Equities trading on the floor of The Nigerian stock Exchange today ended in the negative territory as it gave up 24Bpts off the market trading points and closed at 37,051.54 from 37,138.97. It was a mixed performance amongst the observed market indices as shown in the index movement table. Week to Date, lead index is up by 30Bpts while the total gained points within the new month is now 101Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N30.258 billion, same as 24Bpts below the opening value. Meanwhile, trading activities for the day produced 21 advancers and 22 lagers. NSEASI Year to Date gain is now 37.87% while the Market Capitalization Year to Date gain stood at N3.576 trillion same as 38.68% above the year’s opening value.
Although the lead activities index dropped at the end of today’s trade, the beauty of the move is that the just defiled resistance line successfully acted as support for the dropping market; this further solidifies the possibilities of the market sustaining uptrend, at least through the rest of the year and particularly for the remaining trading days in November. Please note that, the trend should be followed with heightened cautiousness. Effort should be made to identify equities playing similar trend as the lead indicator and decide accordingly.
As noted in our previous reports, 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.