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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 63Bpt of its trading points, and closed at 38,567.26 from 38,810.75. Safe NSE-Consumer Goods and NSE-Oil & Gas Indexes that gained; other observed market indices in this report, closed below their respective opening points. Thus, WtD, the lead index is 63Bpts below opening, while the total gained points in the month of August is now 5Bpts. See the index movement table for details.
For the second time since the current pull back commenced, NGXASI again bowed to the bear, as it took 63 steps down the ladder. Right now, its actually trending close to the recent lower low, and more disturbing is the fact that the candlestick pattern representing today’s trading activities is a full red candle, which implies that sentiments was purely negative all through today’s trading session. Nevertheless, the market got a consolation from the fact that Dangote Cement is a major booster of the bear’s ego in today’s move, as Dangcem dipped by 3.26% from its previous close price, also, the advancers’ log is a step higher than the decliners. Meanwhile, as noted in our previous reports, we expect the market to be a little silent within this week, as major market movers in the name of half year incentives and policies (MPC & Headline Inflation) are not expected within the week. We also noted that, most expected earnings had already been released, safe those with Half year interim dividends and very few others. We therefore advise against panic selling and recommend that traders take full advantage of dropping prices.
The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N126.86 billion, same as 63Bpts below the opening value. Meanwhile, trading activities for the day produced 19 ADVANCERS and 18 LAGERS. NGXASI Year to Date loss is now 423Bpts while the Market Capitalization Year to Date loss stood at N962.654 million same as 457Bpts below the year’s opening value.
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