It was a free day for the bear as the All Share Index of The Nigerian Stock Exchange took off 96Bpts from the market trading points. In other words, the overall performance pointer closed at 36,953.41 from 37,312.28. Safe NSE-Oil&Gas that added points, other observed market indices shed points. Week to Date market returns journeyed 45Bpts to red territory, while Month to Date returns adjusted down to +74Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N124.204 billion, same as 96Bpts below the opening value. Meanwhile, trading activities for the day produced 12 advancers and 32 lagers. NSEASI Year to Date gain is now 37.50% while the Market Capitalization Year to Date gain stood at N3.542 trillion same as 38.31% above the year’s opening value.
Today’s move was a shocking swallow of the point added points in the last two trading days. Although, comforting enough is the fair rebound put up on the standing support line. We maintained that traders should play cautiously around the market arena, despite our expectations of the sustainability of uptrend.
According to the national bureau of statistics, two major economic indicators are expected to grace the market shortly. The third quarter GDP will be published on Monday 20th November, 2017, while the October 2017 inflation report will be published tomorrow 15th November, 2017. We expect the two key economic reports to further establish positive trend in equities market. In other words, we predict improved statistics.
Please understand that it is traders market as equities are bound to follow specific trend pattern. Identifying such patterns and trading accordingly will yield positive returns. Safe Trade.