Equities trading on the floor of The Nigerian Stock Exchange rounded up today’s trading activities in the negative territory, as the lead performance index, NSEASI gave up 46Bpts of its trading points and closed at 32,963.27 from 33,114.46. Safe NSE-Banking Index that gained, other observed market indices shed points. Week to Date, lead activities index is 130Bpts into the green territory, while the total lost points so far in September is now 541Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N55.188 billion, same as 46Bpts below the opening value. Meanwhile, trading activities for the day produced 17 advancers and 23 lagers. NSEASI Year to Date loss is now 13.81% while the Market Capitalization Year to Date loss stood at N1.575 trillion same as 11.58% below the year’s opening value.
If there is any time when the bear face the risk of being challenged, it is now, as businesses are rounded up for the third quarter financials and investors keenly awaits performance indices from equities with December financial year. In our opinion, regardless of market’s trend response to the season, traders should strategically identify equities with strong fundamental back up and position in such with medium and long term investment objectives. We believe that such equities, though may drop further, stand the chance of returning much profit at the end of 2019 first quarter.
At the interbank rate today, the Naira closed unchanged 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 N363.50 traded as high as N365.00 before rounding up at N364.00, having transacted a total of $264.04 million through the day. Please note that, margin between the close and open value is an equivalent of 8Bpts 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 17.92%, same as 1.50% below yesterday’s closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 16.67%, that is, 1.33% below 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.