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Completing six gains in a row, equities trading on the floor of the Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer- NSEASI added 16Bpts to its trading points, and closed at 40,829.15 from 40,765.20. Safe NSE-Insurance Index that shed points, other observed market indices in this report gained. Thus, Week to Date, the lead index is 151Bpts above opening, while the total gained points in the month October is now 151Bpts. See the index movement table for details.
As noted above, the market today recorded its sixth step, up the ladder. This in our opinion is encouraged by improved buying interest triggered by market expectations on the third quarter earnings numbers, coupled with portfolio switch by fixed income market players ahead of Q3 earnings season. The banking sub-sector of the market maintained the lead on the gaining streak, as traders predicted large recovery of the financial sector’s exposure to oil loans in the past. Recall that in recent times, the oil market had experienced a surge in the price of the Nation’s burning light, though the country might not be taking full advantage of the move, since the government had lower production in the face of the surge. Nevertheless, we foresee profit taking activities setting in any moment from now, this is because, good numbers of listed equities must now be trading above their YtD opening points, which will in turn signal profit taking activities from traders. We therefore maintained our cautious trade recommendation for intelligent traders.
The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N33.325 billion, same as 16Bpts above the opening value. Meanwhile, trading activities for the day produced 24 ADVANCERS and 20 LAGERS. NGXASI Year to Date gain is now 139Bpts while the Market Capitalization Year to Date gain now stood at N218.604 billion same as 104Bpts above the year’s opening value.
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