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As the half year earnings season finally kicked off, equities trading on the floor of the Nigerian Stock Exchange ended in the positive territory, thus, the lead performance pointer, NSEASI added 47Bpt to its trading point, and closed at 38,849.08 from 38,667.90. Safe NSE-Insurance Index that shed points, other observed market indices in this report closed above their respective opening points. Thus, WtD, the lead index is 47Bpts above opening, while the total gained points in the month of July is now 248Bpts. See the index movement table for details.
Although the Monetary Policy Committee (MPC) commenced its 280th meeting today, the release of earnings numbers currently entering the market seem to have lifted investors’ fear on the outcome of the meeting. In our opinion, since the nation’s economic recovery is still very slow, we expect the committee to leave all rates at status-quo. Meanwhile, technically, the market (measured by the lead index trend pattern) is trending closer to its previous highest high (on 11th June, 2021). Please understand that there are two major resistances for the market to crack before one can safely conclude that a new trend have finally commenced. The first is the June high (39,262.7) while the second is the May High (39,875.7). Combining Fundamental knowledge with the technical view, we are of the opinion that, the market holds enough strength to crack these points, especially if good number of listed equities emerged with positive earnings numbers, and the MPC Meeting concludes as expected.
The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N94.398 billion, same as 47Bpts above the opening value. Meanwhile, trading activities for the day produced 29 ADVANCERS and 16 LAGERS. NSEASI Year to Date loss is now 353Bpts while the Market Capitalization Year to Date loss stood at N815.822 billion same as 387Bpts below the year’s opening value.
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