Equities trading on the floor of The Nigerian Stock Exchange recorded another bearish day as the lead performance pointer NSEASI lost 64Bpts of its trading points and closed at 27,864.49 from 28,042.80. Safe NSE-Lotus II and NSE-Industrial Goods that added points other observed market indices in this report closed below their respective opening points. Week to Date, market is below opening by 246Bpts while the total lost points in the month of July is 702Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N86.898 billion, same as 64Bpts below the opening value. Meanwhile, trading activities for the day produced 12 ADVANCERS and 19 LAGERS. NSEASI Year to Date loss is now 1,135Bpts while the Market Capitalization Year to Date gain stood at N1.859 trillion same as 1,586Bpts above the year’s opening value. See Index movement table for details.
The market today received the first half year financial statistics from Transnational Corporation of Nigeria Plc (Transcorp). The result was a below expectation performance as the Turnover dipped by 30.19% having moved from N54.08 billion to N37.76 billion. Profit after Tax equally dropped by 57.57% to stand at N4.61 billion against N10.87 billion in 2018 half year.
It would have been strange should the Nigerian Equities Market performed differently from the happenings in the country. The market had correctly reflected the glaring sterile nature of the Nigerian economy. Without mixing words, the market is currently not attracting investment since the economy is clearly repulsive to same.
As at the time this report was gathered, Brent Crude sells at 63.23$/bbl, this is 130Bpts above the previous close price.
The I&E FX Window opened at N361.33 traded as high as N362.40 before rounding up at N361.62, having transacted a total of $167.12 million through the day. Please note that, margin between the close and open value is an equivalent of 0Bpts gain. We are of the opinion that the FX-Market will trade within same range tomorrow. See below table for Lagos BDC Fx-rates.
In the money market, the Overnight (O/N) rate closed at 7.00%, same as 2.50% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 6.29%, that is, 2.43% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.