As the market bowed to profit taking activities, equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory as the lead performance pointer NSEASI gave up 95Bpts and closed at 28,634.35 from, 28,909.37. Safe NSE-Oil & Gas index that gained, other market sub-indices observed in this report rounded up below their respective opening points. Thus, Week to Date, activities index is 611Bpts above opening while the total gained points in the month of October adjusted down to 670Bpts. See the Index movement table for details.
As noted above, traders opted for profit taking through today’s business. This is induced by the 10 consistent green days posted by the market. Please understand that the move already returned lots of portfolios back into profit line, thus, smart investors choose to run off with the unexpected recovery made. The question here is; will the market get a quick recovery from the move? In our opinion, watching closely on the next trading day is of great importance. Meanwhile, as observed in our previous report, expected third quarter earnings may direct the market, hence, we recommend that traders tread carefully around the market arena.
The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N143.747 billion, same as 95Bpts below the opening value. Meanwhile, trading activities for the day produced 21 ADVANCERS and 31 LAGERS. NSEASI Year to Date gain is now 668Bpts while the Market Capitalization Year to Date gain stood at N2.008 trillion same as 1,550Bpts above the year’s opening value.
Berger Paints led the advancers’ log with 9.84% as it closed at N6.70 from N6.10. Linkage Assurance followed on the log with 9.76% price appreciation, thus it ended at N0.45 from N0.41. Nascon, Mutual Benefits and CAP Plc completed the top 5 price percentage gainers log with 9.59%, 9.52% and 9.36% respectively.
On the flip side, Unilever led with 9.89% loss from its previous close price, thus it ended the day at N12.30 from N13.65. Cornerstone followed on the list with 0.09% loss that closed its price at N0.360 from N0.66. ETI, UAC-Properties and Custodian completed the top 5 price percentage losers’ log with 8.89%, 8.14% and 7.21% respectively.
Over the Counter Market Index and Capitalisation both on a flat note as they both closed at point 726.93 and N533.98 billion respectively. Today’s performance produced zero (0) advancer and zero (0) decliner. Kindly view today’s price list Here.
As at the time this report was gathered, Brent Crude sells at 42.16$/bbl, this is 211Bpts above the previous close price.
The I&E FX Window opened at N386.00 traded as high as N386.000 before rounding up at N386.00, having transacted a total of $58.52 million through the day. Please note that, margin between the close and open value is 0Bpts up. We are of the opinion that the FX-Market will trade within same range tomorrow. See below table for Lagos BDC Fx-Rates.
In the money market, the Overnight (O/N) rate as 7th October, 2020 closed at 1.38%, same as 0.13% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at 7th October, 2020 ended at 0.75% that is 0.08% below the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.