Reversing the previous day’s loss, equities trading on the floor of The Nigerian Stock Exchange added 37Bpts to its trading points as it rounded up trade at 32,228.50 from 32,108.30. 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 32Bpts into the green zone while Month to Date market loss is now 73Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N43.883 billion, same as 37Bpts above the opening value. Meanwhile, trading activities for the day produced 19 advancers and 15 lagers. NSEASI Year to Date loss is now 15.73% while the Market Capitalization Year to Date loss stood at N1.843 trillion same as 13.55% below the year’s opening value.
It is glaring that the market is currently dealing with heightened indecisive state of traders, although trend is currently struggling between the two market lords (The Bull and Bear), the probability of yielding the bear’s call is higher. One very important dose for any trader playing the market at the moment is such as could eradicate fear/anxiety, as fearful traders are bound to lose good portion of their trading funds to smart investors. In our opinion, confirming the intrinsic value of equities of choice before positioning is a must at the moment. Also, playing both medium and long term positions looks more reasonable than attempting short term position in any listed equities. We maintained that traders should tread the market with heightened cautiousness.
As at the time we compiled this report, Brent Crude trades at $70.65/bbl having loss 1.42% from the last close price.
At the interbank rate today, the Naira closed unchanged at N306.65 against the USDollar. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N363.42 traded as high as N365.00 before rounding up at N363.65, having transacted a total of $82.20 million through the day. Please note that, margin between the close and open value is an equivalent of 2Bpts 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 4.26%, same as 0.33% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 3.67%, that is, 0.17% 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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