Resuming trading activities after the one day independence holiday, trading activities on the floor of The Nigerian Stock Exchange gave up 38Bpts of its trading points and closed at 35,306.09 from 35,439.98. Nevertheless, it was a mixed performance amongst the observed market indices as shown in the index movement table. Being the first trading day of the week and the month of October, today’s loss points represent both Week to Date and Month to Date returns.
Value loss by the market capitalization of the listed equities during today’s trading activities was N42.020 billion, same as 34Bpts below the opening value. Meanwhile, trading activities for the day produced 18 advancers and 22 lagers. NSEASI Year to Date gain is now 31.37% while the Market Capitalization Year to Date gain stood at N2.924 trillion same as 31.62% above the year’s opening value.
As the market maintained dwindling status with dominating strength from the bear, we have identified two supports for the market. The first, though weak is sighted around 34,200.80 while the second lays around 32,276.30. Please understand that although the market is expected to find recovery strength around these points, market fundamentals may change directions accordingly. In other words, the point should only be used in setting exit and entry points.
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.