The bear maintained dominance as trading activities on the floor of The Nigerian Stock Exchange dipped further into the negative territory. Total lost points through today’s trade is 46Bpts, thus, NSEASI closed at 31,533.50 from 31,678.70. It was a mixed performance amongst the observed market indices as shown in our index movement table. Please note that so far, a total of 287Bpts had been lost from the lead index trading points in the month of November. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N53.006 billion, same as 46Bpts below the opening value. Meanwhile, trading activities for the day produced 17 advancers and 18 lagers. NSEASI Year to Date loss is now 16.54% while the Market Capitalization Year to Date loss stood at N2.097 trillion same as 15.41% below the year’s opening value.
We maintained that, the market mood is dull and very weak. Going by the consistence bearish moves, it is evident that confidence is generally down in the equities market. Safe the fact that equities now get cheaper and attractive for long term positions, market currently surfers lack of tradable fundamental news, since political news now takes the lead; in fact, several released nine months financial statistics are below expectations. Notably is the shrink nature of the performance logs (gainers & losers log), this is another evidence that shows low appetite around the market arena. We therefore recommend a cautious tread around the market arena; we are of the opinion that, risk around long positions are minimal at the moment.
As at the time we compiled this report, Brent Crude trades at $60.30/bbl having loss 0.12% from the last close price.
At the interbank rate today, the Naira closed at N306.80 against the USDollar having gained 0.20%. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N363.70 traded as high as N365.60 before rounding up at N363.85, having transacted a total of $349.28 million through the day. Please note that, margin between the close and open value is an equivalent of 23Bpts 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 15.75%, same as 9.17% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 15.17%, that is, 9.33% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade