Ridding further on the wings of positive sentiments, equities trading on the floor of the Nigerian Stock Exchange rounded up in the green territory. As the lead performance index-NSEASI added 62Bpts and closed at 22,868.40 from 22,727.87. Safe NSE-Insurance Index that shed points, other observed market indices in this report gained. Thus, Week to Date, lead index is 119Bpts above opening while the total gained points in the month of April adjusted to 736Bpts. See the index movement table for details.
Economic developments, earnings numbers and relatively cheap stocks are major market fundamentals at the moment, another fundamental factor is the March Consumer Price Index recently released by the National Bureau of Statistics, according to the report; Headline Inflation rose to 12.26% from 12.20% in the previous month- the highest in 23 months. Meanwhile, the number of active COVID-19 cases in Nigeria has continued to surge, with more people testing positive to the deadly virus; bringing the total number of confirmed cases above 1000 persons. Please understand that, considering the low rate in the money market, the equities market remains most attractive to intelligent investors at the moment.
Value gained by the Market Capitalization of the listed equities during today’s trading activities was N73.238 billion, same as 62Bpts above the opening value. Meanwhile, trading activities for the day produced 14 ADVANCERS and 12 LAGERS. NSEASI Year to Date loss is now 1,480Bpts while the Market Capitalization Year to Date loss stood at N1.040 trillion same as 803Bpts below the year’s opening value.
Courteville led the advancers’ log with 10.00% gain, as it rounded up trade at N0.22 from N0.20. Vitafoam followed on the log with 9.98% gain, thus, it closed at N4.96 from N4.51. ARDOVA, UACN and AIICO followed with 9.95%, 9.68% and 6.25% respectively.
Meanwhile, Eterna Oil led the decliners’ log with 9.62% loss as it rounded up trade at N2.16 from N2.39, University Press followed on the log with 7.62% loss to close at N0.97 from N1.05. Lasaco, Cornerstone and Chams completed the top 5 price percentage losers log with 7.14%, 6.78% and 4.35% loss respectively.
As at the time this report was gathered, Brent Crude sells at 14.85$/bbl, this is 0.00Bpts above the previous close price.
The I&E FX Window opened at N386.04 traded as high as N389.90 before rounding up at N386.45, having transacted a total of $13.52 million through the day. Please note that, margin between the close and open value is 0.05Bpts 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 3.40%, same as 8.68% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 2.80% that is 8.13% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.