As good numbers of highly capitalized equities swam above the waters, the lead performance index of the Nigerian Bourse rode gallantly north, adding 223Bpts and closed the day’s trading activities at 25,129.27 point. Aside NSE-Insurance that slide, other observed market indices agreed with the lead index. By this performance, Week to Date returns is now green at 47Bpts while Month to Date loss adjusted down to 79BPts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N189.403 billion same as 223Bpts above the opening value. Meanwhile, trading activities for the day produced 17 advancers and 18 lagers. NSEASI Year to Date loss is -6.49% while the Market Capitalization Year to Date loss stood at –N550.158 billion same as 5.95% below the year’s opening value.
Technically, reading the candlestick pattern generated by today’s move along that of the previous day, we have almost a Bullish Engulfing Pattern. A bullish engulfing pattern is a chart pattern that forms when a small black candlestick is followed by a large white candlestick that completely eclipses or “engulfs” the previous day’s candlestick. As implied in its name, this trend suggests the bulls have taken control of a security’s price movement from the bears. This type of pattern usually accompanies a declining trend in a security, suggesting a low or end to a security’s decline has occurred. However, as usual in candlestick analysis, the trader must take the preceding and following days’ prices into account before making any decisions regarding the security.
We therefore advised traders to confirm the viability of the pattern on the next trading day before taking any investment decision in this regard.