It was another bearish day on the floor of the Nigerian Stock Exchange as the Lead performance pointer NSEASI dipped further by 56Bpts and closed at 28,043.32 from 28,200.88. All observed market indices observed in this report dipped. Thus, Week to Date, lead activities pointer is down by 183Bpts while Month to Date market loss increased to 642Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N77.042 billion, same as 56Bpts below the opening value. Meanwhile, trading activities for the day produced 08 ADVANCERS and 26 LAGERS. NSEASI Year to Date loss is now 1,078Bpts while the Market Capitalization Year to Date gain stood at N1.945 trillion same as 1,660Bpts above the year’s opening value. See Index movement table for details.
It would have been strange should the Nigerian Equities Market performed differently from the happenings in the country. The market had correctly reflected the glaring sterile nature of the Nigerian economy. Without mixing words, the market is currently not attracting investment since the economy is clearly repulsive to same.
Nevertheless, the market mood is expected to be mildly impacted before the end of the month; when half year earnings of equities with December year end and full year reports of others with March year end are released to the market. One smart trading strategies that will work at the moment, is selling now and acquiring more units at lower price.
As at the time this report was gathered, Brent Crude sells at 63.78$/bbl, this is 12Bpts above the previous close price.
The I&E FX Window opened at N360.99 traded as high as N362.25 before rounding up at N361.61, having transacted a total of $279.22 million through the day. Please note that, margin between the close and open value is an equivalent of 10Bpts gain. 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 4.50%, same as 1.43% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 3.88%, that is, 1.36% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.