Consolidating yesterday’s move, the lead performance pointer of The Nigerian Stock Exchange added 99Bpts and ended the day’s trade at 35,429.31 from 35103.40. NSE-Insurance Index and NSE-Oil&Gas Index shed points while other observed market indices closed above their respective opening points. Week to Date, market is down by 17Bpts while the total loss recorded during the current month is now 21Bpts. See the index movement for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N112.347 billion, same as 93Bpts above the opening value. Meanwhile, trading activities for the day produced 20 advancers and 23 lagers. NSEASI Year to Date gain is now 31.83% while the Market Capitalization Year to Date gain stood at N2.966 trillion same as 32.08% above the year’s opening value.
As the market maintained dwindling status with dominating strength from the bear, we have identified two supports for the market. The first, though weak is sighted around 34,200.80 while the second lays around 32,276.30. Please understand that although the market is expected to find recovery strength around these points, market fundamentals may change directions accordingly. In other words, the point should only be used in setting exit and entry points.
On the strength of the above, 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.