On a reduced momentum bullish investors’ activities again closed the market in the positive territory. Total point added to market trading point is 42Bpts as the lead performance index closed at 44,493.79 from 44,306.48. It was a mixed performance amongst the observed market indices as shown in the index movement table. Week to Date market is up by 164Bpts while total gain within the month of January is now 1,634BPts.
Value gained by the market capitalization of the listed equities during today’s trading activities was N67.146 billion, same as 42Bpts above the opening value. Meanwhile, trading activities for the day produced 34 advancers and 24 lagers. NSEASI Year to Date gain is now 16.34% while the Market Capitalization Year to Date gain stood at N2.340 trillion same as 17.20% above the year’s opening value.
Should the market be true to expectation of maintaining uptrend, it is expected that it beats the last high before engaging in any pullback action; else, we may be welcoming a new trend. Still sticking to our expectation, we look forward to more positive days.
Nevertheless, traders should understand the need to tread cautiously around the market arena, since the full year earnings season of equities with December financial year end is around the corner.
Investments should therefore be based on the possibility of equities of choice releasing improve earnings statistics and pay cash or scrip dividend. Please understand that the possibilities of low dividend yields are on the high side, especially now that most equities are trading above their respective book values. Safe Trade.