Taking a positive breadth after two days favor to bearish investors, the lead activities index of The Nigerian Stock Exchange today added 33Bpts as it stopped at 36,531.62 from 36,411.73. It was a mixed performance amongst the observed market indices as shown in the index movement table. Nevertheless, Week to Date market returns remained in the red to the tune of 15Bpts while Month to Date return grew to 308Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N41.269 billion, same as 33Bpts above the opening value. Meanwhile, trading activities for the day produced 22 advancers and 14 lagers. NSEASI Year to Date gain is now 35.93% while the Market Capitalization Year to Date gain stood at N3.327 trillion same as 35.99% 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 backs). 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 set back from profit takers.
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.