For the second time within the week, equities trading on the floor of The Nigerian Stock Exchange rounded up in the positive territory, thus, the lead performance pointer, NSEASI added 47Bpts to its trading points and closed at 31,151.68 from 31,007.25. It was a mixed performance amongst the observed market indices as shown in the index movement table. Both Week to Date and Month to Date market returns remained in the green by 90Bpts each. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N52.727 billion, same as 47Bpts above the opening value. Meanwhile, trading activities for the day produced 19 ADVANCERS and 19 LAGERS. NSEASI Year to Date loss is now 18.54% while the Market Capitalization Year to Date loss stood at N2.236 trillion same as 16.43% below the year’s opening value.
The two days positive performance looks attractive and may get the attention of traders to the equities market. Although market liquidity should improve during this season especially since politicking is at its height at the moment. Should the market receive major liquidity boost from the politician spending, it will go against our expectations of cautious trend. Recall that we mentioned that the usual political boost may be halted by heightened cautiousness by politicians due to various financial monitoring policies currently running in the country. In conclusion, we expect traders to watch out for the sustainability of the positive moves.
As at the time we compiled this report, Brent Crude trades at $61.56/bbl having gained 0.52% from the last close price.
At the interbank rate today, the Naira closed unchanged N306.85 against the USDollar. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N363.95 traded as high as N365.50 before rounding up at N364.63, having transacted a total of $24.01 million through the day. Please note that, margin between the close and open value is an equivalent of 17Bpts 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 13.80%, same as 3.58% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 12.00%, that is, 3.33% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.