In another gallant ride with bullish investors, equities trading on the floor of The Nigerian Stock Exchange added 68Bpts to its trading points as it conclude the day’s trade at 37,503.73 from 37,250.78. NSE-Oil&Gas and NSE-Lotus indexes both shed points while other observed market indices followed the lead indicators’ path. Week to Date, market activity is up by 37Bpts while Month to Date returns looks greener at 224Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N88.093 billion, same as 68Bpts above the opening value. Meanwhile, trading activities for the day produced 25 advancers and 11 lagers. NSEASI Year to Date gain is now 39.55% while the Market Capitalization Year to Date gain stood at N3.814 trillion same as 41.25% above the year’s opening value.
Bullish as the situation is, the pattern is still technically bearish. Hence, we strictly recommend cautiousness around the market arena. Actually, we do not expect the market to stay long under the triangle’s call, especially when the current market fundamentals are put into consideration.
In our opinion, all traces of seemingly treats to market recovery may have been fully erased and traders are now responding to the nation’s improved economic indicators. Government efforts to improve the global ease of doing business along with the fairly stable translational rate should further enhance investments for rest of the year.
Please note that, aside the bright economic indicators recently ruling the market, other factors that will determine market direction for the rest of the year include the yuletide and accounts round ups of equities with December financial year end. On the strength of the above, we are of the opinion that traders should opt for bullish side from the next trading day. Safe Trade.