Boosted by gains on the share price of Dangote Cement, Nestle Foods, Total Oil and Wapco, the performance index of the Nigerian Stock Exchange saw the green light. The 26Bpts gained, closed the market at 27,316.52 from the previous close of 27,246.88. Aside NSE-Premium, NSE-Banking, NSE-Insurance and NSE-Oil/Gas that shed points other observed market indexes added points. See the Index Movement table for Details.
Today’s trading activities produced 11 advancers and 37 lagers. NSEASI YtD return is currently -4.63% while the Market Capitalization YtD return stood at –N468.762 billion.
For the third time since the downtrend commenced, the market has posted a supply test. Since the market has been on a downtrend before now, a marginal gain with higher volume is referred to as a supply test (in technical analysis). Normally, this is a sign of returning strength, and it implies that the downtrend is likely to reverse soon. Kindly confirm this position (by seeing the market returning) before taking any investment decision.
Trying to sight the next strongest support for the Lead Index, we discovered 27,054.00 point. We expect the market to gather bullish support around this point, failure of which might result to panic selling.
Volume Index for today is 0.81 while buy volume and sell volume is estimated at 85% and 15% respectively.