Equities trading on the floor of The Nigerian Stock Exchange dived further south as it gave up 346Bpts of its trading points and rounded up trade at 32,292.79 from 33,449.17. Save NSE-Oil&Gas index that gained, other observed market indexes closed below their respective opening points. Week to Date NSEASI is below opening by 513Bpts while the total points lost within the month of September is now 733Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N422.167 billion, same as 346Bpts below the opening value. Meanwhile, trading activities for the day produced 10 advancers and 37 lagers. NSEASI Year to Date loss is now 15.56% while the Market Capitalization Year to Date loss stood at N1.820 trillion same as 13.37% below the year’s opening value.
As the market depressed further by the ongoing political season cum international factors, one thing that must be noted carefully is the fact that the market has become more attractive, especially for the long term investors. Please understand that to a large extent, fundamentals of most equities participating in the consistent downtrends are intact. This couple with the fact that the market is currently at the end of the third quarter of listed coys with December financial year should attract intelligent investors at the moment. Thus, we strictly recommend that investors maintain positions (long and medium term) in tranches.
At the interbank rate today, the Naira was unchanged at N306.25 against the USDollar. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window which took off from N362.71 traded as high as N365.00 before rounding up at N363.10, having transacted a total of $220.61 million through the day. Please note that, margin between the close and open value is an equivalent of 1Bpts. 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 8.92%, same as 1.67% below yesterday’s closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 8.33%, that is, 2.00% below the previous day’s close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.