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Bringing Year to Date returns to the green zones, equities trading on the floor of the Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer- NSEASI added 118Bpts to its trading points, and closed at 40,716.66 from 40,243.05. Safe NSE-Consumer Goods and NSE-Insurance Indexes that shed points, other observed market indices in this report gained. Thus, Week to Date, the lead index is 123Bpts above opening, while the total gained points in the month October is now 123Bpts. See the index movement table for details.
The month of September ended in strong positive drive as investors positioned for expected nine months financials. Recall that, we had consistently noted that the month will experience positive surge towards the end. We expect the positive move to linger for some more trading days in the month of October. After today’s positive move, market year to date returns turned green. Meanwhile, since most of the expected results will be unveiled within the current month, and they are bound to be mixed, especially due to the mixed Fx regime within which it operated the third quarter of the month; thus, we expect a mixed performance within the month. We also expect the market to take advantage of the prevailing low interest yield as against the improving dividend yield around the market. On the strength of the above, we strictly recommend that investors play cautiously by carefully observing earnings trend from the fist quarter of the year through the second quarter, and predict with lowest possible confidence interval, expected performances in the third quarter.
The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N246.786 billion, same as 118Bpts above the opening value. Meanwhile, trading activities for the day produced 32 ADVANCERS and 18 LAGERS. NGXASI Year to Date gain is now 111Bpts while the Market Capitalization Year to Date gain now stood at N159.98 billion same as 76Bpts above the year’s opening value.
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