For the first time in several bullish days, equities trading on the floor of The Nigerian Stock Exchange closed in the negative territory, as the lead performance pointer, NSEASI gave up 183Bbpts to close at 40,396.14 from 41,147.39. Safe NSE-Insurance Index that gained, other observed market indices in this report shed points. Thus, both week to Date and Month to Date market returns are in the green by 31pts each. See the index movement table for details.
As more traders joined the market during today’s trade, push for profit taking pulled down the market from the prolonged bullish path. In our opinion, since the market recovered outstandingly during the festive periods and the short holidays, it is expected that traders will sell down to count profit. We believed that, this is one key reason why the market ended in the red today. We expect profit taking to dominate the better part of the week. Nevertheless, we reiterate that, major market fundamentals at the moment are; the full year earnings expectations, and the impact of the second phase of Covid-19 lockdown. We are also of the opinion that, slight change in key economic indicators will receive sharp reactions from traders.
The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N392.816 billion, same as 183Bpts below the opening value. Meanwhile, trading activities for the day produced 16 ADVANCERS and 34 LAGERS. NSEASI Year to Date gain is now 31Bpts while the Market Capitalization Year to Date gain stood at N65.57 billion same as 31Bpts above the year’s opening value.
Standing tall amongst the gainers for the day is BOCGAS that added 9.72% to its price and closed at N10.50 from N9.57. Nem Insurance followed closely with 9.50% to round up trade at N1.96 from N1.79. Sovereign Insurance, Japaul Gold, and Livestock Feeds completed the top 5 price percentage gainers log with 9.09%, 8.82% and 8.63% respectively.
On the flip side, Oando led with 10.00% loss, thus it closed at N3.33 from N3.70. FTNCocoa followed with 9.72% loss to close at N0.65 from N0.72. May&Baker, FBNH and ABCTransport completed the top 5 price percentage gainers log with 8.55%, 8.28% and 7.89% respectively.
Over the Counter Market Index and Capitalisation ended the in the green by 1.18%, thus, rounded up at 741.67 and N532.16 billion respectively. Today’s performance produced two (2) advancer and zero (0) decliner. Kindly view today’s price list Here.
As at the time this report was gathered, Brent Crude sells at 53.51$/bbl, this is 474Bpts above the previous close price. Please note that the spot reference price as at close of business yesterday was 51.60$/bbl.
The I&E FX Window opened at N394.63 traded as high as N411.00 before rounding up at N393.83, having transacted a total of $33.51 million through the day. Please note that, margin between the close and open value is 12Bpts down. 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 1.00%, same as 0.50% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 0.63% that is 0.38% below the previous close. Safe Trade.