Recovering lost grounds, equities trading on the floor of The Nigerian Stock Exchange closed in the positive territory as it added 22Bpts and rested at 36,732.24 from 36,652.82. Safe NSE-Banking Index that lost 32Bpts, other observed market indices gained. On this ground, total points gathered during the current week is 113Bpts while the month of October already added 368Bpts to the market trading point.
Value gained by the market capitalization of the listed equities during today’s trading activities was N22.338 billion, same as 22Bpts loss above the opening value. Meanwhile, trading activities for the day produced 30 advancers and 13 lagers. NSEASI Year to Date gain is now 36.68% while the Market Capitalization Year to Date gain stood at N3.396 trillion same as 36.74% above the year’s opening value.
Judging by the pattern generated by trading activities from 15th September till date, one may safely conclude that the uptrend will be sustained (although, this should not be expected without short interval pull backs). On a daily basis, the market had posted higher lows and higher highs. In addition to this, it posted strong resistance against the bear and enjoyed support on the 23.6% Fibonacci retracement line (drawn within points 24,667.06 and 38,242.93, that is, 2nd March & 11th August).
We reiterated that, although we expect uptrend to be sustained, trading point is currently near the last high and may suffered some pull back from short term traders.
We maintained that traders should tread cautiously around the market arena. Possible profits should be accumulated while strict care should be exercised against risky investment decisions. All trading rules should be followed to the later. Safe Trade.