Treading further north, equities trading on the floor of The Nigerian Stock Exchange added 34Bpts as it rounded up at 37,138.97 from 37,013.57. NSE-Banking index and NSE-Insurance index shed points while other observed market indices gained. Week to Date, total point gained is 54Bpts while market grew by 125Bpts during the current month. See index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N43.399 billion, same as 34Bpts above the opening value. Meanwhile, trading activities for the day produced 18 advancers and 19 lagers. NSEASI Year to Date gain is now 38.19% while the Market Capitalization Year to Date gain stood at N3.606 trillion same as 39.01% above the year’s opening value.
After today’s positive performance, the lead activities index stood fairly above the previously identified resistance, ordinarily, market should attempt more bullish zones from this point, but if we consider the fact that, this was achieved with weak momentum and its nearness to another resistance which also doubled as the market pick point for the year, heightened cautiousness will be recommended.
Nevertheless, it is expected that positive trend will be sustained given the positive performances of various economic indicators in recent times.
As noted in our previous reports, the next season will last for 6-months, after which the full year financials will be expected, worthy of note during the season are major festivities that may lower equities’ prices and give room for new positions. Thus, smartly scanning released nine months financials and successfully predicting full year earnings will help investors in filling their trading baskets with profitable equities for medium term investments. Safe Trade.