Swerving further south, equities trading on the floor of The Nigerian Stock Exchange gave up 156Bpts and rounded up trade at 37,933.70 from 38,534.64. Like yesterday, only NSE-Oil&Gas index added points while other observed market indices followed the lead indicator’s path. Week to Date, total point lost is now 337Bpts while gained points during the month adjusted to 60Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N76.918 billion, same as 57Bpts above the opening value. Meanwhile, trading activities for the day produced 10 advancers and 32 lagers. NSEASI Year to Date gain is now 41.15% while the Market Capitalization Year to Date gain stood at N4.250 trillion same as 45.97% above the year’s opening value.
A total of 5,301,612,656 ordinary shares of International Breweries Plc were today, listed on the daily official list of the exchange (hence the value gain on market capitalization). The additional shares listed arose from the Scheme of merger involving International Breweries Plc, Intafact Beverages Limited and Pabod Breweries Limited. With this listing of 5,301,612,656 ordinary shares, the total issued and fully paid up shares of International Breweries Plc has now increased from 3,294,249,280 to 8,595,861,936 ordinary shares.
As noted in our previous report, factors responsible for the ongoing bearish moves are; profit takers’ actions as induced by the recent gains, traders edging against the expected bearish moves, especially during the first two months of the new year and those reshuffling portfolios. Without much argument, the current festive mood must have fairly contributed to the bearish moves.
In our opinion, the most intelligent investments decision is to take advantage of the falling prices and position in fundamentally based equities. While doing this, a careful analysis of possible effect of the preparation for the upcoming national election should be considered. Safe Trade.