Consolidating the previous trading day’s trade, equities trading on the floor of The Nigerian Stock Exchange started off the new week on a bearish note. Total point lost was 48Bpts as it closed at 36,411.73 from 36,587.31. Safe NSE-Oil&Gas that closed flat, other observed market indices followed the lead indicator’s path. After today’s negative performance, Month to Date market return is now 274Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N60.436 billion, same as 48Bpts below the opening value. Meanwhile, trading activities for the day produced 15 advancers and 25 lagers. NSEASI Year to Date gain is now 35.49% while the Market Capitalization Year to Date gain stood at N3.286 trillion same as 35.54% 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 set back from profit takers.
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.