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Registering the first pull back after seven consecutive green days, equities trading on the floor of the Nigerian Stock Exchange ended in the negative territory, as the lead performance pointer- NSEASI gave up 38Bpts of its trading points, and closed at 40,714.22 from 40,868.38. It was a mixed performance amongst the observed market indices in this report. Thus, Week to Date, the lead index is 38Bpts below opening, while the total gained points in the month October is now 123Bpts. See the index movement table for details.
As mentioned above, the market dived after seven consecutive positive trading days. In our opinion, this is normal and expected, the profit made within the gaining days will induced short term sell offs, as we have seen today, this fact we have consistently mentioned in our previous reports. In our opinion, the bull is likely to take the lead in the month of October, since, nine months financials characterise the month. Please understand that the nine months number is the major pointer to the full year expectations. We note that the National Bureau of Statistics is expected to release the Consumer Price Index document-CPI this week, precisely on the last trading day of the week; in our opinion, we do not see the traders responding sharply to the outcome of the index. Nevertheless, we maintained that traders should play cautiously around the market arena.
The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N60.005 billion, same as 28Bpts below the opening value. Meanwhile, trading activities for the day produced 17 ADVANCERS and 17 LAGERS. NGXASI Year to Date gain is now 110Bpts while the Market Capitalization Year to Date gain now stood at N158.598 billion same as 75Bpts above the year’s opening value.
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