Taking a brief rest from the four days of consistent bearish runs, equities trading on the floor of The Nigerian Stock Exchange added 28Bpts to round up trade at 34,933.68 from 34,837.50. Safe NSE-Consumer Goods index and NSE-Insurance Index that shed points, other observed market indices gained. On this strength, both Week and Month to Date gain achieved by the lead performance pointer NSEASI is respectively 24Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N35.112 billion, same as 28Bpts above the opening value. Meanwhile, trading activities for the day produced 23 advancers and 18 lagers. NSEASI Year to Date loss is now 8.65% while the Market Capitalization Year to Date loss stood at N855.984 billion same as 6.29% below the year’s opening value.
Without much argument, the market had clearly proved its averseness for possible risk that may accompany the upcoming national election. Thus we expect a play within lower momentum for the better part of this year and probably the first quarter of 2019. On this strength of the above assumption, we recommend both traders and investors to play with medium/long term mind. Considering low cap stocks will also reduced traders’ investment risk at the moment.
At the interbank rate today, the Naira closed at N306.20 against the USDollar, this is 0.02% below yesterday’s close price. Meanwhile, the I&E FX Window which took off from N362.35 traded as high as N364.00 before rounding up at N362.11, having transacted a total of $146.49 million through the day. Please note that, margin between the close and open value is an equivalent of 18Bpts. 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 3.92%, same as 1.50% below yesterday’s closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 3.08%, that is, 1.33% below the previous day’s close. In our opinion, the money market should maintain this range on the next business day. Safe Trade.