FeaturedMarket Update

NSEASI Extends Bearish Streak, As More Equities Approach Attractive Points: 7th January, 2019

Equities trading on the floor of the Nigerian Stock Exchange maintained bearish side as the lead performance pointer-NSEASI gave up 78Bpts and closed at 30,400.28 from 30,658.90. Safe NSE-Industrial Goods that added points all other observed market indices ended in the red. On the strength of this, total lost point in the month of January is now 328Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N88.983 billion, same as 78Bpts below the opening value.  Meanwhile, trading activities for the day produced 14 ADVANCERS and 34 LAGERS. NSEASI Year to Date loss is now 3.28% while the Market Capitalization Year to Date loss stood at N384.178 million same as 3.28% below the year’s opening value.

So far, the market had consistently closed down from the first trading day of the year, in our opinion this is due to the activities of investors positioning against the expected risk that may visit the financial market as the national Election Day draws near. Although it is expected that the risk around financial instruments will increase during this period, we are of the opinion that traders with less risky funds (non interest yielding funds) should take advantage of the poor performances for timely capital appreciation at the end of the election.

As at the time we compiled this report, Brent Crude trades at $58.37/bbl having gained 1.31% over the last close price.

At the interbank rate today, the Naira closed lower at N306.90 against the USDollar this is 0.02% gain above the last close.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N364.89 traded as high as N366.50 before rounding up at N365.68, having transacted a total of $140.91 million through the day. Please note that, margin between the close and open value is an equivalent of 9Bpts loss. 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 23.75%, same as 8.83% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 20.00%, that is, 5.92% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.

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FeaturedMarket Update

NSEASI Extends Bearish Streak, As More Equities Approach Attractive Points: 7th January, 2019

Equities trading on the floor of the Nigerian Stock Exchange maintained bearish side as the lead performance pointer-NSEASI gave up 78Bpts and closed at 30,400.28 from 30,658.90. Safe NSE-Industrial Goods that added points all other observed market indices ended in the red. On the strength of this, total lost point in the month of January is now 328Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N88.983 billion, same as 78Bpts below the opening value.  Meanwhile, trading activities for the day produced 14 ADVANCERS and 34 LAGERS. NSEASI Year to Date loss is now 3.28% while the Market Capitalization Year to Date loss stood at N384.178 million same as 3.28% below the year’s opening value.

So far, the market had consistently closed down from the first trading day of the year, in our opinion this is due to the activities of investors positioning against the expected risk that may visit the financial market as the national Election Day draws near. Although it is expected that the risk around financial instruments will increase during this period, we are of the opinion that traders with less risky funds (non interest yielding funds) should take advantage of the poor performances for timely capital appreciation at the end of the election.

As at the time we compiled this report, Brent Crude trades at $58.37/bbl having gained 1.31% over the last close price.

At the interbank rate today, the Naira closed lower at N306.90 against the USDollar this is 0.02% gain above the last close.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N364.89 traded as high as N366.50 before rounding up at N365.68, having transacted a total of $140.91 million through the day. Please note that, margin between the close and open value is an equivalent of 9Bpts loss. 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 23.75%, same as 8.83% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 20.00%, that is, 5.92% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.

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