Kicking off the first trading day of the week, the bear slashed of 27Bpts off the gained points in the previous week, as the lead performance pointer, NSEASI rounded up trade at 32,451.27 from 32,540.17. It was a mixed performance amongst the observed market indices as shown in the index movement table. After today’s negative performance, total lost points in the month of September shifted to 688Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N32.455 billion, same as 27Bpts below the opening value. Meanwhile, trading activities for the day produced 13 advancers and 23 lagers. NSEASI Year to Date loss is now 15.14% while the Market Capitalization Year to Date loss stood at N1.762 trillion same as 12.95% below the year’s opening value.
All eyes are on the possible outcome of the Monetary Policy Meeting which commenced today Monday 24th September, 2018 to round up on Tuesday 25th September, 2018. In our opinion, with the resurged inflation numbers and expected increase in the United States interest rate decision (due on Wednesday), we expect rate hold to continue. Although, the market trend is currently dictated by bearish sentiments in the name of electioneering season, we advise that investors should closely watch out for likely effect of the expected nine months financials on the market trend.
As at the time of this report Brent Crude is priced for $81.43/barrel, this is 28Bpts increase above yesterday’s closing price. Meanwhile the most current contract is slated for 1st November. See our crude oil analysis table for details.
At the interbank rate today, the Naira closed at N306.35 against the USDollar. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N363.16 traded as high as N364.50 before rounding up at N364.28, having transacted a total of $191.92 million through the day. Please note that, margin between the close and open value is an equivalent of 16Bpts drop. 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 9.08%, same as 4.33% above Friday’s closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 8.33%, that is, 4.33% above the previous trading day’s close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.