Applauding the swearing in of the new ministers by President Mohammodu Buhari, equities trading on the floor of The Nigerian Stock Exchange rounded up in the positive territory, as the lead performance pointer NSEASI added 109Bpts and closed at 27,352.94 from 27,058.62. Safe NSE-Oil&Gas and NSE-Industrial Goods indices that shed points, other observed market indices in this report gained. Thus, total point gained within the week is now 159Bpts while Month to Date loss adjusted down to 132Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N120.649 billion, same as 92Bpts above the opening value. Meanwhile, trading activities for the day produced 23 ADVANCERS and 16 LAGERS. NSEASI Year to Date loss is now 1,297Bpts while the Market Capitalization Year to Date gain stood at N1.586 trillion same as 1,353Bpts above the year’s opening value.
Two listed equities- Skyebank and Fortis Microfinance were today delisted from the daily official list of Nigerian Stock Exchange. The delisting is as a result of the withdrawal of their operating licenses by the central bank of Nigeria. Please note that the value deduction of the two equities accounted for the percentage difference between the All Share Index and Market Capitalization at the end of today’s trade.
From all indications, traders may be gathering confidence around the government, as noticed in their response to the long awaited swearing-in of the ministers. Nevertheless, in the light of possible recession, we recommend heightened cautiousness while positioning (in tranches) into various equities of choice.
As at the time this report was gathered, Brent Crude sells at 60.65$/bbl, this is 35Bpts above the previous close price.
The I&E FX Window opened at N363.26 traded as high as N364.00 before rounding up at N362.77, having transacted a total of $176.49 million through the day. Please note that, margin between the close and open value is an equivalent of 4Bpts loss. 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 25.36%, same as 5.00% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 22.86, that is, 4.29% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.