Closing the week on a brighter note, the performance index of the Nigerian Bourse added another 48Bpts. By this positive performance, total points gathered through the three trading days of the week stood at 1.02%. Meanwhile, the recovery attempt was consistent for six (6) trading days on improved strength.
Today’s trading activities produced 25 advancers and 16 lagers. NSEASI YtD return is currently -2.74% while the Market Capitalization YtD return stood at –N281.058 billion.
The three days of the week produced 34 advancers; this is higher than the 24 recorded in the previous week. Meanwhile, 26 equities closed the week below their respective opening prices; this is lower than the 38 equities that shed prices in the previous week. Precisely on the 12th day of September, the share price of UBA was adjusted for the recently declared 20k dividend.
Most banking equities remained within buy regions. Removing the previous hold recommendation on UBA, we are of the opinion that the equity should be considered in tranches from the next trading day. We are of the opinion that PZ may bow to profit takers’ pressure any moment from now, nevertheless, we foresee the price attempting N22.00. As attractive as the current market price of FBNH is, we do not see the equity achieving a strong north rally as traders’ preference for the stock seem challenged. We also have a eye for Wema bank at least after the next slide.
Please note that we maintain our position that traders should pay more attention to their trades and seriously mind their stops (up (+) or down (-)). Investment greed should be avoided at all cost.
Volume Index for today’s activity is 1.12 while buy volume and sell volume is estimated at 100% and 0% respectively.