Saved by late hour gain by Nestle Foods Plc, equities trading on the floor of The Nigerian Stock Exchange rounded up in the positive territory, as the lead performance index NSEASI added 15Bpts and rounded up trade at 31,360.28 from 31,313.36. It was a mixed performance amongst the observed market indices as shown in the index movement table. Week to Date, activities index is down by 177Bpts while the total lost point in the month of March is now 114Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N17.498 billion, same as 15Bpts above the opening value. Meanwhile, trading activities for the day produced 13 ADVANCERS and 18 LAGERS. NSEASI Year to Date loss is now 22Bpts while the Market Capitalization Year to Date loss stood at N25.983 billion same as 22Bpts above the year’s opening value.
Safe the fact that gains on Nestle Foods share price helped shoulder off dwindling position towards the end of trading hour; market would have ended in the red. In other words, we are of the opinion that the general market mood remains negative, especially when we consider the dwindling nature of the gainers’ and losers’ log at the end of today’s trade. Notably is the fact that the market had lost substantial amount of gained points in February, and may lose more if more traders do not agree that the market should recover in the next trading session. Nevertheless, we maintained that taking shelter in fundamentally sound listed equities is an intelligent investment decision.
As at the time we compiled this report, Brent Crude trades at $67.55/bbl having gain 0.88% 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 N360.65 traded as high as N363.50 before rounding up at N360.29, having transacted a total of $180.69 million through the day. Please note that, margin between the close and open value is an equivalent of 4Bpts 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 10.00%, same as 0.33% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 9.42%, that is, 0.25% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.