Maintaining recovery path, equities trading on the floor of The Nigerian Stock Exchange rounded up the day in the positive territory. Thus, the lead performance pointer NSEASI added 76Bpts to its trading points. It was a mixed performance amongst the observed market indices in this report. Week to Date, activities index is above opening by 139Bpts while the total lost points within the month reduced to 345Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N84.369 billion, same as 76Bpts above the opening value. Meanwhile, trading activities for the day produced 16 ADVANCERS and 17 LAGERS. NSEASI Year to Date loss is now 464Bpts while the Market Capitalization Year to Date loss stood at N463.435 billion same as 395Bpts below the year’s opening value.
Market maintained strength towards the north today despite reduced activities log. Technically, yesterday move (which was a full green candlestick) stood fit above resistance, should this move continue, the next resistance lies at 30,576.90. Fundamentally, the market is currently being excited by various impressive first quarter numbers. This move is in line with our expectations, recall that we had constantly mentioned the possibilities of the Q1 statistics re-establishing investors’ confidence in listed equities since the full year failed to achieve same. So far, three banking equities numbers (Guaranty Trust Bank, Zenith Bank and Access Bank) had been unveiled. We maintained that strategic position in fundamentally based equities is an intelligent investment decision.
As at the time we compiled this report, Brent Crude trades at $71.60/bbl having lost 0.02% to stand above the last close price.
At the interbank rate today, the Naira closed unchanged at N306.95 against the dollar. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N360.25 traded as high as N362.00 before rounding up at N360.42, having transacted a total of $651.57 million through the day. Please note that, margin between the close and open value is an equivalent of 5Bpts 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 16.57%, same as 0.86% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 15.71%, that is, 0.43% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.