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Rounding up on a flat note, equities trading on the floor of the Nigerian Stock Exchange ended in the negative territory, as the lead performance pointer- NSEASI gave up marginal 1Bpts from its trading points, and closed at 43,255.14 from 43,260.13. It was a mixed performance amongst the observed market indices in this report. Thus, Week to Date, the lead index is 13Bpts above opening, while the total gained points in the month November is now 289Bpts. See the index movement table for details.
As profit taking continues with very strong resistance from bullish investors move, the market ended today’s trade on a flat note as noted above, this is coming as the Monetary Committee rounded up its 139th meeting, where it decided by a unanimous vote to retain the Monetary Policy Rate (MPR) at 11.5 per cent. Retain the asymmetric corridor of +100/-700 basis points around the MPR; retain the CRR at 27.5 per cent; and, retain the Liquidity Ratio at 30 per cent. The outcome of the meeting met most analyst’s expectations, hence, we do not expect it to affect market performance in any way. We are of the opinion that, the current pull back action will end shortly, while the market will continue its northward journey. On the strength of this, we recommend that investors avoid panic exit and consolidate portfolios towards the end of year window dressing.
The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N596.40 million, same as 0Bpts above the opening value. Meanwhile, trading activities for the day produced 19 ADVANCERS and 15 LAGERS. NGXASI Year to Date gain is now 741Bpts while the Market Capitalization Year to Date gain now stood at N1.519 trillion same as 722Bpts above the year’s opening value.
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