Riding on the wings of half year financial performances, trading activities on the floor of The Nigerian Stock Exchange ended the first trading day of the new week on a positive note. Total point garnered today was 186Bpts. NSE-Consumer Goods and NSE-Insurance shed points while other observed market indices tread the lead indicator’s path. Month to Date NSEASI has added 464Bpts. See index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N217.872 billion, same as 186Bpts above the opening value. Meanwhile, trading activities for the day produced 20 advancers and 20 lagers. NSEASI Year to Date gain is 28.94% while the Market Capitalization Year to Date gain stood at N2.696 trillion same as 29.16% above the year’s opening value.
At the end of today’s trade, market successfully returned all lost points suffered by investors in the past two years. In other words, it is currently at 2015 opening point, now attempting 2015 highest high. Recall that market opened the year 2015 at 34,657.1 attempted the high of 35,843.4 and dropped through the rest of the year.
Technically, the relationship between price and 3 points simple moving averages (8,24.51) is currently bullish for both short and midterm. Nevertheless, on Bollinger Band, NSEASI closed above the upper band by 8.1%, in fact it has been above the upper band three trading days prior. In such situation, investors with low risk appetite are expected to exit positions in anticipation for profit taking activities. Please understand that market may attempt more positive zones, especially when the muzzle with which it breaks its next resistant today is put into consideration. Safe Trade.