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Recovering yesterday’s lost grounds, equities trading on the floor of the Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer- NSEASI added 45Bpts to its trading points, and closed at 40,897.19 from 40,714.00. Safe NSE-Oil & Gas Index that shed points, other observed market indices in this report gained. Thus, Week to Date, the lead index is 7Bpts above opening, while the total gained points in the month October is now 168Bpts. See the index movement table for details.
As mentioned above, the market reversed the previous day’s loss and continued on the positive path. This agrees with our expectation yesterday, when we said the bull is likely to take the lead in the month of October, an assertion based on the fact that, the month will witness the release of many nine months performance indices. Please understand that the nine months number is a major determinant of the full year expectations, thus, it remains very important to any intelligent investor. In other words, more reactions will follow the release of the numbers. 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 gained by the Market Capitalization of the listed equities during today’s trading activities was N95.458 billion, same as 45Bpts above the opening value. Meanwhile, trading activities for the day produced 27 ADVANCERS and 13 LAGERS. NGXASI Year to Date gain is now 156Bpts while the Market Capitalization Year to Date gain now stood at N254.056 billion same as 121Bpts above the year’s opening value.
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