Swallowing four trading days’ gained points, equities trading on the floor of The Nigerian Stock Exchange gave up a whooping 237Bpts as it rounded up trade at 32,403.60 from 33,191.45. Safe NSE-Banking and NSE-Insurance indexes that added points, other observed market indices dipped. Thus, Week to Date market returns took 133Bpts steps into the negative territory while Month to Date equally turned red at 111Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N287.623 billion, same as 237Bpts below the opening value. Meanwhile, trading activities for the day produced 17 advancers and 16 lagers. NSEASI Year to Date loss is now 15.27% while the Market Capitalization Year to Date loss stood at N1.779 trillion same as 13.08% below the year’s opening value.
Although the market is generally bearish before now, today’s negative performance was chiefly enhanced by lost value on the share prices of Dangote Cement and Nestle Foods. Nevertheless, we reiterate that traders 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, as induced by the prolonged weak performances around the market arena in recent times. We are of the opinion that the banking stocks are most shielded from the nation’s harsh business environment especially with the keen regulations from the CBN.
As at the time we compiled this report, Brent Crude trades at $75.71/bbl having dropped 0.73% 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 N363.82 traded as high as N365.00 before rounding up at N364.01, having transacted a total of $192.03 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 17.21%, same as 1.43% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 16,67%, that is, 1,67% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.