Extending negative sentiments to the second day, equities trading on the floor of the Nigerian Stock Exchange ended in the negative territory, the lead performance pointer- NSEASI gave up marginal 1Bpts of its trading points, and closed at 38,858.99 from 38,864.33. It was a mixed performance amongst the observed market indices, as shown in the index movement table. Thus, Week to Date, the lead index is 27Bpts below opening, while the total lost points in the month September is now 92Bpts. See the index movement table for details.

Within the last two trading days observed so far this week, the market had completely returned all recovery made as the previous week was rounding up. It was a saved bloody moment on Monday when the market suddenly trended below 28,600 points before staging a surprise recovery. One would have assumed a buy signal, seeing how attractive the market became below 28,600 points, surprisingly, the market played out another bearish moment today (although the loss was marginal). We are of the opinion that, observing market behaviour further on the next trading day is an intelligent investment decision. Nevertheless, we maintained that, it is time to play the market by third quarter earnings expectations, since the next month commenced the release of 9-months performance numbers. Although the consistent crude oil price improvement is a welcome development, the extent to which Nigeria will benefit from the move strictly depends on its production capacity. We note that the government should play smart, to boost the nation’s advantage in the new wave of price.

The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N2.781 billion, same as 1Bpts below the opening value. Meanwhile, trading activities for the day produced 14 ADVANCERS and 15 LAGERS. NGXASI Year to Date loss is now 351Bpts while the Market Capitalization Year to Date loss stood at N810.959 billion same as 385Bpts below the year’s opening value.

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