Briefly interrupting the three days bearish moves, the lead performance index of the Nigerian Stock Exchange added 7Bpts and closed at 25,496.71. Aside NSE-Oil&Gas, NSE-Lostus and NSE-Industrial Goods that closed red, other observed market indices gained. Conversely, all indices in our report including the NSEASI are in the red-Week to Date. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N6.452 billion same as 7Bpts above the opening value. Meanwhile, trading activities for the day produced 18 advancers and 12 lagers. NSEASI Year to Date loss is -5.13% while the Market Capitalization Year to Date loss stood at –N424.758 billion same as 4.59% below the year’s opening value.
The management of Axa Mansard today notified traders through the exchange portal of its proposed investment in a hospital project which if concluded, will be managed and operated by Healthshare Health Solutions Ltd, an experienced hospital management company with headquarters in South Africa. Kindly note that this development is a plus to the company only in the long term, in other words, the dividend of the move should not be expected soon. On the strength of this, we only recommend long term positions in the share price of Axa Mansard.
It is important to note carefully that the full year (Dec 31st 2016) earnings season is almost becoming history. Thus, we are of the opinion that, positioning for the first & second quarter of 2017 financial performance should dictate trading strategies at the moment.
We maintained that traders should play cautiously around the market arena, kindly note that long term positions holds higher probability of returning good returns, given the current economic state. Safe Trade.