Starting up the new week, equities trading on the floor of the Nigerian Stock Exchange ended in the negative territory, as the lead performance pointer- NSEASI gave up 2Bpts of its trading points, and closed at 38,915.62 from 38,921.78. it was a mixed performance amongst the observed market indices in the report, as shown in the index movement table. Thus, Week to Date, the lead index is 2Bpts below opening, while the total lost points in the month September is now 78Bpts. See the index movement table for details.
Fundamental View
Having received the outstanding half year numbers, mainly from the financial sub-sector of the market, investors dived the market oars further south. Although performance was mixed, the final destination of the market (measured by the lead index trend) is in the red. As noted in our previous report, we expected a mix performance in the month of September, as the first part of the month may witness weak/negative patronage while the last part may be boosted by third quarter earnings expectations bookings. Please note that the nation’s consumer price index (CPI) and inflation numbers for the month of August will be due for released within the ongoing week. According to the National Bureau of Statistics calendar, it will be due for released this Wednesday, 15th September, 2021. We maintained that, traders should play cautiously around the market arena, meanwhile, all forms of panic investment decision should be strictly avoided.
Technical View
So far, the lead market indicator, NGXASI had registered six (6) consecutive bearish days, of which the fifth is the heaviest. Please understand that Friday drop landed very close to a support around 38,828.60; although today’s mild loss is a sign of respect for the support, one cannot safely conclude that the market will take a either short or long recovery from this point. Please note that, the next support is around 38,459.40
MFI currently trend perfectly with price, in other words, no divergence had been noticed between price and MFI. Meanwhile, MFI now trend south leading from the market negative performance posted today.
Similarly, 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 loss by the Market Capitalization of the listed equities during today’s trading activities was N3.209 billion, same as 2Bpts below the opening value. Meanwhile, trading activities for the day produced 18 ADVANCERS and 20 LAGERS. NGXASI Year to Date loss is now 336Bpts while the Market Capitalization Year to Date loss stood at N781.090 billion same as 371Bpts below the year’s opening value.
Gainers & Losers
Leading on the advancers’ log is Morison that gained 9.38% to round up the day at N2.10 from N1.92. Sovereign Insurance followed with 8.00% gain, thus, it ended at N0.27 from N0.25. Linkage Assurance, Fidelity Bank and International Breweries completed the top 5 price percentage gainers’ log with 5.26%, 4.35% and 4.17% respectively.
On the flip side Scoa led with 10.00% price depreciation as it rounded up trade at N1.17 from N1.30. Academy Press followed with 7.69% loss, thus it closed at N0.36 from N0.39. UPDC, ABC-Transport and Oando completed the top 5 price percentage losers’ log with 6.21%, 5.71% and 4.09% respectively.
Top Performers’ Log
Top 5 Trades
Investors did a total of 256 deals on the shares of Access Bank, while a total of 211 transactions were made on Zenith Bank shares through today’s trading session. GTCO was next on the top 5 list with 208 transactions, while Fidelity Bank and UBA completed the top five (5) trades for the day, as shown in the below table.
Top 5 Performance by Volume
Traders traded 19.44 million units of Universal Insurance through the day’s trade. Fidelity Bank followed on the most traded by volume with 19.28 million shares. FBNH, Courtville and Access Bank completed the top 5 most traded shares for the day.
Top Performance by Value
The Value of the shares traded on Nestle Foods (N1.213 billion) was the highest for the day, followed by Stanbic IBTC where investors exchange N202.05 million worth of shares. GTCO, Seplat and Zenith Bank completed the list as shown in the above table.
NASD OTC- BRIEF
Over the Counter (OTC) Market Index ended in the green by gaining 0.01% to close the day’s trade at 737.94, while the market Capitalisation equally rounded up in the positive territory as it added 0.01% and close at 641.40 billion. Today’s performance produced one (1) advancer, and three (3) decliners. Kindly view today’s price list Here.
FMDQ-OTC BRIEF
The I&E FX Window opened at N412.46 traded as high as N414.00 before rounding up at N412.75, having transacted a total of $161.82 million through the day. Please note that, margin between the close and open value is 18Bpts up. We are of the opinion that the FX-Market will trade within same range tomorrow. See below table for Lagos BDC Fx-Rates.
In the money market, the Overnight (O/N) rate closed at 14.75%, same as 0.25% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 14.50% that is 0.50% above the previous close.
CRUDE OIL PRICE MOVEMENT
As at the time this report was gathered, Brent Crude sells at 73.89$/bbl, this is 52Bpts above the last close price. Safe Trade.
BDC PRICE MOVEMENTS
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