Investors in I & E FX trades $204.32m opening market

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Investors at the Investors & Exporters (I& E) foreign exchange window traded $204.32 million in Monday opening transactions.

The specialized window for Investors & exporter opened at N360.15, traded high at N361.50 and eventually closed at N360.19, representing a 0.14per cent appreciation against Friday’s closing price.

Pound at the I& E FX window against the Naira gained 0.01 per cent to close at N503.10 respectively while it shed -0.11per cent against the Euro to close at N443.08.

The Naira at the inter-bank remained unchanged at N305.95 against Friday’s closing price.

The Naira fell by -0.28 per cent, -0.60per cent and -0.68per cent to close at N363/ Dollar, N505/ Pounds and N445/Euro respectively at the parallel market.

The Central Bank of Nigeria (CBN) had intervened in the Retail Secondary Market Intervention Sales (SMIS) with $321.4 billion, in a move to reduce speculative trading at the parallel market.

Meanwhile, the equities market segment of The Nigerian Stock Exchange (NSE) started the week on a positive note, with the All-Share Index (ASI) appreciating marginally by 0.02per cent to 42,579.48 basis points.

Accordingly, the Month-to-Date and Year-to-Date returns improved to -3.98per cent and 11.34per cent respectively.

The Consumer Goods (+0.78per cent), Insurance (+0.49per cent), and Banking (+0.28per cent) indices recorded gains, owing to demands for the shares of PZ (+5.00per cent), WAPIC (+2.94per cent), and ZENITH BANK (+0.78per cent) respectively.

Unimpressive full year result and accounts caused selloffs of Total Nigeria Plc dropped (-4.82 per cent in its share price, with the Oil & Gas index recording negative returns, while profit taking in Dangote Cement Plc (-0.38per cent) stocks weighed on the Industrial Goods (-0.17per cent) index.

Market breadth turned negative, with 21 gainers and 26 loses, led by Japaul Oil Plc (+9.52per cent) and Courtville Business Solution Plc (-6.25per cent). Total volume of trades increased by 24.78per cent to 384.86 million units, valued at N5.47 billion, and exchanged in 4,774 deals.

At the fixed income market, the money market rates declined today as the Overnight and Open-Buy-Back both shed -358 basis points each to close at 8.83per cent and 7.92per cent respectively.

This may not be unconnected with the refund of failed foreign exchange bids which may have improved system liquidity.

Activities in the bond market were mixed today as the yields on the 5yr and 10yr benchmark bond increased by +4basis points and +7basis points to close at 13.56per cent and 13.75per cent respectively while the yields on the 7yr benchmark bond remains flat at 13.71per cent

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