Extending positive sentiment to the fourth trading day of the week, equities trading on the floor of The Nigerian Stock Exchange rounded up in the positive territory, as the lead performance pointer-NSEASI added 125Bpts and closed at 24,758.39 from 23,452.23. Safe NSE-Consumer Goods index that shed points, other observed market indices in this report rounded up above their respective opening points. Thus, Week to Date, lead activities index is 372Bpts above opening, while the total gained points in the month of May is now 755Bpts. See the index movement table for details.
Observing market performances for the past 31 trading days, one could easily conclude that a new trend already started. Notice that, since the market recorded the last lowest low on 6th April, it had twice recovered every pullback actions before the respective lows, thereby, forming a clear up-trend. Although the strength of the new uptrend seems weak, the fact that the old trend had ended cannot be argued. Fundamentally, fresh funds seem to be patronising the market, confirming improved traders’ confidence. This trend agrees with several other markets around the world, even while the oil price maintained the positive path.
Value gained by the Market Capitalization of the listed equities during today’s trading activities was N159.553 billion, same as 125Bpts above the opening value. Meanwhile, trading activities for the day produced 29 ADVANCERS and 09 LAGERS. NSEASI Year to Date loss is now 776Bpts while the Market Capitalization Year to Date loss stood at N55.469 billion same as 43Bpts below the year’s opening value.
Sunu Assurance led the gainers’ log for the day with 10.00% gain, as it closed at N0.22 from N0.20. Redstar Express followed with 9.97% gain to close at N3.75 from N3.41. Mobil Oil gained 9.95% while Bua-Cement and Cutix completed the top 5 price percentage gainers’ log with 9.88% and 9.40% respectively.
On the other hand, Arbico led the decliners’ log with 9.91% loss that ended iits price at N2.09 from N2.32. Oando lost 5.76% to close at N2.62 from N2.78. Flour Mills, NPFMCRFBK and JaizBank completed the top 5 list with 4.76%, 3.55% and 3.33% respectively.
As at the time this report was gathered, Brent Crude sells at 34.46$/bbl, this is 109Bpts above the previous close price.
The I&E FX Window opened at N387.25 traded as high as N395.00 before rounding up at N386.50, having transacted a total of $22.25 million through the day. Please note that, margin between the close and open value is 2Bpts 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 2.00%, same as 0.17% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 1.42% that is 0.25% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.