Reversing yesterday’s loss position, equities trading on the floor of The Nigerian Stock Exchange rounded up trade in the positive territory, as the lead performance index NSEASI added 11Bpts and closed at 32,417.82 from 32,382.58. It was a mixed performance amongst the observed market indices as shown in the index movement table. Week to Date reversed by 11Bpts into the positive region while Month to Date loss adjusted back to 106Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N12.864 billion, same as 11Bpts above the opening value. Meanwhile, trading activities for the day produced 15 advancers and 17 lagers. NSEASI Year to Date loss is now 15.23% while the Market Capitalization Year to Date loss stood at N1.774 trillion same as 13.04% below the year’s opening value.
Trading on the floor today witnessed an Improvement on active equities’ log, although higher percentage of listed equities remained static in price. Investors had evidently remained cautious around the market arena. It is also clear that most listed equities currently trades at attractive prices and are very good for entries. We maintained that giving the underlining market fundamentals, investors are better off with both long and medium positions, we believe that the expected nine months financial performances will give better guidance on choice of stocks for considerations in trading baskets. Finally, we warn against panic exits in current positions.
As at the time we compiled this report, Brent Crude trades at $81.06/bbl having loss 2.03% from the last close price.
At the interbank rate today, the Naira closed unchanged at N306.45 against the USDollar. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N363.85 traded as high as N365.50 before rounding up at N364.02, having transacted a total of $285.05 million through the day. Please note that, margin between the close and open value is an equivalent of 7Bpts drop. 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 9.58%, same as 0.58% above yesterday’s closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 9.00%, that is, 0.87% above the previous trading day’s close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.