FeaturedMarket Update

Equities Market Switched further South, as NSEASI gave up 78Bpts

Equities trading on the floor of The Nigerian Stock Exchange rounded up today’s trade in the negative territory as the lead performance pointer NSEASI gave up 78Bpts and closed at 31,969.78 from 32,222.24. It was a mixed performance amongst the observed market indices as shown in the index movement table. Week to Date, the lead activities index is down by 28Bpts while total lost point within the month of November is now 123Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N92.164 billion, same as 78Bpts below the opening value.  Meanwhile, trading activities for the day produced 10 advancers and 22 lagers. NSEASI Year to Date loss is now 16.40% while the Market Capitalization Year to Date loss stood at N1.938 trillion same as 14.24% below the year’s opening value.

Going by the consistence bearish moves, it is evident that confidence is generally negative in the equities market. Safe the fact that equities now get cheaper and attractive for long term positions, buyers’ tradable news are currently scarce; in fact, several released nine months financial statistics are below expectations. Notably is the strong sell offs on major banking equities shares during today’s trading activities, this was evident by the 155Bpts loss recorded by the sector’s indices. We therefore recommend a cautious tread around the market arena; we are of the opinion that, risk around long positions are minimal at the moment.

As at the time we compiled this report, Brent Crude trades at $63.96/bbl having loss 1.43% from the last close price.

At the interbank rate today, the Naira closed unchanged at N306.75 against the USDollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N364.26 traded as high as N364.75 before rounding up at N364.26, having transacted a total of $129.06 million through the day. Please note that, margin between the close and open value is an equivalent of 16Bpts 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 10.67%, same as 0.17% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 9.67%, that is, 0.50% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.

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FeaturedMarket Update

Equities Market Switched further South, as NSEASI gave up 78Bpts

Equities trading on the floor of The Nigerian Stock Exchange rounded up today’s trade in the negative territory as the lead performance pointer NSEASI gave up 78Bpts and closed at 31,969.78 from 32,222.24. It was a mixed performance amongst the observed market indices as shown in the index movement table. Week to Date, the lead activities index is down by 28Bpts while total lost point within the month of November is now 123Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N92.164 billion, same as 78Bpts below the opening value.  Meanwhile, trading activities for the day produced 10 advancers and 22 lagers. NSEASI Year to Date loss is now 16.40% while the Market Capitalization Year to Date loss stood at N1.938 trillion same as 14.24% below the year’s opening value.

Going by the consistence bearish moves, it is evident that confidence is generally negative in the equities market. Safe the fact that equities now get cheaper and attractive for long term positions, buyers’ tradable news are currently scarce; in fact, several released nine months financial statistics are below expectations. Notably is the strong sell offs on major banking equities shares during today’s trading activities, this was evident by the 155Bpts loss recorded by the sector’s indices. We therefore recommend a cautious tread around the market arena; we are of the opinion that, risk around long positions are minimal at the moment.

As at the time we compiled this report, Brent Crude trades at $63.96/bbl having loss 1.43% from the last close price.

At the interbank rate today, the Naira closed unchanged at N306.75 against the USDollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N364.26 traded as high as N364.75 before rounding up at N364.26, having transacted a total of $129.06 million through the day. Please note that, margin between the close and open value is an equivalent of 16Bpts 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 10.67%, same as 0.17% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 9.67%, that is, 0.50% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.

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