Consolidating positive move, equities trading on the floor of The Nigerian Stock Exchange concluded the first day of the week on a positive note. Total point added was 24Bpts as it rounded up at 36,792.60 from 36,703.58. Aside the NSE-Oil&Gas and NSE-Industrial Goods that shed points, other observed market indices ended in the positive territory. Month to Date, activities are green by 31Bpts. See index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N30.981 billion, same as 24Bpts above the opening value. Meanwhile, trading activities for the day produced 17 advancers and 15 lagers. NSEASI Year to Date gain is now 36.90% while the Market Capitalization Year to Date gain stood at N3.558 trillion same as 38.48% above the year’s opening value.
Although market had been sluggish in its recovery move in recent times, it can be said that all forms of panicking had been totally erased off the market arena. Nevertheless, as the Monetary Policy Committee commenced its meeting today, traders seem to have slowed down in expectation of the outcome tomorrow 21st November, 2017. Should decision maintain all rates, we expect more lively market in the new week.
Meanwhile, the national bureau of statistics today released the third quarter GDP report. According to the report, year to date Real GDP growth stands at 0.43%. Meanwhile, it grew in Q3 2017 by 1.40% (year-on-year) in real terms, the second consecutive positive growth since the emergence of the economy from recession in Q2 2017. See full GDP report.
We are of the opinion that smart traders should take advantage of the equities negatively affected in the last two days bearish moves. Safe Trade.