Unlike the previous week, trading activities through the week ended 19th August, 2016 recorded four green days against one red day. Total points added to the Lead Index through the week stood at 148Bpts. In other words, the market ended the week’s performance at 27,650.32 from the opening of 27,246.88.
Trading activities for the week produced 25 advancers and 39 lagers. NSEASI YtD return is currently -3.46% while the Market Capitalization YtD return stood at –N358.118 billion.
The first trading day of the week revealed improved supply in favor of positive investors while the second trading day confirmed the return of positive strength and the move continued through the third day. Threatening the move was a small bodied bearish doji formed on the fourth trading day (which signifies the likely reversal of the 3 days gain). Please note that, the reversal signal failed on Friday as the market closed green with 84Bpts.
In our opinion, the market is expected to experience mix performance through the new week, as the reliability of the just concluded week’s trend is technically rated as moderate.
The release of the Nation’s Headline Inflation Index has been reportedly postponed to the 31st August, 2016 by the National Bureau of Statistics, on the strength of this, and the renewed CBN FX intervention through the Bureau De Change operators, we expect mild pressure on the equities through the new week.
Volume index for the week is 0.86 almost same as 0.87 estimated in the previous week. Meanwhile, Buy and Sell volume stands at 94% and 6% respectively.
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