FeaturedMarket Update

Convi-19, Long Closure Dates, Others Dips Market Further as NSEASI Gives Up 153Bpts

The new week/month was kicked off on bearish sentiments as trading activities on the floor of The Nigerian Stock Exchange ended in the red. Thus, the lead performance pointer-NSEASI gave up 153Bpts of its trading points and closed at 25,816.57 from 26,216.46. Save NSE-Insurance Index that gained, other observed market indices in this report closed below their respective opening points. Thus, Week to Date, the lead index is 153Bpts below opening while the total lost points in the month of March is now 153Bpts. See the index movement table for details.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N208.323 billion, same as 153Bpts below the opening value. Meanwhile, trading activities for the day produced 09 ADVANCERS and 28 LAGERS. NSEASI Year to Date loss is now 382Bpts while the Market Capitalization Year to Date gain stood at N490.902 billion same as 379Bpts above the year’s opening value.

The gainers’ list was led by Law Union with 10.00% gain as it closed at N0.99 from N0.90. AIICO followed with 7.79% to close at N0.83 from N0.77. Completing the top five price percentage gainers are; Eterna Oil (5.53%), FCMB (5.26%) and Courtville (5.00%).

Meanwhile, on the decliners’ log, four listed equities tied with 10.00% price depreciation to close the day below their respective opening prices. They are, Wapco, Pz-Cussons, Nestle and Unilever, they respectively closed at N13.95, N4.05, N1,017.00 and N13.50 from N15.50, N4.50, N1,130.00 and N15.00. Nacho completed the top five list with 9.96% loss.

Bearish sentiments persisted on the floor of the exchange as the lead index’s trading point dipped further below 26,000 point; this is despite positive earnings released by good numbers of listed equities. In our opinion, this is due to the unfavourable fundamental news, led by Convi-19. Other fundamental issues, such as; long closure dates of most dividends announced so far, heightened level of insecurity around the country, unfavourable business environments, climate change, consistent dwindling oil price, amongst others complimented the fundamental flaws. In our opinion, exiting positions at the moment will result to an unrecoverable loss, thus, re-scheduling positions for longer term than initially planned remains the best investment option at the moment.

As at the time this report was gathered, Brent Crude sells at 52.84$/bbl, this is 94Bpts below the previous close price.

The I&E FX Window opened at N365.07 traded as high as N366.50 before rounding up at N365.46, having transacted a total of $49.53 million through the day. Please note that, margin between the close and open value is 1Bpts up. 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 15.58%, same as 0.83% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 14.83% that is 0.67% below 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

Convi-19, Long Closure Dates, Others Dips Market Further as NSEASI Gives Up 153Bpts

The new week/month was kicked off on bearish sentiments as trading activities on the floor of The Nigerian Stock Exchange ended in the red. Thus, the lead performance pointer-NSEASI gave up 153Bpts of its trading points and closed at 25,816.57 from 26,216.46. Save NSE-Insurance Index that gained, other observed market indices in this report closed below their respective opening points. Thus, Week to Date, the lead index is 153Bpts below opening while the total lost points in the month of March is now 153Bpts. See the index movement table for details.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N208.323 billion, same as 153Bpts below the opening value. Meanwhile, trading activities for the day produced 09 ADVANCERS and 28 LAGERS. NSEASI Year to Date loss is now 382Bpts while the Market Capitalization Year to Date gain stood at N490.902 billion same as 379Bpts above the year’s opening value.

The gainers’ list was led by Law Union with 10.00% gain as it closed at N0.99 from N0.90. AIICO followed with 7.79% to close at N0.83 from N0.77. Completing the top five price percentage gainers are; Eterna Oil (5.53%), FCMB (5.26%) and Courtville (5.00%).

Meanwhile, on the decliners’ log, four listed equities tied with 10.00% price depreciation to close the day below their respective opening prices. They are, Wapco, Pz-Cussons, Nestle and Unilever, they respectively closed at N13.95, N4.05, N1,017.00 and N13.50 from N15.50, N4.50, N1,130.00 and N15.00. Nacho completed the top five list with 9.96% loss.

Bearish sentiments persisted on the floor of the exchange as the lead index’s trading point dipped further below 26,000 point; this is despite positive earnings released by good numbers of listed equities. In our opinion, this is due to the unfavourable fundamental news, led by Convi-19. Other fundamental issues, such as; long closure dates of most dividends announced so far, heightened level of insecurity around the country, unfavourable business environments, climate change, consistent dwindling oil price, amongst others complimented the fundamental flaws. In our opinion, exiting positions at the moment will result to an unrecoverable loss, thus, re-scheduling positions for longer term than initially planned remains the best investment option at the moment.

As at the time this report was gathered, Brent Crude sells at 52.84$/bbl, this is 94Bpts below the previous close price.

The I&E FX Window opened at N365.07 traded as high as N366.50 before rounding up at N365.46, having transacted a total of $49.53 million through the day. Please note that, margin between the close and open value is 1Bpts up. 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 15.58%, same as 0.83% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 14.83% that is 0.67% below 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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