Looking further north, equities trading on the floor of The Nigerian Stock Exchange added 22Bpts as it rounded up trade at 36,688.75 from 36,608.76. Safe NSE-Industrial Goods that shed marginal points, other observed market indices closed above their respective opening points. Week to Date, lead index is down by 4Bpts while Month to Date returns is up by marginal 2Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N27.846 billion, same as 22Bpts above the opening value. Meanwhile, trading activities for the day produced 29 advancers and 11 lagers. NSEASI Year to Date gain is now 36.52% while the Market Capitalization Year to Date gain stood at N3.526 trillion same as 38.14% above the year’s opening value.
Confirming yesterday’s reversal pattern is another reversal pattern- bullish Inverted hammer which represents today’s price actions. Normally, this is a warning and stronger confirmation of reversal of down trend. In other words, we are more confidence that, all things being equal, the market could attempt more positive regions in few trading days from now. Nevertheless, it should be noted that the standing resistance line was respected, as market reversed sharply after cracking it. Further confirming market positivity is the improved gainers’ log at the end of today’s trade.
Please note that, aside the bright economic indicators recently ruling the market, other factors that will determine market direction for the rest of the year include the yuletide and accounts round ups of equities with December financial year end.
On the strength of the above, we are of the opinion that traders should opt for bullish side from the next trading day. Safe Trade.
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