- The Nigerian equities market, closed lower at yesterday’s trading activity. Both NSE ASI and market capitalization decreased by 0.02% respectively, as they both closed at 32,375.12 points and N11,819.42tr respectively. Year-to-Date ASI is at a negative of 15.39%.
- Volume, Value of trades and No of trade all decline by 29.45%, 33.17% and 40.91% to N190.353M, N1,773B and 2,780 respectively.
- FO topped the gainers’ table with percentage price change of 10.00%, while MANSARD led the losers’ chart with percentage change of 9.65%
- Market breadth was POSTIVE with Twenty-four (24) gainers against Thirteen (13) price losers.
Money and Fixed Income Market
- The OBB and OVN rate closed on a low at 4.75% and 5.75%, given system liquidity which inch higher to around N720bn this was fueled by Paris club refund to state government.
- The bond market activity level persisted on an inactive note, as yield declined slightly around 2bps, as the market remained driven by domestic demand, whose sentiment are for medium tenured bonds. FG bonds auction are anticipated for next week.
- The T-Bills market activities was engulfed by market players’ sentiment towards the short tenured bills. While short March-2019, recorded slight changes as other maturity class remained stable.
China Plans Broad Import Tax Cut as Soon as October
China is planning to cut the average tariff rates on imports from the majority of its trading partners as soon as next month, in a move that will lower costs for consumers as a trade war with the U.S. deepens. By cutting duties on goods even as it retaliates against President Donald Trump’s trade war with higher charges on some U.S. goods, China is following through on long-stated goals to boost imports. The move comes as the nation is trying to stimulate domestic consumption to support a slowing economy.
Foreign Exchange Market
- The NGN/USD exchange rate decline marginally to N362.70 at the I & E FX Window. While parallel market remained stable at N360/$, while the CBN Official rate, incher to N306.30Daily financial market update SEPTEMBER 19 2018