FeaturedMarket Update

Heightened Indecisiveness as NSEASI Reverses Previous Gains

Reversing the previous day’s gain, equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory, as the lead performance pointer-NSEASI gave up 47Bpts of its trading points, thus it closed at 25,215.04 from 25,335.15. Safe NSE-Insurance and NSE-Oil & Gas index that closed up, other observed market indices in this report ended in the red. Thus, Week to Date, the lead activities index is 79Bpts above opening while the total lost points in the month of June is now 21Bpts. See the index movement table for details.

Still in a ranging mood, the market kept its struggle below a strong resistance, after today’s move, the lead index had spent eleven nights in a sideway trend. The implication of this pattern is that, most traders may be trapped beyond their target investment periods, and the level of indecisiveness around the market will be on the high side. Nevertheless, we maintained that, Points of trade at the moment includes; detecting policy impact on equities of choice, playing by closure dates of various listed equities that recently announced their full year cash dividend, identifying equities with half year incentives, and testing equities with March financial year end for dividend payment consistency.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N62.621 billion, same as 47Bpts below the opening value. Meanwhile, trading activities for the day produced 19 ADVANCERS and 19 LAGERS. NSEASI Year to Date loss is now 606Bpts while the Market Capitalization Year to Date gain stood at N195.312 billion same as 151Bpts above the year’s opening value.

Both Prestige Assurance and Berger Paints led the advancers’ log with 10.00% each, as they rounded up at N0.77 and N7.70 from N0.70 and N7.00 respectively. Neimeth followed closely with 9.86% as it ended at N2.34 from N2.13. Mutual Benefit and Royal Exchange completed the top 5 price percentage gainers’ log with 9.09% each.

C&ILeasing led the decliners’ log with 9.43% loss as it closed at N4.80 from N5.30. UACN followed with 9.09% loss thus, closed at N7.50 from N8.25. Japaul Oil, Redstar-Exppress and Cutix completed the log with 8.00%, 7.30% and 5.33% respectively.

As at the time this report was gathered, Brent Crude sells at 41.73$/bbl, this is 134Bpts above the previous close price.

The I&E FX Window opened at N386.96 traded as high as N389.99 before rounding up at N386.94, having transacted a total of $62.28 million through the day. Please note that, margin between the close and open value is 4Bpts 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 14.10%, same as 1.32% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 13.00% that is 1.50% 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

Heightened Indecisiveness as NSEASI Reverses Previous Gains

Reversing the previous day’s gain, equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory, as the lead performance pointer-NSEASI gave up 47Bpts of its trading points, thus it closed at 25,215.04 from 25,335.15. Safe NSE-Insurance and NSE-Oil & Gas index that closed up, other observed market indices in this report ended in the red. Thus, Week to Date, the lead activities index is 79Bpts above opening while the total lost points in the month of June is now 21Bpts. See the index movement table for details.

Still in a ranging mood, the market kept its struggle below a strong resistance, after today’s move, the lead index had spent eleven nights in a sideway trend. The implication of this pattern is that, most traders may be trapped beyond their target investment periods, and the level of indecisiveness around the market will be on the high side. Nevertheless, we maintained that, Points of trade at the moment includes; detecting policy impact on equities of choice, playing by closure dates of various listed equities that recently announced their full year cash dividend, identifying equities with half year incentives, and testing equities with March financial year end for dividend payment consistency.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N62.621 billion, same as 47Bpts below the opening value. Meanwhile, trading activities for the day produced 19 ADVANCERS and 19 LAGERS. NSEASI Year to Date loss is now 606Bpts while the Market Capitalization Year to Date gain stood at N195.312 billion same as 151Bpts above the year’s opening value.

Both Prestige Assurance and Berger Paints led the advancers’ log with 10.00% each, as they rounded up at N0.77 and N7.70 from N0.70 and N7.00 respectively. Neimeth followed closely with 9.86% as it ended at N2.34 from N2.13. Mutual Benefit and Royal Exchange completed the top 5 price percentage gainers’ log with 9.09% each.

C&ILeasing led the decliners’ log with 9.43% loss as it closed at N4.80 from N5.30. UACN followed with 9.09% loss thus, closed at N7.50 from N8.25. Japaul Oil, Redstar-Exppress and Cutix completed the log with 8.00%, 7.30% and 5.33% respectively.

As at the time this report was gathered, Brent Crude sells at 41.73$/bbl, this is 134Bpts above the previous close price.

The I&E FX Window opened at N386.96 traded as high as N389.99 before rounding up at N386.94, having transacted a total of $62.28 million through the day. Please note that, margin between the close and open value is 4Bpts 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 14.10%, same as 1.32% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 13.00% that is 1.50% 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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