Equities trading on the floor of The Nigerian Stock Exchange took another ride with the bear, as the lead performance pointer- NSEASI gave up 47Bpts and closed at 29,688.68 from 29,809.20. Safe NSE-Lotus II and NSE-Industrial Goods that added points, other observed market indices slide. Thus, Week to Date, market is 61Bpts below opening while a total of 451Bpts had been lost in the month of June. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N61.926 billion, same as 47Bpts below the opening value. Meanwhile, trading activities for the day produced 14 ADVANCERS and 22 LAGERS. NSEASI Year to Date loss is now 561Bpts while the Market Capitalization Year to Date gain stood at N1.353 trillion same as 1,155Bpts above the year’s opening value.
As noted in our report previous report, the market is currently trading around a major support point located at 29,623.00 point. So far, it had been seemingly reluctant as it approaches the said point. Although the market still plays above the said support, today’s move weakened its supportive strength. The question is, will the support rescue the market from the bear as it does on 10th January, 2019?
Nevertheless, we maintained that traders should focused on taking full advantage of low valuation of listed equities giving higher priority to those with half year incentives history. In conclusion, we expect mixed performance for the rest of the week with the bear taking the lead. In our opinion, the market awaits new economic blue print especially the implementation of the 2019 Budget.
As at the time this report was gathered, Brent Crude sells at 65.74$/bbl, this is 88Bpts above the previous close price.
The I&E FX Window opened at N360.41 traded as high as N361.50 before rounding up at N360.77, having transacted a total of $254.91 million through the day. Please note that, margin between the close and open value is an equivalent of 11Bpts gain. 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 8.21%, same as 2.21% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 7.50%, that is, 2.36% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.