Equities trading on the floor of The Nigerian Stock Exchange maintained negative track as the lead index- NSEASI gave up 24Bpts and closed at 30,568.05 from 30,642.35. It was a mixed performance amongst the observed market indices as shown on the index movement table. Thus, Week to Date, activities index is below opening by 97Bpts while total lost point within the month is now 99Bpts. See the index movement table for details.
Value lost by the market capitalization of the listed equities during today’s trading activities was N27.139 billion, same as 24Bpts below the opening value. Meanwhile, trading activities for the day produced 20 ADVANCERS and 21 LAGERS. NSEASI Year to Date loss is now 20.07% while the Market Capitalization Year to Date loss stood at N2.443 trillion same as 17.96% below the year’s opening value.
In our opinion, the nation’s economic growth would maintain the positive side through the year, this is despite the reduced contribution of the oil sector to the just released GDP figure. Please note that according to the report released by the National Bureau of Statistics, growth were observed in the following sectors; electricity and others supply, information and communication, transport and other services, in contrast to contraction in the financial and insurance sector, mining and quarrying, real estate and public administration among others. Nevertheless, we have noticed that traders are generally indifference to most of these changes as market trend seems to be maintaining status quo so far.
As at the time we compiled this report, Brent Crude trades at $61.71/bbl having added 1.56% from the last close price.
At the interbank rate today, the Naira closed unchanged at N306.90 against the USDollar. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N364.54 traded as high as N366.00 before rounding up at N365.00, having transacted a total of $418.89 million through the day. Please note that, margin between the close and open value is an equivalent of 6Bpts 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 17.25%, same as 45.25% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 16.50%, that is, 40.17% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.
Comment here