Starting off the new week, equities trading on the floor of The Nigerian Stock Exchange gave up 18Bpts as the lead performance pointer, NSEASI rounded up trade at 32,143.41 from 32,200.21. It was a mixed performance amongst the observed market indices as shown in the index movement table. By this negative performance, the total lost points within the month of November is now 99Bpts. See the index movement table for details.
Value loss by the market capitalization of the listed equities during today’s trading activities was N20.738 billion, same as 18Bpts below the opening value. Meanwhile, trading activities for the day produced 14 advancers and 12 lagers. NSEASI Year to Date loss is now 15.95% while the Market Capitalization Year to Date loss stood at N1.874 trillion same as 13.77% below the year’s opening value.
Market had remained dull as very few active equities determine the overall market direction, for example, as noted above, only 26 equities’ prices were adjusted at the end of today’s trading activities. In our opinion, this is a clear indication of indecisiveness on the part of traders. Nevertheless, we recommend that traders should consider only medium/long term investment options at the moment, deep assessment of the recently released financial indices should guide in the choice of equities.
As at the time we compiled this report, Brent Crude trades at $69.44/bbl having loss 0.68% from the last close price
At the interbank rate today, the Naira closed at N306.70 against the USDollar this is a 2% drop from the previous close point. See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N363.40 traded as high as N365.50 before rounding up at N363.89, having transacted a total of $188.43 million through the day. Please note that, margin between the close and open value is an equivalent of 8Bpts 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 7.00%, same as 2.00% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 6.08%, that is, 1.83% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.