Achieving further green zones, equities trading on the floor of The Nigerian Stock Exchange added 151Bpts as it ended at 39,075.30 from 38,494.43. All observed market indices treaded the lead indicator’s path as shown in the index movement table. Both the Week to Date and Month to Date market returns is now 362BPts each. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N202.297 billion, same as 151Bpts above the opening value. Meanwhile, trading activities for the day produced 40 advancers and 13 lagers. NSEASI Year to Date gain is now 45.40% while the Market Capitalization Year to Date gain stood at N4.361 trillion same as 47.17% above the year’s opening value.
Seeing the strong bullish start posted from the first week of the month, one could expect similar trends as seen in both December 2015 and 2016. Should same trend repeats itself, traders should be aware of the bearish January that followed in the reference years for timely investment decisions.
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.