The three days sluggish recovery attempt posted by the performance index of the Nigerian Bourse came to a halt today as the market shed 6Bpts. HCML17-Index closed flat while NSE-Lotus, NSE-Industrial Goods, and NSE-Premium remained marginal blue. Other observed market indexes dived south. See the Index Movement table for details.
Today’s trading activities produced 16 advancers and 18 lagers. NSEASI YtD return is currently -4.26% while the Market Capitalization YtD return stood at –N432.881 billion.
The following listed equities shows sign of short recovery today and may be considered in your respective trading basket;
- Access bank plc(Access)
- Oando (Oando)
- Honeywell flour (Honyflour)
- United Bank for Africa (UBA)
- Zenith Bank Int Plc (Zenith)
The candlestick formation that represented today’s trading actions is a Doji. When such pattern evolves during an uptrend, it indicates the possible reversal of the uptrend on the next trading day. Although, awaiting the confirmation of the reversal, is always recommended.
The heightened indecisiveness currently hovering over the nation’s capital market can be linked to unstable economic situation which have induced cautiousness on the part of both local and international investors.
Volume Index for today is 1.12 while buy volume and sell volume is estimated at 45% and 55% respectively. This is an improvement over yesterday’s volume index and it further supports our position as stated above.