Equities trading on the floor of The Nigerian Stock Exchange rounded up the first trading day of the week on a negative note as the lead performance index gave up 24Bpts and closed at 32,048.18 from 32,124.93. Safe NSE-Oil&Gas and NSE-Lotus II that added points other observed market indices closed below their respective opening points. Week to Date market is down by 24Bpts while the total points lost within the month is 129Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N28.023 billion, same as 24Bpts below the opening value. Meanwhile, trading activities for the day produced 17 advancers and 24 lagers. NSEASI Year to Date loss is now 16.20% while the Market Capitalization Year to Date loss stood at N1.909 trillion same as 14.03% below the year’s opening value.
Having fully digested nine months financials as released by listed equities with December financial year end, traders’ response seem to be shifting towards the bearish region as confirmed by the lead indicator’s trend in recent times. An overview of released financials confirmed that earnings are generally unimpressive, hence investors’ negative response. Nevertheless, the political dicey tune has further increased investment risk around the market. Considering the long bear’s stay within the market, we are of the opinion that, traders will beat down investment risk by adopting either long or medium term investment strategy, please understand that the probability of short term positions’ failure is on the high side at the moment.
As at the time we compiled this report, Brent Crude trades at $72.69/bbl having loss 0.14% from the last close price.
At the interbank rate today, the Naira closed at N306.65 against the USDollar this is same as 0.02% below Friday’s close. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N363.50 traded as high as N364.00 before rounding up at N363.64, having transacted a total of $231.24 million through the day. Please note that, margin between the close and open value is an equivalent of 3Bpts gain. 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 3.58%, same as 1.25% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 3.08%, that is, 1.00% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.