Swiftly erasing Monday’s lost points, equities trading on the floor of The Nigerian Stock Exchange rounded up in the positive territory as the lead performance index NSEASI added 70Bpts and closed at 30,822.33 from 30,609.06. Safe NSE-Consumer Goods and NSE-Insurance that shed points, other observed market indices gained. Thus, Week to Date, lead activities index is up by 49Bpts while Month to Date loss adjusted down to 17Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N74.929 billion, same as 67Bpts above the opening value. Meanwhile, trading activities for the day produced 24 ADVANCERS and 11 LAGERS. NSEASI Year to Date loss is now 19.40% while the Market Capitalization Year to Date loss stood at N2.354 trillion same as 17.30% below the year’s opening value.
Judging by the full positive candlestick formation representing today’s trading activities, we can safely conclude that market actions maintained positive side from the start of business to the last minutes of trade. Traders positivity in active equities was further established by the improved market breadth posted at the end of today’s activities, it will be observed that the decliners’ log shrank, compare to the previous day. Nevertheless, we have not identified any clear sign of reversal, in other words, we are of the opinion that the overall market direction for the rest of 2018 remain strong towards the negative territory. Thus we recommend that traders should take advantage of any short recovery opportunities presented within the period.
As at the time we compiled this report, Brent Crude trades at $56.58/bbl having gained 0.32% from the last close price.
At the interbank rate today, the Naira closed unchanged at N306.95 against the USDollar. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N364.75 traded as high as N366.20 before rounding up at N364.96, having transacted a total of $167 million through the day. Please note that, margin between the close and open value is an equivalent of 2Bpts loss. 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 21.25%, same as 17.33% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 19.33%, that is, 17.33% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.
By Jeariogbe Tunde Segun
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