For the third time within 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 101Bpts to its trading points and closed at 27,629.66 from 27,325.94. Safe NSE-Oil&Gas index that shed points, other observed market indices in this report gained. Thus, Week to Date, market gain improved to 262Bpts, while the total lost point within the month is now 32Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N134.622 billion, same as 101Bpts above the opening value. Meanwhile, trading activities for the day produced 22 ADVANCERS and 13 LAGERS. NSEASI Year to Date loss is now 1,209Bpts while the Market Capitalization Year to Date gain stood at N1.720 trillion same as 1,468Bpts above the year’s opening value.
After seven (7) consecutive bearish weeks, the current week is likely to be a winning one for bullish investors. The two days gain experienced so far had almost wiped off all lost points within the month of August. This is coming after the swearing-in of the new ministers. Recall that this had been one major fundamental dent to market performance, as investors fear playing the market without clear direction of the economic space.
In our opinion, this is the time to reposition in beaten and battered blue chip stocks that suffered several blows from the long bearish moves. Meanwhile, trading with heightened cautiousness is recommended as the nation is still threatened with possible economic recession.
As at the time this report was gathered, Brent Crude sells at 60.09$/bbl, this is 17Bpts above the previous close price.
The I&E FX Window opened at N362.67 traded as high as N364.10 before rounding up at N363.01, having transacted a total of $306.82 million through the day. Please note that, margin between the close and open value is an equivalent of 7Bpts 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 24.86%, same as 0.50% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 23.64, that is, 0.90% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.