FeaturedMarket Update

Market Halts Bearish Sentiments, Adds Marginal 6Bpts

Suspending three days bearish moves, equities trading on the floor of the Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer- NSEASI added marginal 6Bpts to its trading points, and closed at 38,874.13 from 38,852.69. Safe NSE-Banking Index that shed points, other observed market indices in this report, closed above their respective opening points. Thus, Week to Date, the lead index is 18Bpts below opening, while the total lost points in the month September is now 88Bpts. See the index movement table for details.

Fundamental View

According to the National Bureau of Statistics, the Headline Inflation dropped for the fifth consecutive time in August, 2021. Also, the Central Bank of Nigeria, through its Monetary Policy Committee, voted to keep all rates unchanged in its September meeting. This was a move taken by the group to ensure relatively low cost of funds, needed to support the economy. But despite these positive moves, trading activities on the floor of the exchange had maintained a negative-trend. Although good numbers of expected earnings had been received till date, we are of the opinion that positions for third quarter earnings should commence any moment from now. Please understand that UBA will be adjusted for 20k interim dividend recently announced within the week (Precisely 24th September). The management of AIICO today informed investor that its board will be meeting to approved its third quarter financial documents on the 21st October, 2021.

Technical View

Reading the daily chart from the 20th August, 2021, it will be noticed that the market is currently going through the third step of resistance to the bear, by trending side-way. The first time was played withing 23rd August to 27th August, before loosing to the negative. The second attempt was registered 1st to 9th September, while the third one started on 13th September and its still one.

Meanwhile, WoW market had been on a side-way trend since 19th March, 2021, and its still on. Same trend is spotted on the Monthly pattern. The truth is that, one cannot readily conclude a final pattern for the market a the moment, this is because the chances are halved, though the bear had led in most recent struggles.

As at close of business today, no divergence is spotted between MFI and Price. As price moved up, price equally to a short turn north in agreement with price pattern. Nevertheless., MACD had since crossed the signal line from the top on a daily chart, meanwhile WoW both MACD and the signal line is about initiating a signal. RSI Cross Over, which combine RSI-15 and RSI-7 is a sell on a daily chart and sell WoW.

We strictly recommend a cautious play around the market, we are of the opinion that a major break will take the market either way (up or down), depending on leading market fundamentals.

Index Movements

The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N11.169 billion, same as 6Bpts above the opening value. Meanwhile, trading activities for the day produced 16 ADVANCERS and 12 LAGERS. NGXASI Year to Date loss is now 347Bpts while the Market Capitalization Year to Date loss stood at N803.071 billion same as 381Bpts below the year’s opening value.

Ganers & Losers

Leading on the advancers’ log is NAHCO that gained 10.00% to round up the day at N3.52 from N3.20. Pharmadeko followed with 9.55% gain, thus, it ended at N1.95 from N1.78. VeritasKap, Cornerstone Insurance and Chams completed the top 5 price percentage gainers’ log with 9.52%, 9.43% and 4.76% respectively.

On the flip side Sovereign Insurance led with 4.17% price depreciation as it rounded up trade at N0.23 from N0.24. UPDC followed with 3.68% loss, thus it closed at N1.83 from N1.90. ETI, Transcorp and Prestige Assurance completed the top 5 price percentage losers’ log with 2.83%, 2.17% and 2.08% respectively.

Top Performers for the Day

Top 5 Trades

Investors did a total of 289 deals on the shares of Zenith Bank, while a total of 234 transactions were made on GTCO shares through today’s trading session. Access Bank was next on the top 5 list with 233 transactions, while UCAP and Oando completed the top five (5) trades for the day, as shown in the below table.

Top 5 Performance by Volume

Traders traded 13.71 million units of Mbenefits through the day’s trade. UCAP followed on the most traded by volume with 11.46 million shares. GTCO, Zenith Bank and Transcorp completed the top 5 most traded shares for the day.

Top Performance by Value

The Value of the shares traded on GTCO (N271.92 million) was the highest for the day, followed by Zenith Bank where investors exchange N210.47 million worth of shares. UCAP, MTNN and Dangote Cement completed the list as shown in the above table.

NASD-OTC BRIEF

Over the Counter (OTC) Market Index ended in the green by adding 0.07% and closed the day’s trade at 743.52, while the market Capitalisation equally rounded up in the positive territory as gined 0.07% and close at 646.24 billion. Today’s performance produced two (2) advancers, and zero (0) decliners. Kindly view today’s price list Here.

FMDQ BRIEF

The I&E FX Window opened at N413.12 traded as high as N415.00 before rounding up at N413.68, having transacted a total of $175.86 million through the day. Please note that, margin between the close and open value is 12Bpts 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 16.00%, same as 2.00% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 15.00% that is 2.00% below the previous close.

CRUDE OIL PRICE MOVEMENTS

As at the time this report was gathered, Brent Crude sells at 77.44$/bbl, this is 25Bpts above the last close price. Safe Trade.

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FeaturedMarket Update

Market Halts Bearish Sentiments, Adds Marginal 6Bpts

Suspending three days bearish moves, equities trading on the floor of the Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer- NSEASI added marginal 6Bpts to its trading points, and closed at 38,874.13 from 38,852.69. Safe NSE-Banking Index that shed points, other observed market indices in this report, closed above their respective opening points. Thus, Week to Date, the lead index is 18Bpts below opening, while the total lost points in the month September is now 88Bpts. See the index movement table for details.

Fundamental View

According to the National Bureau of Statistics, the Headline Inflation dropped for the fifth consecutive time in August, 2021. Also, the Central Bank of Nigeria, through its Monetary Policy Committee, voted to keep all rates unchanged in its September meeting. This was a move taken by the group to ensure relatively low cost of funds, needed to support the economy. But despite these positive moves, trading activities on the floor of the exchange had maintained a negative-trend. Although good numbers of expected earnings had been received till date, we are of the opinion that positions for third quarter earnings should commence any moment from now. Please understand that UBA will be adjusted for 20k interim dividend recently announced within the week (Precisely 24th September). The management of AIICO today informed investor that its board will be meeting to approved its third quarter financial documents on the 21st October, 2021.

Technical View

Reading the daily chart from the 20th August, 2021, it will be noticed that the market is currently going through the third step of resistance to the bear, by trending side-way. The first time was played withing 23rd August to 27th August, before loosing to the negative. The second attempt was registered 1st to 9th September, while the third one started on 13th September and its still one.

Meanwhile, WoW market had been on a side-way trend since 19th March, 2021, and its still on. Same trend is spotted on the Monthly pattern. The truth is that, one cannot readily conclude a final pattern for the market a the moment, this is because the chances are halved, though the bear had led in most recent struggles.

As at close of business today, no divergence is spotted between MFI and Price. As price moved up, price equally to a short turn north in agreement with price pattern. Nevertheless., MACD had since crossed the signal line from the top on a daily chart, meanwhile WoW both MACD and the signal line is about initiating a signal. RSI Cross Over, which combine RSI-15 and RSI-7 is a sell on a daily chart and sell WoW.

We strictly recommend a cautious play around the market, we are of the opinion that a major break will take the market either way (up or down), depending on leading market fundamentals.

Index Movements

The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N11.169 billion, same as 6Bpts above the opening value. Meanwhile, trading activities for the day produced 16 ADVANCERS and 12 LAGERS. NGXASI Year to Date loss is now 347Bpts while the Market Capitalization Year to Date loss stood at N803.071 billion same as 381Bpts below the year’s opening value.

Ganers & Losers

Leading on the advancers’ log is NAHCO that gained 10.00% to round up the day at N3.52 from N3.20. Pharmadeko followed with 9.55% gain, thus, it ended at N1.95 from N1.78. VeritasKap, Cornerstone Insurance and Chams completed the top 5 price percentage gainers’ log with 9.52%, 9.43% and 4.76% respectively.

On the flip side Sovereign Insurance led with 4.17% price depreciation as it rounded up trade at N0.23 from N0.24. UPDC followed with 3.68% loss, thus it closed at N1.83 from N1.90. ETI, Transcorp and Prestige Assurance completed the top 5 price percentage losers’ log with 2.83%, 2.17% and 2.08% respectively.

Top Performers for the Day

Top 5 Trades

Investors did a total of 289 deals on the shares of Zenith Bank, while a total of 234 transactions were made on GTCO shares through today’s trading session. Access Bank was next on the top 5 list with 233 transactions, while UCAP and Oando completed the top five (5) trades for the day, as shown in the below table.

Top 5 Performance by Volume

Traders traded 13.71 million units of Mbenefits through the day’s trade. UCAP followed on the most traded by volume with 11.46 million shares. GTCO, Zenith Bank and Transcorp completed the top 5 most traded shares for the day.

Top Performance by Value

The Value of the shares traded on GTCO (N271.92 million) was the highest for the day, followed by Zenith Bank where investors exchange N210.47 million worth of shares. UCAP, MTNN and Dangote Cement completed the list as shown in the above table.

NASD-OTC BRIEF

Over the Counter (OTC) Market Index ended in the green by adding 0.07% and closed the day’s trade at 743.52, while the market Capitalisation equally rounded up in the positive territory as gined 0.07% and close at 646.24 billion. Today’s performance produced two (2) advancers, and zero (0) decliners. Kindly view today’s price list Here.

FMDQ BRIEF

The I&E FX Window opened at N413.12 traded as high as N415.00 before rounding up at N413.68, having transacted a total of $175.86 million through the day. Please note that, margin between the close and open value is 12Bpts 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 16.00%, same as 2.00% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 15.00% that is 2.00% below the previous close.

CRUDE OIL PRICE MOVEMENTS

As at the time this report was gathered, Brent Crude sells at 77.44$/bbl, this is 25Bpts above the last close price. Safe Trade.

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