For the first time in three trading days, equities trading on the floor of The Nigerian Stock Exchange inched south by 3Bpts as it closed at 36,877.15 from 36,887.20. It was a mixed performance amongst the observed market indices as shown in the index movement table. Week to Date, market is up by 114Bpts while the two trading days observed within the new month already added 54BPts to market trading points. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N3.480 billion, same as 3Bpts below the opening value. Meanwhile, trading activities for the day produced 27 advancers and 18 lagers. NSEASI Year to Date gain is now 37.22% while the Market Capitalization Year to Date gain stood at N3.516 trillion same as 38.03% above the year’s opening value.
Today’s mild negative performance was due to the resistance point identified in our report yesterday. Seeing how the market mildly pulled from it, one may expect timely crack of the said resistance. Nevertheless, waiting for confirmation signals is of great importance.
Meanwhile, having received major nine months financials, we expect the market to start giving room for more short term trades in various listed equities. We also foresee more patronage in the shares of few equities that proposed interim dividends until such are adjusted accordingly.
Please note also that, the next season will last for 6-months, after which the full year financials will be expected, worthy of note during the season are major festivities that may lower equities’ prices and give room for new positions. Thus, smartly scanning released nine months financials and successfully predicting full year earnings will help investors in filling their trading baskets with profitable equities for medium term investments. Safe Trade.