Rounding up the week, the performance index of The Nigerian Stock Exchange strolled off with the bears as it shed 12Bpts to close at 27,246.98. Total points lost within the week stood at 178.88 or 0.65% while the market capitalization which opened the week at N9.408 trillion closed at N9.357 trillion.
Today’s trading activities produced 13 advancers and 23 lagers. NSEASI YtD return is currently -4.87% while the Market Capitalization YtD return stood at –N492.679 billion.
Negative reactions continued to trail the released half year statistics by Zenith Bank Int. Plc, as sell volume stood at 88% against 12% buy volume. This is simply because most traders already positioned for the interim dividend before now and have achieved more than the announced 25k. As expected other financial institutions yet to release 2016 half year financials (with the exception of Guaranty Trust Bank) received their portion of the reaction.
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 induce some levels of panic selling. Kindly confirm this assertion before taking any investment decision in this regard.
Volume Index for today is 0.71 while buy volume and sell volume is estimated at 60% and 40% respectively. We also noticed a sharp divergence between price and volume today. This is an indication that the market may turn north on the next trading day.