In another tight tussle, the lead performance index of The Nigerian Stock Exchange struggled to swim above the waters by adding marginal 9Bpts. By this performance, Week to Date loss reduced to 27Bpts. It was a mixed performance amongst the observed market indices as shown in the Index movement table.
Value gained by the market capitalization of the listed equities during today’s trading activities was N2.246 billion same as 3Bpts below the opening value. Difference between the all share index and the market capitalization gained points is due to the value reduction caused by six delisted equities. Lennards(Nig) Plc, P.S. Mandrides Nigeria Company Plc, Premier Breweries Plc, Constain (W.A) Plc, Navitus Energy Plc, Nigeria Ropes Plc were all delisted from the official list of the Nigerian Stock Exchange today.
Meanwhile, today’s trading activities produced 15 advancers and 14 lagers. NSEASI YtD return is negative -11.77% while the Market Capitalization YtD loss stood at -N1.159 trillion.
As consoling as today’s gain is, being a consolidation of yesterday’s mild gain, the weakness in the recovery attempt is highly discouraging. One would have expected a sharp recovery giving the long and consistent days of bearishness. Whichever way, it’s time to stock the goods, seeing that prices already crashed.
After long days of price correction, Forte Oil recorded the second bullishness today. It would be recall that this stock suffered from stiff negative response set to correct its unit price viz a viz its earnings. Although the equity is yet to established new trading pattern, strategically moving with the recovery is an intelligent investment decision.