FeaturedMarket Update

Equities Market Update: Negative Sentiments Prevailed as Leading Market Setters Dipped: 11/07/19

Leading from selling pressure on market bellwethers-Airtel Africa, Nestle Foods, MTNN & Dagcem, equities trading on the floor of The Nigerian Stock Exchange dipped by186Bpts, thus, it rounded up at 28,712.90 from 29,256.60. Safe NSE-Banking and NSE-Oil&Gas indices that closed above their respective opening points, other observed market indices in this report lost. Week to Date, market is in the red by 191Bpts while the total lost points in July increased to 418Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N264.970 billion, same as 186Bpts below the opening value.  Meanwhile, trading activities for the day produced 11 ADVANCERS and 18 LAGERS. NSEASI Year to Date loss is now 865Bpts while the Market Capitalization Year to Date gain stood at N2.272 trillion same as 1,939Bpts above the year’s opening value.

Sentiments around the market arena remained negative as evidenced by both the consistent bearishness of the lead indicator/other sub indices; and the dwindling nature of the performance log (gainers & losers). Although the best investment strategy at the moment is to take advantage of cheap stocks as presented by the bear, many traders already got their fingers burnt and are now maintaining the spectators’ sit during market sessions.

We maintained that traders play by half year earnings which are expected to start coming in from next week. In our opinion, equities with half year incentives history should be top in investors trading baskets.

As at the time this report was gathered, Brent Crude sells at 66.95$/bbl, this is 43Bpts above the previous close price.

The I&E FX Window opened at N360.48 traded as high as N362.00 before rounding up at N360.76, having transacted a total of $107.63 million through the day. Please note that, margin between the close and open value is an equivalent of 0Bpts gain. 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 3.64%, same as 3.57% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 3.00%, that is, 3.50% 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

Equities Market Update: Negative Sentiments Prevailed as Leading Market Setters Dipped: 11/07/19

Leading from selling pressure on market bellwethers-Airtel Africa, Nestle Foods, MTNN & Dagcem, equities trading on the floor of The Nigerian Stock Exchange dipped by186Bpts, thus, it rounded up at 28,712.90 from 29,256.60. Safe NSE-Banking and NSE-Oil&Gas indices that closed above their respective opening points, other observed market indices in this report lost. Week to Date, market is in the red by 191Bpts while the total lost points in July increased to 418Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N264.970 billion, same as 186Bpts below the opening value.  Meanwhile, trading activities for the day produced 11 ADVANCERS and 18 LAGERS. NSEASI Year to Date loss is now 865Bpts while the Market Capitalization Year to Date gain stood at N2.272 trillion same as 1,939Bpts above the year’s opening value.

Sentiments around the market arena remained negative as evidenced by both the consistent bearishness of the lead indicator/other sub indices; and the dwindling nature of the performance log (gainers & losers). Although the best investment strategy at the moment is to take advantage of cheap stocks as presented by the bear, many traders already got their fingers burnt and are now maintaining the spectators’ sit during market sessions.

We maintained that traders play by half year earnings which are expected to start coming in from next week. In our opinion, equities with half year incentives history should be top in investors trading baskets.

As at the time this report was gathered, Brent Crude sells at 66.95$/bbl, this is 43Bpts above the previous close price.

The I&E FX Window opened at N360.48 traded as high as N362.00 before rounding up at N360.76, having transacted a total of $107.63 million through the day. Please note that, margin between the close and open value is an equivalent of 0Bpts gain. 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 3.64%, same as 3.57% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 3.00%, that is, 3.50% 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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