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Starting up the new week, equities trading on the floor of The Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer, NSEASI added marginal 8Bpts to its trading points, thus closed at 40,150.78 from 40,120.22. Safe NSE-Insurance and NSE-Industrial Goods Index that shed points, other observed market indices in this report gained. Thus, week to Date market returns is currently 79Bpts, while the total lost points in January is now 30Bpts. See the index movement table for details.
Although the market ended in the positive territory, Money Flow Index (MFI) is a sharp divergence from price. Technically, this implies that funds are leaving the market, as against the positive ending posted. Please understand that, in such situation, traders are expected to play cautiously, since this is a signal that the bear is still very much around the market. Nevertheless, we reiterate that, major market fundamentals at the moment are; the full year earnings expectations, and the impact of the second phase of Covid-19 on the economy. We are also of the opinion that, slight change in key economic indicators will receive sharp reactions from traders.
The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N15.979 billion, same as 8Bpts above the opening value. Meanwhile, trading activities for the day produced 28 ADVANCERS and 24 LAGERS. NSEASI Year to Date loss is now 30Bpts while the Market Capitalization Year to Date loss stood at N62.713 billion same as 30Bpts below the year’s opening value.
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