Trading activities on the floor of The Nigerian Stock Exchange ended in the positive territory, as the lead performance index-NSEASI added 312Bpts and closed at 23,809.31 from 22,089.86. Safe NSE-Insurance Index that shed points, other observed market indices in this report rounded up above their respective opening points. Thus, Week to Date, lead index is 342Bpts above opening while the total gained points in the month of May is now 342Bpts. See the index movement table for details.
After the long negative reactions to the deadly Covid-19 pandemic, which saw the market far down the negative path, the market have seen 7 straight gains that cut off good portion of the lost points since the event commenced. Please understand that, today’s positive move is further impacted by increased buying interest in few highly capitalised equities, amongst which are Dangote Cement and MTNN. In our opinion, attractions to the stock market at the moment includes palliative products from the federal government, targeted towards silencing the expected negative effect of the pandemic on the economy, improved first quarter earnings performances, low/attractive price of listed equities, and low attractions in other capital market investment instruments. Nevertheless, we recommend a careful play around the market.
Value gained by the Market Capitalization of the listed equities during today’s trading activities was N374.944 billion, same as 312Bpts above the opening value. Meanwhile, trading activities for the day produced 29 ADVANCERS and 07 LAGERS. NSEASI Year to Date loss is now 1,130Bpts while the Market Capitalization Year to Date loss stood at N520.084 billion same as 425Bpts below the year’s opening value.
Dangote Cement led the advancers’ log with 10.00% gain, as it rounded up trade at N143.00 from N130.00. Neimeth followed on the log with 9.26% gain, thus, it closed at N0.59 from N0.54. UAC-PROP, Prestige Assurance and Unity Bank completed the top 5 list with 9.09%, 9.09% and 6.82% respectively.
Meanwhile, May & Baker led the decliners’ log with 10.00% loss to close at N2.43 from N2.70. NPF-Microfinance followed on the log with 9.60% loss, thus it closed at N1.13 from N1.25. Linkage Assurance, MCNICHOLES and Flourmills completed the top 5 price percentage losers list with 9.43%, 8.70% and 5.95% respectively.
As at the time this report was gathered, Brent Crude sells at 18.94$/bbl, this is 128Bpts above the previous close price.
The I&E FX Window opened at N384.83 traded as high as N390.00 before rounding up at N385.40, having transacted a total of $18.58 million through the day. Please note that, margin between the close and open value is 36Bpts up. We are of the opinion that the FX-Market will trade within same range tomorrow. See below table for Lagos BDC Fx-Rates.
In the money market, the Overnight (O/N) rate closed at 5.38%, same as 0.71% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 4.50% that is 0.50% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.