FeaturedMarket Update

Profit Taking Activities Entered Second Trading Day as NSEASI Gave UP 53Bpts

Equities trading on the floor of The Nigerian Stock Exchange bowed further to profit taking pressure, as the lead performance pointer-NSEASI gave up 53Bpts and rounded up trade at 31,178.71 from 31,344.24. Safe NSE-Lotus II and NSE-Industrial Goods that closed flat, other observed market index closed in the negative territory. Thus, Week to Date, NSEASI is 79Bpt below opening while the total lost points for the month is 80Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N61.725 billion, same as 53Bpts below the opening value.  Meanwhile, trading activities for the day produced 14 ADVANCERS and 30 LAGERS. NSEASI Year to Date loss is now 80Bpts while the Market Capitalization Year to Date loss stood at N94.019 billion same as 80Bpts below the year’s opening value.

For the second consecutive time within the week, buyers were seen taking advantage of the keen attitude of the sellers. Most equities were tactically picked below the offer prices. Nevertheless, it should be noted that the bear is still struggling to wipe off gained points on Friday. Technically, we have also identified a major resistance point at 31,648.70 point, in our opinion; the ongoing pull back action will give the market the required strength needed to challenge and if possible break this resistance. The question here is; will the recovery play out now despite the approaching national election? Is the earnings season strong enough to silence the strength of this long battled negative fundamental in the name of election?

As at the time we compiled this report, Brent Crude trades at $61.32/bbl having gained 1.39% above the last close price.

At the interbank rate today, the Naira closed unchanged at N306.75 against the USDollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N362.75 traded as high as N363.75 before rounding up at N363.34, having transacted a total of $93.84 million through the day. Please note that, margin between the close and open value is an equivalent of 16Bpts gain. 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 10.83%, same as 6.48% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 10.17%, that is, 5.90% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.

 

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FeaturedMarket Update

Profit Taking Activities Entered Second Trading Day as NSEASI Gave UP 53Bpts

Equities trading on the floor of The Nigerian Stock Exchange bowed further to profit taking pressure, as the lead performance pointer-NSEASI gave up 53Bpts and rounded up trade at 31,178.71 from 31,344.24. Safe NSE-Lotus II and NSE-Industrial Goods that closed flat, other observed market index closed in the negative territory. Thus, Week to Date, NSEASI is 79Bpt below opening while the total lost points for the month is 80Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N61.725 billion, same as 53Bpts below the opening value.  Meanwhile, trading activities for the day produced 14 ADVANCERS and 30 LAGERS. NSEASI Year to Date loss is now 80Bpts while the Market Capitalization Year to Date loss stood at N94.019 billion same as 80Bpts below the year’s opening value.

For the second consecutive time within the week, buyers were seen taking advantage of the keen attitude of the sellers. Most equities were tactically picked below the offer prices. Nevertheless, it should be noted that the bear is still struggling to wipe off gained points on Friday. Technically, we have also identified a major resistance point at 31,648.70 point, in our opinion; the ongoing pull back action will give the market the required strength needed to challenge and if possible break this resistance. The question here is; will the recovery play out now despite the approaching national election? Is the earnings season strong enough to silence the strength of this long battled negative fundamental in the name of election?

As at the time we compiled this report, Brent Crude trades at $61.32/bbl having gained 1.39% above the last close price.

At the interbank rate today, the Naira closed unchanged at N306.75 against the USDollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N362.75 traded as high as N363.75 before rounding up at N363.34, having transacted a total of $93.84 million through the day. Please note that, margin between the close and open value is an equivalent of 16Bpts gain. 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 10.83%, same as 6.48% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 10.17%, that is, 5.90% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.

 

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