Post Views: 166 Market Update for November 23 Trading on the Nigeria Stock Exchange on Thursday remained very volatile to consolidate the recovery mod...
Market Update for November 23
Trading on the Nigeria Stock Exchange on Thursday remained very volatile to consolidate the recovery mode on the strength of positive and bright economic indices that were recently released to the market, as investors and traders positioned for September year-end results and December end of year seasonal rally and those hoping to end the year higher than they opened.
Market direction, especially at this time of the year, will be a function of money flow and depending on the prevailing sentiment, particularly when the Q3 corporate earnings has laid bare the true position of most companies on the NSE, in terms of their financial health, fitness and possibility of beating market expectations again when their full year earnings score-cards are released, with higher payout.
The day’s trading started out with little gain which continued to move back and forth till midday when it picked up and rallied very strongly by the afternoon session to hit an intraday high of 36,984.36 point which had been the recent resistance level, helped by value gain in Dangote Cement which on that day opened its latest cement plant in Congo Democratic Republic, making its 17th across Africa. The index later pulled back, touching a low of 36,592.26 as it took back about three-quarter of the day’s gains, before rallying up again to form a symmetric triangle chart pattern that supported continuation of trend as it closed the day higher on a huge volume and stronger positive market breadth.
Market techincals for the day was positive despite the seeming high selling pressure as revealed by the volume index of 1.71 with selling position of 75% and buying volume at 25% of the total transactions of the day to continue the previous day’s bull transition. All of the market indexes closed higher for the day except NSE Industrial that was down.
Meanwhile, the composite index NSEASI gained 79.99 basis points to close at 36,688.75 from the 36,608.76 points it opened, which represented a 0.22% growth, in the same direction with market capitalisation that went up by N27.85bn to close at N12.77tr from the previous N12.75tr, representing a 0.22% value gain in investors’ position.
The upturn recorded was due to price appreciation by low, medium and high cap stocks like Zenith Bank, Access Bank, Dangote Sugar, UBA, Flourmills Seplat, Nestle and International Brewery, as investors and traders took position ahead of year-end rally, a situation that impacted positively on the ASI’s year-to-date return to 36.52%, just as YTD growth in market capitalisation stood at N3.53tr, representing a 38.14% rise over the year’s opening value.
Market breadth was positive as the number of advancers outpaced decliners in the ratio of 29:11 on a huge traded volume that was higher than previous day level.
Market activities in terms of volume and value were up by 55.11% and 16.01% respectively to 513.8m shares valued at N6.45bn, from previous day’s 331.24m units worth N5.56bn. Transactions were driven by the shares of UBA, Access Bank, Zenith Bank, Tantalizer and Fidelity Bank that topped the volume chart.
At the end of the day’s trading session Custodian & Allied Insurance topped the advancers’ log, gaining 4.99% to close at N4.00 per share, on the strength of its improving fundamentals. It was followed by International Brewery that was up by 4.13% to close at N53.94 on market forces due to its going merger process.
On the flipside, PZ shed a further 4.99% to close at N23.42 each on market forces and profit taking, ahead of Champion Breweries which lost 4.69% to close at N2.05 each, also on profit taking and market forces.
Being the last trading day of the week, expect volatility to continue as traders take profit from the few day rally, as investors position on strength of strong earnings and positive economic data ahead of the year-end since the price of oil in the international market remains relatively high to boost the nation reserve that will attract inflow.
Again, we advise that investors allow numbers to guide their decisions while repositioning for the rest of the year’s trading activities, especially now that stock prices remain volatile amidst improving company, economic and market fundamentals.
It is time to combine fundamentals and technical tools to take decision by knowing the support and resistant level to reposition or exit any position. Market is in phases know the cycles in order to manage your trading and investing risk. For stocks that should be on your shopping list to buy in this seasonality changes as the year winds down, sign up to INVESTDATA BUY AND SELL signal setup by calling 08032055467.
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