Equities trading on the floor of The Nigerian Stock Exchange rounded up the first trading day of the week in the positive territory as the lead performance pointer- NSEASI added 19Bpts and closed at 32,444.96 from 32,383.15. Safe NSE-LotusII index that shed points, other observed market indices follow same path with the lead indicator. On the strength of this move, the Month to Date market loss adjusted down to 98Bpts see the index movement table for details.
Value gained by the market capitalization of the listed equities during today’s trading activities was N22.563 billion, same as 19Bpts above the opening value. Meanwhile, trading activities for the day produced 16 advancers and 11 lagers. NSEASI Year to Date loss is now 15.16% while the Market Capitalization Year to Date loss stood at N1.764 trillion same as 12.97% below the year’s opening value.
Although the market breadth remained positive and the lead activities index gained, only few equities emerged on both activities logs and good percentage of listed equities closed on a flat note. Investors had evidently remained cautious around the market arena. It is also clear that most listed equities currently trades at an 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 $84.40/bbl having added 0.49% to its previous closing price.
At the interbank rate today, the Naira closed unchanged at N306.40 against the USDollar. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N363.65 traded as high as N365.00 before rounding up at N363.82, having transacted a total of $313.30 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 22.50%, same as 9.92% below yesterday’s closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 20.86%, that is, 9.19% below 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.