Boosted by the price appreciation on the share price of Dangote Cement, equities trading on the floor of The Nigerian Stock Exchange closed higher as the lead performance pointer NSEASI added 70Bpts to its trading points and closed at 32,664.63 from 32,437.35. It was a mixed performance amongst the observed market indices as shown in our index movement table. Thus, Week to Date, market is 64Bpts into the green zone while Month to Date return loss based to 31Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N82.976 billion, same as 70Bpts above the opening value. Meanwhile, trading activities for the day produced 13 advancers and 22 lagers. NSEASI Year to Date loss is now 14.59% while the Market Capitalization Year to Date loss stood at N1.684 trillion same as 12.38% below the year’s opening value.
As the third quarter earnings season properly kicks off, we reiterate that traders should carefully screen earnings figures for timely position towards the full year incentives. Meanwhile, it should equally be noted that most listed equities are quite attractive at the moment, as induced by the prolonged weak performances around the market arena in recent times. We are of the opinion that the banking stocks are most shielded from the nation’s harsh business environment especially with the keen regulations from the CBN.
As at the time we compiled this report, Brent Crude trades at $80.16/bbl having gained 0.11% from the last close price.
At the interbank rate today, the Naira closed unchanged at N306.50 against the USDollar same as 2Bpts below Friday’s close point. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N364.00 traded as high as N365.50 before rounding up at N363.33, having transacted a total of $317.11 million through the day. Please note that, margin between the close and open value is an equivalent of 10Bpts 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 14.58%, same as 10.20% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 13.33%, that is, 9.33% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.