Maintaining positive streak, equities trading on the floor of The Nigerian Stock Exchange added another 65Bpts to its trading points and rounded up the day’s trading activities at 32,827.98. Aside NSE-Lotus II that shed marginal 5Bpts, other observed market indices gained. Week to Date market returns has now moved 114Bpts into the green zones while Month to Date loss adjusted down to 87Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N75.540 billion, same as 65Bpts above the opening value. Meanwhile, trading activities for the day produced 24 advancers and 20 lagers. NSEASI Year to Date gain is 22.15% while the Market Capitalization Year to Date gain stood at N2.067 trillion same as 22.36% above the year’s opening value.
In a reduced momentum, the market seems to be building a new trend. There are two major encouraging factors packaged in the trend. First is the fact that it retained good portions of points garnered during the just concluded bullish moves, this is quite encouraging. Also, the slow and steady trendy pattern will sustain portfolio gains and further establish traders’ confidence around the market arena, if sustained.
Nevertheless, the nature of the expected half year results will go a long way in determining the overall market direction. We are of the opinion that trades, especially those taken with short term objectives, must be done with the two eyes wide open, care should be taken to avoid every form of greed, thus, timely decisions should be taken in case the market received negative reactions to half year financials.
As noted in our previous updates, the risk of playing short term has increased and will remain so until the new trend is fully established. Safe Trade.