Consolidating the last trading day move, equities trading on the floor of The Nigerian Stock Exchange took off the week on a positive note. Total points added to market trading points is 122Bpts. Aside NSE-Consumer Goods Index that shed points, other observed market indices gained. On the strength of this, total points gained in the month of January grew to 1,585Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N190.962 billion, same as 122Bpts above the opening value. Meanwhile, trading activities for the day produced 41 advancers and 12 lagers. NSEASI Year to Date gain is now 15.85% while the Market Capitalization Year to Date gain stood at N2.273 trillion same as 16.70% above the year’s opening value.
As can be seen from the soaring advancers’ log, more equities enjoyed positive patronage from the investing public through today’s trading activities. In our opinion, the move is chiefly enhanced by traders catching in on the corrected price in a bid to enjoy another round short profit. Recall that we noted in our previous reports that the market will defend its new heights especially now that major economic indicators are looking up.
Nevertheless, traders should understand the need to tread cautiously around the market arena, since the full year earnings season of equities with December financial year end is around the corner. Investments should be based on the possibility of equities of choice releasing improve earnings statistics and pay cash or scrip dividend. Please understand that the possibilities of low dividend yields are on the high side, especially now that most equities are trading above their respective book values. Safe Trade.