In what can be called marginal recovery of yesterday’s lost points, equities trading on the floor of The Nigerian Stock Exchange added 44Bpts to its trading point and closed at 32,545.06 from 32,403.60. Safe NSE-Banking and NSE-Industrial Goods that shed points, other observed market indices closed up. Week to Date market return remained red by 90Bpts while total lost point within the month is now 68Bpts. See the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N51.642 billion, same as 44Bpts above the opening value. Meanwhile, trading activities for the day produced 19 advancers and 19 lagers. NSEASI Year to Date loss is now 14.90% while the Market Capitalization Year to Date loss stood at N1.728 trillion same as 12.70% below the year’s opening value.
As the earnings season continues, traders now have several valid reasons to patronized few equities. Although, many had been trapped in most of these equities before now. We perceived that good numbers of traders have not only streamlined the equities in their trading baskets, but have also zeroed in to holding old stocks till next year when the election will be over. Nevertheless, we reiterate that investors should carefully screen earnings figures for timely positions towards the full year incentives. It should equally be noted that most listed equities are quite attractive at the moment, due to the prolonged bear stay around the market arena in recent times.
As at the time we compiled this report, Brent Crude trades at $76.42/bbl having dropped 0.47% from the last close price.
At the interbank rate today, the Naira closed unchanged at N306.55, against the USDollar. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N363.78 traded as high as N365.00 before rounding up at N363.95, having transacted a total of $339.16 million through the day. Please note that, margin between the close and open value is an equivalent of 2Bpts 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 11.93%, same as 5.29% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 11.50%, that is, 5.17% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.