade.