Winding up the day’s trade with the bear, trading activities on the floor of the Nigerian Stock Exchange shed marginal 4Bpts, as it closed at 27,831.95 from 27,843.00.
The candlestick pattern representing today’s trading activities is a doji which generally signifies a reversal of the current trend. In other words, the ongoing downtrend is expected to pause for recovery moves from the next trading day (technically a confirmation of the pattern is always recommended). The pattern could be attributed to price attractiveness after days of negative drives.
Today’s trading activities produced 15 advancers and 28 lagers. NSEASI YtD return is currently -2.79% while the Market Capitalization YtD returns stood at –N287.943 billion.
As noted in our report yesterday, some equities prices are bound to get positive ratings from investors regardless of fundamentals surrounding their price drops. Few of such equities are; Transcorp, FCMB, Skye bank, Oando, and others that actively participated in the four days pull back actions. From all indications, the recovery will only last for few days. Kindly trade accordingly.
Volume Index for today is 0.85 as buy volume and sell volume is estimated at 30% and 70% respectively. The baton is expected to turn in favor buyers tomorrow.