Re-affirming stand around the market arena, the bear snatched off 100Bpts of market trading points as NSEASI rounded up trade at 38,534.64 from 38,924.63. Safe NSE-Oil&Gas that gained, other observed market index closed in the red. Week to Date market is down by 184Bpts while Month to Date returns remained up by 219Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N135.819 billion, same as 100Bpts above the opening value. Meanwhile, trading activities for the day produced 19 advancers and 26 lagers. NSEASI Year to Date gain is now 43.39% while the Market Capitalization Year to Date gain stood at N4.173 trillion same as 45.13% above the year’s opening value.
The bear seems to have gained strength from traders positioning against the expected bearish movement in the first month of 2018. Please note that most traders now agree with the fact that the bearish start of the New Year has come to stay and the probability of the history repeating itself is on the high side.
Further encouraging the ongoing Profit taking activities/panic exit is the soaring nature of the market in the previous week which swiftly improved portfolios and gave room to exit with little or no loss.
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.