Equities trading on the floor of The Nigerian Stock Exchange took another 125Bpts into the negative territory as the lead performance index NSEASI rounded up trade at 33,611.69 from 34,037.91. All observed market indices journeyed with the bear as shown in the index movement table. After today’s move, total point lost within the few trading days in the month of September is now 355Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N155.601 billion, same as 125Bpts below the opening value. Meanwhile, trading activities for the day produced 11 advancers and 21 lagers. NSEASI Year to Date loss is now 12.11% while the Market Capitalization Year to Date loss stood at N1.338 trillion same as 9.84% below the year’s opening value.
Measured by the NSEASI trading point, the market has now lost 28.63% of the gains achieved in 2017. Recall that total gained point through 2017 was 42.30% while points lost so far in 2018 is currently 12.11%. Please understand that should we compare the difference between the highest points achieved in 2018 (45,321.82) to the current trading point (33,611.69) we can safely conclude that the total lost point in 2018 is now 25.84%. In our opinion, the market has presented investors a golden opportunity to stock their respective portfolios with cheap stocks.
At the interbank rate today, the Naira closed at N306.25 against the USDollar. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window which took off from N362.67 traded as high as N364.50 before rounding up at N364.50, having transacted a total of $249.84 million through the day. Please note that, margin between the close and open value is an equivalent of 9Bpts. We are of the opinion that the FX-Market will trade within same range tomorrow.
In the money market, the Overnight (O/N) rate closed at 5.00%, same as 1.58% below yesterday’s closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 4.17%, that is, 1.33% below the previous day’s close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.