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Boosted by gains on Airtel Africa and Bua-Foods, equities trading on the floor of the Nigerian Stock Exchange rounded up in the positive territory, as the lead performance pointer- NSEASI added 105Bpts to its trading points, and closed at 43,476.75 from 43,026.23. It was a mixed performance amongst the observed market indices in this report as shown in the index movement table. Thus, Week to Date, the lead index is 178Bpts above opening, while the total gained points in the month January is now 178Bpts. See the index movement table for details.
Unlike the previous years, the month of January is now greeted with a brighter mood, starting from last year. This is due to the new policy which mandated listed equities to release interim full year numbers before the final release of the audited financials. In our opinion, this will form major market fundamentals within the month. Another factor that will further dictate market direction is the upcoming MPC meeting and the release of December 2021 headline inflation number. Please understand that, we do not expect the committee to adjust the rate at the end of the meeting. Nevertheless, we note that, trading on the exchange floor is still low, as most traders still cool off in the strategic room. Technically, the market had cracked a major resistance point and is currently targeting November highest high.
The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N242.75 billion, same as 105Bpts above the opening value. Meanwhile, trading activities for the day produced 22 ADVANCERS and 17 LAGERS. NGXASI Year to Date gain is now 178Bpts while the Market Capitalization Year to Date gain now stood at N1.129 trillion same as 507Bpts above the year’s opening value.
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