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Consolidating positive run; equities trading on the floor of the Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer, NGXASI added 74pts to its trading points and closed at 39,170.95 from 38,881.70. All observed sub market indices in this report rounded up above their respective opening points. Thus, WtD, the lead index is 115Bpts above the opening point, while the total gained points in the month of June is now 191Bpts. See the index movement table for details.
Today’s positive performance was a further relief, as hope of recovery was again rekindled, unlike the previous day, more active equities joined the advancers’ log during today’s trading session while the decliners’ log almost faded off. Please note that recovery move now look stable and possibility of a new trend commencing is coming up stronger. Technically, market is in a buy region, for example, RSI crossover had crossed the signal line to the buy zone, similarly, MACD had crossed the signal line from the bottom, but the last candlestick formation that represents today’s trading activities is a thick, full but short bodied candle. Please understand that, the short body is a sign of weak strength, thus, the chance of trend turning on the next trading day is still high against the continuation of uptrend. On the strength of these, we recommend that traders should play only strong fundamentally based equities, investment targets should be linked to half year earnings expectations.
The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N150.763 billion, same as 74Bpts above the opening value. Meanwhile, trading activities for the day produced 26 ADVANCERS and 06 LAGERS. NSEASI Year to Date loss is now 273Bpts while the Market Capitalization Year to Date loss stood at N639.935 billion same as 304Bpts below the year’s opening value.
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