Rounding up the last trading day of the week, equities trading on the floor of The Nigerian Stock Exchange gave up 21Bpts as NSEASI closed at 34,037.91 from 34,110.22. It was a mixed performance amongst the observed market indices as shown in the index movement table. Week to Date total lost points was 233Bpts while the lost point within the month of September is also 233Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N26.397 billion, same as 21Bpts below the opening value. Meanwhile, trading activities for the day produced 13 advancers and 14 lagers. NSEASI Year to Date loss is now 11.00% while the Market Capitalization Year to Date loss stood at N1.183 trillion same as 8.69% below the year’s opening value.
Week Ended, 7th Sept., 2018
The week experienced a four days of bearish moves and one marginal positive day for a net of three bearish days. As noted above, the lead performance pointer NSEASI gave up 233Bpts of its trading points during the week; similarly, the Market Capitalisation of the listed equities closed at N12.426 trillion after giving up 233Bpts of its opening value.
Activities during the week moved 33 equities above their respective opening points while 39 shed prices and 97 equities were active but remained unchanged. Leading on the advancers’ log was Consolidated Hallmark that added 26.67% to its opening price to round up the week at N0.38 from N0.30. Continental Insurance followed on the log with16.79% gain while C&I Leasing, Skye Bank and Cornerstone Insurance completed the top 5 list with 16.00%, 13.73% and 12.50% respectively.
Decliners’ log on the other hand was led by Law Union with 26.03% loss that closed the equity’s share price at N0.54 from N0.73 where it took off the week. Standard Alliance equally dipped by 23.68% while Universal Insurance, Flour Mills and Niger Insurance Plc completed the top 5 percentage losers’ table with 17.50%, 11.52% and11.36% respectively.
We are of the opinion that the bear will maintain the lead around the market arena, since the major market fundamentals remained the electioneering season. Thus we recommend heightened cautiousness around the market arena. We are also of the opinion that stock selection by the expected third quarter earnings season is reasonable. At this time, stock valuation is a key instrument in equity selection (This is what we call “Tradelines Valuation Investments Strategy), our choice of this strategy is premised on the technical believe that history will always repeats itself. In other words, we are saying that at the end of the ongoing political brouhaha, prices are bound to recover. Safe Trade.