FeaturedMarket Update

Negative Sentiments Persist on Nigerian Stock Exchange, as NSEASI Gives up 33Bpts

Swerving further south, equities trading on the floor of The Nigerian Stock Exchange ended in the negative territory, as the lead performance pointer-NSEASI gave up 33Bpts to close at 25,497.32 from 25,582.23. It was a mixed performance amongst the observed market indices as shown in the index movement tables. Thus, Week to Date, activities index is 42Bpts below opening, while the total gained points in the month of September is now 67Bpts. See the index movement table for details.

The half year earnings season had finally ended, having received the financial performance indexes of all major listed equities with December financial year end. Short term Trading point is the closure dates for both interim and final cash dividend recently announced; meanwhile, in the long term, (at least before the commencement of the third quarter earnings season) performances of economic indicators will contribute majorly to performances, while positioning against the third quarter numbers will grow stronger towards the end of September. On the strength of these, we recommend that traders tread cautiously around the market arena.

The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N44.295 billion, same as 33Bpts below the opening value. Meanwhile, trading activities for the day produced 10 ADVANCERS and 19 LAGERS. NSEASI Year to Date loss is now 501Bpts while the Market Capitalization Year to Date gain stood at N343.203 billion same as 265Bpts above the year’s opening value.

Leading on the gainers’ log is Honeywell Flour that improved by 4.44% and closed at N0.94 from N0.90. Transcorp followed on the log with 3.45% gain, thus, it rounded up trade at N0.60 from N0.58. Wapic, CAP and Nigerian Breweries completed the top 5 price percentage gainers’ list with 3.03%, 2.65% and 2.50% respectively.

On the flip side, Arbico led with 9.65% loss that closed its price at N1.03 from N1.14. Royalex followed on the log with 9.09% as it rounded up trade at N0.30 from N0.33. Guaranty Trust Bank, Japaul Oil and Union Bank completed the top 5 price percentage losers’ log with 6.18%, 4.76% and 3.92% respectively.

Over the Counter Market Index and Capitalisation both closed in the red as they both lost 0.69% and 0.68% respectively, thus they closed at point 720.54 and N529.29 billion respectively. Today’s performance produced zero advancer and one decliner. Kindly view today’s price list Here.

As at the time this report was gathered, Brent Crude sells at 39.78$/bbl, this is 531Bpts below the previous close price.

The I&E FX Window opened at N386.48 traded as high as N386.63 before rounding up at N386.21, having transacted a total of $35.18million through the day. Please note that, margin between the close and open value is 5Bpts 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 as 8th September, 2020 closed at 2.10%, same as 0.15% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at 8th September, 2020 ended at 1.30% that is 0.08% 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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