- The Nigerian equities market, closed on a high at yesterday’s trading activity. Both NSE ASI and market capitalization increased by 0.33% respectively, as they both closed at 32,480.89 points and N11,858.03tr respectively. Year-to-Date ASI is at a negative of 15.12%.
- Volume, Value of trades and No of trade all appreciated by 18.74%, 32.10% and 3.35% to N226.028M, N2,342B and 2,873 respectively.
- WAPCO topped the gainers’ table with percentage price change of 9.90%, while OKOMUOIL led the losers’ chart with percentage change of 3.63%
- Market breadth was POSTIVE with Twenty-four (25) gainers against Thirteen (15) 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 recorded sentiment towards the short –medium end of the curve, while market yield compressed around 2bps.
- The T-bills market activity reacted positively to the buoyant liquidity in the system, as the market was engulfed with short tenured bills.
China urges U.S. to show sincerity, correct behaviour in trade actions
China hopes the United States will show sincerity and take steps to correct its behavior, its commerce ministry said on Thursday, after both countries slapped new tariffs on each other’s goods this week in an escalating trade war. China added $60 billion of U.S. products to its import tariff list on Tuesday to hit back at U.S. duties on $200 billion of Chinese goods that go into effect from Sept. 24. Some analysts and American businesses are now concerned China could resort to other means of retaliation such as pressuring U.S. companies operating in China.
Foreign Exchange Market
- The NGN/USD exchange rate decline marginally to N363.27 at the I & E FX Window. While parallel market remained stable at N360/$, while the CBN Official rate, incher to N306.30. Read More