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Starting up the new week; equities trading on the floor of the Nigerian Stock Exchange ended in the negative territory, as the lead performance pointer, NSEASI gave up 10pts of its trading points and closed at 38,688.96 from 38,726.10. Safe NSE-Oil & Gas Index that gained, other observed market indices in this report closed below their respective opening points. Thus, WtD, the lead index is 10Bpts below the opening point, while the total gained points in the month of June is now 65Bpts. See the index movement table for details.
Looking back through the lead index trend for the year, it will be noticed that from the 1st of February, the market had suffered heavy downtrend that dragged its trading points down from 42,357.90 to 38,382.40 in March 19th and between that time and the end of May, it had recorded a failed recovery from the heavy drop, because it started recording new a lower lows from 20th May. Although the market had commenced the month of June on a positive note giving a renewed recovery hopes, the momentum seem to be dying off after few day’s gain. Please understand that, if the bear successfully dragged the market back before reaching 39,500 point such as we have seen today, it is an indication that the downtrend will continue. Technically, in a downtrend such as we have in the market today, the best trading strategy is to target very low returns from every position. Traders are to target dropping equities with good fundamentals for short term trade. Meanwhile, investors should rather focus on the strength of the equities in their basket and take advantage of dropping prices to reduce portfolio’s short falls.
The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N20.691 billion, same as 10Bpts below the opening value. Meanwhile, trading activities for the day produced 13 ADVANCERS and 28 LAGERS. NSEASI Year to Date loss is now 393Bpts while the Market Capitalization Year to Date loss stood at N892.489 billion same as 424Bpts below the year’s opening value.
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