Equities trading on the floor of The Nigerian Stock Exchange swerved further south as it gave up 48Bpts of its trading points and rounded up trade at 33,449.17 from 33,611.69. Save NSE-Consumer Goods index that gained, other observed market indexes closed below their respective opening points. Week to Date NSEASI is below opening by 173Bpts while the total points lost within the month of September is now 402Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N59.335 billion, same as 48Bpts below the opening value. Meanwhile, trading activities for the day produced 14 advancers and 30 lagers. NSEASI Year to Date loss is now 12.54% while the Market Capitalization Year to Date loss stood at N1.397 trillion same as 10.27% below the year’s opening value.
After today’s trading activities, the lead performance index NSEASI drove closer to its 15-Months low; meanwhile, in the past 8 months, the market had recorded 7 red months and one month (June) with marginal gain. It had also been observed that despite the bearish state of the market, few listed equities still maintained an uptrend, though most of such equities are penny stocks with marginal volatility. We are of the opinion that playing such equities will reduced investment risk at the moment.
At the interbank rate today, the Naira was unchanged at N306.25 against the USDollar. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window which took off from N362.64 traded as high as N364.00 before rounding up at N363.07, having transacted a total of $353.00 million through the day. Please note that, margin between the close and open value is an equivalent of 1Bpts. We are of the opinion that the FX-Market will trade within same range tomorrow.
In the money market, the Overnight (O/N) rate closed at 7.25%, same as 2.25% below yesterday’s closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 6.33%, that is, 2.17% below the previous day’s close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.