- The Nigerian equities market Compressed at the end of the day’s trading activity, as both NSE ASI and market capitalization decreased by 0.79% respectively, as they both closed at 32,454.03points and N11,848tr respectively. Year-to-Date ASI is at a negative of 15.19%.
- Volume , Value of trades and No of trades all decreased by 25.93%, 57.72% and 3.05% to N136.732M, 1,430.74B and 2,801, respectively.
- CUTIX topped the gainers’ table with percentage price change of 4.88%, while NB led the losers’ chart with percentage change of 2.73%
- Market breadth was POSITIVE with Fifteen (15) gainers against Fourteen (14) price losers.
Money and Fixed Income Market
- The OBB and OVN rate closed at 4.83% and 5.58%, as system liquidity remained robust at about N470 bn.
- The Bond market maintained its bullish rain, as demand sentiment shift to long tenured maturity, which translate to a declined in yield to about 3bps on the average.
- The T-bills market traded on an inactive note during the day’s trading, as yield compressed by about 3bps. However some trade momentum was recorded on Sep-19 maturity, in relation with strong demanded recorded at the auction.
Brent hits new four-year high on Iran supply worries
Brent crude rose nearly 2 percent after hitting a four-year high on Wednesday as the market focused on upcoming U.S. sanctions on Iran while shrugging off the year’s largest weekly build in U.S. crude stockpiles and reports of higher Saudi Arabian and Russian production. Brent crude LCOc1 rose $1.49, or 1.8 percent, to settle at $86.29 a barrel, after hitting $86.74, its highest since Oct. 30, 2014. U.S. crude CLc1 settled $1.18, or 1.6 percent, higher at $76.41 a barrel, after touching a session high of $76.90. The Organization of the Petroleum Exporting Countries and its allies have been limiting supply since 2017 to get rid of a glut. They partially relaxed the cut in June, under pressure from U.S. President Donald Trump to cool prices.
Foreign Exchange Market
- The NGN/USD exchange rate appreciated marginally to N363.78 at the I & E FX Window. While parallel market remained stable at N360/$ and the CBN Official rate also remained stable at N306.40. Read More: