Trading activities on the floor of The Nigerian Stock Exchange ended in the negative territory as the lead performance pointer NSEASI gave up 66Bpts of its trading points and rounded up trade at 27,425.57 from 27,607.02. 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 135Bpts below the opening point while the total lost point in the month of August is currently 106Bpts. See the index movement table for details.
Value loss by the Market Capitalization of the listed equities during today’s trading activities was N88.271 billion, same as 66Bpts below the opening value. Meanwhile, trading activities for the day produced 18 ADVANCERS and 14 LAGERS. NSEASI Year to Date loss is now 1,274Bpts while the Market Capitalization Year to Date gain stood at N1.621 trillion same as 1,383Bpts above the year’s opening value.
Although the FEC meeting expected to give investors a glimpse of policy direction from the newly appointed ministers could not hold, partly due to the absence of President Mohammadu Buhari and partly because the ministers were instructed by the president to familiarize themselves with their new portfolios within the next two weeks from their swearing in date; traders’ confidence seems fairly stable. Meanwhile the implementation of the 2019 budget was reportedly reviewed at the Economic Management Team meeting, presided over by the Vice President Yemi Osinbajo on Wednesday. These and the much awaited half year GDP report constitute key market fundamentals as we approach the end of August.
Nevertheless, we maintained that traders should take advantage of low priced equities, working with individual equity’s fundamentals and conservative valuations.
As at the time this report was gathered, Brent Crude sells at 60.08$/bbl, this is 59Bpts above the previous close price.
The I&E FX Window opened at N362.50 traded as high as N363.85 before rounding up at N362.61, having transacted a total of $346.43 million through the day. Please note that, margin between the close and open value is 15Bpts loss. We are of the opinion that the FX-Market will trade within same range tomorrow. See below table for Lagos BDC Fx-rates.
In the money market, the Overnight (O/N) rate closed at 7.36%, same as 5.43% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 6.29, that is, 5.57% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.