FeaturedMarket Update

Nigerian Equities Market Maintained Positive Path, Adds 109Bpts

Extending positive sentiment to the second trading day of the week, equities trading on the floor of The Nigerian Stock Exchange rounded up in the positive territory, as the lead performance pointer-NSEASI added 109Bpts and closed at 24,202.87 from 23,941.75. Safe NSE-Consumer Goods and NSE-Insurance index that shed points, other observed market indices in this report rounded up above their respective opening points. Thus, Week to Date, lead activities index is 139Bpts above opening, while the total gained points in the month of May is now 513Bpts. See the index movement table for details.

Observing market performances for the past 28 trading days, one could easily conclude that a new trend have commenced. Notice that, since the market recorded the last lowest low on 6th April, it had twice recovered every pullback actions before the respective lows. Although the strength of the new uptrend seems weak, the fact that the old trend had ended cannot be argued. Fundamentally, investors’ confidence is partially recovered, having carefully analysed the impact of the ravaging pandemic, traders are now relaxed around the market. Although we do not expect impressive half year earnings, we are of the opinion that, a careful analysis of government palliative policies on activities of listed companies will produce excellent stock-pick strategies at the moment.

Value gained by the Market Capitalization of the listed equities during today’s trading activities was N136.087 billion, same as 109Bpts above the opening value. Meanwhile, trading activities for the day produced 29 ADVANCERS and 08 LAGERS. NSEASI Year to Date loss is now 983Bpts while the Market Capitalization Year to Date loss stood at N344.978 billion same as 266Bpts below the year’s opening value.

Caverton led the gainers’ log with 10.00% gain as it rounded up trade at N2.75 from N2.50. Okomu Oil followed with 9.99% to close at N64.40 from N58.55. Unilever, C&ILeasing and Cutix completed the top 5 price percentage gainers’ log with 9.85%, 9.78% and 9.56% respectively.

Lasaco on the other hand, led the decliners’ log with 8.00% to close at N0.23 from N0.25. Nahco followed with 4.51% loss, thus, it closed at N2.33 from N2.44. Others on the log includes Wapic Insurance, International Breweries and Wema Bank.

As at the time this report was gathered, Brent Crude sells at 33.95$/bbl, this is 1,377Bpts above the previous close price.

The I&E FX Window opened at N388.00 traded as high as N391.00 before rounding up at N386.33, having transacted a total of $8.67 million through the day. Please note that, margin between the close and open value is 0Bpts down. We are of the opinion that the FX-Market will trade within same range tomorrow. See below table for Lagos BDC Fx-Rates.

In the money market, the Overnight (O/N) rate closed at 2.30%, same as 0.03% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 1.90% that is 0.07% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.

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FeaturedMarket Update

Nigerian Equities Market Maintained Positive Path, Adds 109Bpts

Extending positive sentiment to the second trading day of the week, equities trading on the floor of The Nigerian Stock Exchange rounded up in the positive territory, as the lead performance pointer-NSEASI added 109Bpts and closed at 24,202.87 from 23,941.75. Safe NSE-Consumer Goods and NSE-Insurance index that shed points, other observed market indices in this report rounded up above their respective opening points. Thus, Week to Date, lead activities index is 139Bpts above opening, while the total gained points in the month of May is now 513Bpts. See the index movement table for details.

Observing market performances for the past 28 trading days, one could easily conclude that a new trend have commenced. Notice that, since the market recorded the last lowest low on 6th April, it had twice recovered every pullback actions before the respective lows. Although the strength of the new uptrend seems weak, the fact that the old trend had ended cannot be argued. Fundamentally, investors’ confidence is partially recovered, having carefully analysed the impact of the ravaging pandemic, traders are now relaxed around the market. Although we do not expect impressive half year earnings, we are of the opinion that, a careful analysis of government palliative policies on activities of listed companies will produce excellent stock-pick strategies at the moment.

Value gained by the Market Capitalization of the listed equities during today’s trading activities was N136.087 billion, same as 109Bpts above the opening value. Meanwhile, trading activities for the day produced 29 ADVANCERS and 08 LAGERS. NSEASI Year to Date loss is now 983Bpts while the Market Capitalization Year to Date loss stood at N344.978 billion same as 266Bpts below the year’s opening value.

Caverton led the gainers’ log with 10.00% gain as it rounded up trade at N2.75 from N2.50. Okomu Oil followed with 9.99% to close at N64.40 from N58.55. Unilever, C&ILeasing and Cutix completed the top 5 price percentage gainers’ log with 9.85%, 9.78% and 9.56% respectively.

Lasaco on the other hand, led the decliners’ log with 8.00% to close at N0.23 from N0.25. Nahco followed with 4.51% loss, thus, it closed at N2.33 from N2.44. Others on the log includes Wapic Insurance, International Breweries and Wema Bank.

As at the time this report was gathered, Brent Crude sells at 33.95$/bbl, this is 1,377Bpts above the previous close price.

The I&E FX Window opened at N388.00 traded as high as N391.00 before rounding up at N386.33, having transacted a total of $8.67 million through the day. Please note that, margin between the close and open value is 0Bpts down. We are of the opinion that the FX-Market will trade within same range tomorrow. See below table for Lagos BDC Fx-Rates.

In the money market, the Overnight (O/N) rate closed at 2.30%, same as 0.03% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 1.90% that is 0.07% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.

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