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As the market re-visited correction moves, equities trading on the floor of The Nigerian Stock Exchange rounded up the negative territory, thus, the lead performance pointer-NSEASI gave up 59Bpts of its trading points, and closed at 39,697.62 from 39,931.63. Safe NSE-Insurance index that gained, all other observed market indices in this report closed below their respective openings. Thus, Week to Date, the lead activities index is 26Bpts below opening, while the total lost points in the month of March is now 26Bpts. See the index movement table for details.
At the end of today’s trade, the lead performance index-NSEASI trades below 40,000 support point, and is now moving towards the next support point, sported around 38,700.00, should the index break this point, the next visible support is far down 34,396.3 point. Please note that, technically, the ongoing negative move is best described as market correction, and the consistent downtrend could be linked to the consistency with which it gained during the bullish run. Please understand that, the full year earnings season may not be strong enough to end the correction, except it is supported by favourable/positive economic indices. We are of the opinion that, playing dividend stock will reduce investment risk around the market at the moment.
The total value lost by the Market Capitalization of the listed equities during today’s trading activities was N122.432 billion, same as 59pts below the opening value. Meanwhile, trading activities for the day produced 17 ADVANCERS and 26 LAGERS. NSEASI Year to Date loss is now 142Bpts while the Market Capitalization Year to Date loss stood at N286.768 billion same as 136Bpts below the year’s opening value.
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