For the third trading day running, the weak bull retained presence as the market rounded up today’s trading activities with 18Bpts gain. NSE-Premium, NSE-Pensions and NSE-Consumer Goods indices shed points while other followed the Lead Indicator’s path.
Today’s trading activities produced 22 advancers and 17 lagers. NSEASI YtD return is currently -4.21% while the Market Capitalization YtD return stood at –N427.299 billion.
The market seems not to have fully welcomed the bull that emerged 3 trading days prior. This can be evidenced by the dying strength with which it climbed up till date. It should be noted that only 72Bpts gain was returned from the huge loss suffered by the market before now. Meanwhile, unlike the previous days when the lagers far outweigh advancers, more equities were seen on gainers log today, this is an indication of more traders building faith in the ongoing recovery move.
If more traders go bullish during today’s trading activities; the bull will gather more strength and return more lost points the market. We recommend a cautious play around the market arena as we equally anticipate premature profit taking activities.
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.
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