Starting off the week, the lead activities pointer of The Nigerian Stock Exchange ended in the positive territory as it added 167Bpts to its trading points. This is coming after 3 straight days of profit taking activities. Safe the NSE-Insurance Index that shed point, other observed market indices closed green. Month to Date, market is up by 1,072Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N310.431 billion, same as 268Bpts above the opening value. Meanwhile, trading activities for the day produced 26 advancers and 21 lagers. NSEASI Year to Date gain is 21.53% while the Market Capitalization Year to Date gain stood at N2.640 trillion same as 28.55% above the year’s opening value.
The management of Unilever Plc today announced the Submission of an application to The Exchange for approval and listing of a Rights Issue of 1,961,709,167 Ordinary Shares of 50 Kobo each at N30.00 per share on the basis of 14 new ordinary share for every 27 ordinary share held. The qualification date for the said right issue is 28th June, 2017. In another report, the management of Conoil Plc announced its plan to propose a cash dividend of N3.10/share in its 47th AGM scheduled for 11th August, 2017. According to the report, if approved, dividend warrant shall be posted on the 21st August. Closure date is between 10th – 14th July, 2017.
In our opinion, heightened cautiousness is necessary in any one directional market. This is because almost all equities will ride on the wings of market sentiments/forces, thereby increasing investment risk and in-turn build returns on every position. In such market scenario, all tradable points (entry and exit) are lost and recommendations are purely based on market rumors and individual expectations. Safe Trade.