As the market waved off another outstanding month, profit takers quickly made a smart catch, off the gained points within the just concluded month. In other words, the market gave up a whooping 276Bpts today, thereby winding up the month at 35,847.75 point. Only NSE-Insurance and NSE-Oil & Gas added points while others danced to profit takers’ call. Month to date, the lead performance pointer added 824Bpts lower than the 1,234Bpts added in the previous month. See the index movement table for details.
Value loss suffered by the market capitalization of the listed equities during today’s trading activities was N351.785 billion, same as 277Bpts below the opening value. Meanwhile, trading activities for the day produced 23 advancers and 27 lagers. NSEASI Year to Date gain is 33.39% while the Market Capitalization Year to Date gain stood at N3.106 trillion same as 33.60% above the year’s opening value.
Without much argument, traders had a very lovely session through the just concluded month. Good numbers of equities enjoyed outstanding patronage that swiftly pushed their prices to new highs. The effect of which is a sharp boost in various portfolios which had experienced very tough time before now.
Major fundamental boost during the month is the half year financial performance statistics, improving headline inflation figure, and unrelenting efforts of the central bank of Nigeria in controlling the interest rate and other key economic indicators.
We foresee a mixed performance in the new month as the half year earnings season winds up. Market is expected to give room for traders as more pronounced and directional trends will be unveiled. Investors on the other hand should play cautiously given the more than two years highest high prices of equities. Safe Trade.