YtD Loss Now N1.045 Trillion As the Bear Re-Surfaced the Market Arena

Dragging YtD value loss to N1.045 trillion, the bear swiftly snatched 149Bpts off the lead performance indicator’s trading points, as NSEASI rounded up trade at 34,414.37 from 34,933.68. Safe NSE-Consumer Goods Index that gained, other observed market indices dipped. Thus, both Week and Month to Date market returns reversed to negative territory by 125Bpts each. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N189.587 billion, same as 149Bpts above the opening value.  Meanwhile, trading activities for the day produced 20 advancers and 26 lagers. NSEASI Year to Date loss is now 10.01% while the Market Capitalization Year to Date loss stood at N1.045 trillion same as 7.68% below the year’s opening value.

The bear seems to be adding more strength as it dipped harder on market performance, as noted earlier in our previous reports, the bear strength is founded in the upcoming political season in Nigeria. We are of the opinion that traders should realized the importance of the nine month being the rounding up month for the third financial quarter for equities with December financial year. We maintained that traders should rather consider equities with little or zero institutional presence for less risky investments.

At the interbank rate today, the Naira was unchanged at N306.20 against the USDollar. Meanwhile, the I&E FX Window which took off from N362.41 traded as high as N364.00 before rounding up at N363.04, having transacted a total of $174.25 million through the day. Please note that, margin between the close and open value is an equivalent of 26Bpts. 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 4.00%, same as 0.08% below yesterday’s closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 3.17%, that is, 0.08% below the previous day’s close. In our opinion, the money market should maintain this range on the next business day. Safe Trade.