Taking few more steps back, equities trading on the floor of the Nigerian Stock Exchange ended in the negative territory, as the lead performance pointer NSEASI gave up 92Bpts of its trading points and closed at 39,433.81 from 39,801.78. Safe NSE-Premium and NSE-Industrial Goods indexes that closed on a positive note, other observed market indices in this report closed in the red. Thus, WtD the lead index is 101Bpts below opening, while the total lost points in May is 101Bpts. See the index movement table for details.

After today’s pull back action, market seems to be swathing into short term reversal. But in our opinion, this is an induced move, as the pullback could be linked to the price adjustments in the share prices of both Seplat Petroleum Development Co. and Mtn Nigeria Communication Plc, for the recently announced cash dividend. Recall that the two adjusted equities are highly capitalised especially MTNN. Please understand that investment in May shall be impacted mainly by economic indicator performances, and positions towards the half year earnings due from July. Usually, the just released first quarter numbers and half year incentive policies should be a clear guide to positioning at the moment.

The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N196.691 billion, same as 93Bpts below the opening value. Meanwhile, trading activities for the day produced 16 ADVANCERS and 22 LAGERS. NSEASI Year to Date loss is now 208Bpts while the Market Capitalization Year to Date loss stood at N419.292 billion same as 199Bpts below the year’s opening value.

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