Equities trading on the floor of The Nigerian Stock Exchange sustained positive sentiments for the fifth (5th) trading session, as the lead performance pointer NSEASI soared by 198Bpts and closed at 31,433.49 from 30,821.80. All observed market indices in this report ended above their respective opening points. Thus, Week to Date, activities index is up by 260Bpts, while the total gained point in the current month is now 287Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N228.109 billion, same as 198Bpts above the opening value. Meanwhile, trading activities for the day produced 25 ADVANCERS and 13 LAGERS. NSEASI Year to Date gain is now 1Bpts while the Market Capitalization Year to Date gain stood at N1.323 billion same as 1Bpts below the year’s opening value.
After today’s performance, traders only require approximately 25 points to establish the first confirmation that the long trailed down trend has ended. Recall that we previously mentioned the possibility of the end of the prolonged bear stay around the market arena. Should the market attain a new high before pulling back, we will have 50% assurance that a new trend is in place. Nevertheless, it is necessary for the next pull back to recover before the last low; this is the final confirmation of the new trend’s presence. Please understand that the market is currently in the last stage of earnings positioning, as listed equities will flood the market with their financial performances any moment from now. Kindly position accordingly.
As at the time we compiled this report, Brent Crude trades at $62.66/bbl having gained 0.68% above the last close price.
At the interbank rate today, the Naira closed unchanged at N306.70 against the USDollar. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N361.88 traded as high as N364.25 before rounding up at N361.64, having transacted a total of $348.48 million through the day. Please note that, margin between the close and open value is an equivalent of 2Bpts 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 18.42%, same as 3.42% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 17.33%, that is, 3.33% 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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