Yielding to profit takers’ call, equities trading on the floor of the Nigerian Stock Exchange shed 15Bpts as it closed at 36,776.60 from 36,831.93. It was a mixed performance among the observed market indices as shown in the index movement table. Both the Week to Date and Month to Date market returns are currently positive at 380Bpts each.
Value loss by the market capitalization of the listed equities during today’s trading activities was N19.043 billion, same as 15Bpts above the opening value. Meanwhile, trading activities for the day produced 19 advancers and 19 lagers. NSEASI Year to Date gain is now 36.85% while the Market Capitalization Year to Date gain stood at N3.412 trillion same as 36.90% above the year’s opening value.
Judging by the pattern generated by trading activities from 15th September till date, one may safely conclude that the uptrend will be sustained (although, this should not be expected without short interval pull back). On a daily basis, the market had posted higher lows and higher highs. In addition to this, it posted strong resistance against the bear and enjoyed support on the 23.6% Fibonacci retracement line (drawn within points 24,667.06 and 38,242.93, that is, 2nd March & 11th August).
We reiterated that, although we expect uptrend to be sustained, trading point is currently near the last high and may suffered some pull back from short term traders.
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.