The Nigerian equity market on Thursday, shed 1.64%, extending yesterdays downward position. Similarly, market breadth closed negative recording 13 gainers against 45 losers.
In summary, the All Share Index (ASI) shed 549.45 absolute points, representing a decline of 1.64% to close at 32,928.44 points. Similarly, the Market Capitalization shed N190.00 billion, representing a decline of 1.64% to close at N11.39 trillion.
The downturn was impacted by losses recorded in medium and large capitalized stocks, amongst which are;
ETI (-8.47%)
JBERGER (-4.99%)
OKOMU (-4.99%)
OANDO (-4.95%)
NB (-4.80%)
STANBIC (-4.38%)
ZENITH (-3.63%)
GTB (-1.86%)
WAPCO (-1.63%)
MOBIL (-1.16%)
FLOURMILLS (-1.02%)
7UP (-0.01%).

Foreign Exchange

The Naira at the inter-bank market remained flat at N305.85 against the US Dollar. The Investors and Exporters (I&E) FX window opened at N366.91 and closed at N363.00, representing an appreciation of 0.78%.

We expect the FX market to trade within the current range in the next session.

 

Money Market

OBB and Overnight rates closed at an average of 8.50% and 9.08% respectively, recording a dip of 9.50% and 9.92% respectively and representing a downtrend from Wednesday’s closing position of 19.00% and 18.00%.
We expect money market to continue with existing volatility in the next session.

The CBN conducted a further OMO auction today, to mop up excess liquidity, selling a total of 377.9 million of 168-day and 22.3 billion of 357-day at a stop rate of 18.0% and 18.6% respectively.

Also, find in the ‘link’ Corporate Benefits & Relevant Dates reported thus far in 2017.

SOURCE: https://brandspurng.com/equity-market-continues-downward-trend-as-asi-sheds-1-64/