Despite the strong bull’s presence around the market arena, equities trading on the floor of the Nigerian Stock Exchange shed marginal 34Bpts and rounded up trade at 36,652.82 from 36,776.60. It was a mixed performance among the observed market indices as shown in the index movement table. Week to Date, market added +91Bpts while a total of +345Bpts had been added to the market trading points in the month of October.
Value loss by the market capitalization of the listed equities during today’s trading activities was N42.608 billion, same as 34Bpts loss below the opening value. Meanwhile, trading activities for the day produced 19 advancers and 19 lagers. NSEASI Year to Date gain is now 36.38% while the Market Capitalization Year to Date gain stood at N3.369 trillion same as 36.44% 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 back). 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 pull back from short term traders.
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.