Complimenting yesterday’s recovery attempt, the Lead Index of the Nigerian Bourse added marginal 27Bpts, to rest the day at 27,389.02 point. Aside the NSE-Lotus that closed red other observed market indexes gained.
Today’s trading activities produced 15 advancers and 18 lagers. NSEASI YtD return is currently -4.38% while the Market Capitalization YtD return stood at –N443.863 billion.
Today’s move is a confirmation of the market attempt to re-gather strength yesterday. Meanwhile, deflating the recovery move is the very small bodied candlesticks that represented the two trading days (which signifies weakness). We therefore recommend that investors maintain cautious tread. Stocks such as Forte Oil, Zenith Bank, Nigeria Breweries and UBA may be considered in your trading basket.
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 0.90 while buy volume and sell volume is estimated at 66% and 34% respectively. This is a further confirmation of recovery strength.