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Chiefly impacted by loss on MTNN share price, equities trading on the floor of the Nigerian Stock Exchange rounded up the first trading day in December in the negative territory, as the lead performance pointer- NSEASI gave up a whooping 181Bpts of its trading points, and closed at 42,463.16 from 43,248.05. Safe NSE-Insurance and NSE-Industrial Goods indexes that gained, other observed market indices in this report closed below their respective openings. Thus, Week to Date, the lead index is 195Bpts below opening, while the total lost points in the month December is now 181Bpts. See the index movement table for details.
After a very long resistance from the bullish investors, the market finally takes a deep slide that closed several key sub-indices in the negative territory. Please understand that the first half of December is usually bearish, while the concluding weeks is normally boosted by Santaclus rally, full year earnings expectation positioning, and window dressing activities. Aside this fact, the pulling back action should drag equities to more attractive points which will further enhanced the market at recovery, in our opinion, it is the technical approach of breaking the stubborn resistance that the market had been struggling with for the past three weeks. We therefore warned against panic exits and recommend that investors/traders take full advantage of dropping prices to solidify their stands.
The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N440.990 billion, same as 195Bpts below the opening value. Meanwhile, trading activities for the day produced 15 ADVANCERS and 23 LAGERS. NGXASI Year to Date gain is now 544Bpts while the Market Capitalization Year to Date gain now stood at N1.100 trillion same as 523Bpts above the year’s opening value.
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