FeaturedMarket News

NGXASI Reverses Position, Adds 7Bpts- See Our Views & Recommendations

INTRODUCTION

Reversing position, equities trading on the floor of the Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer, NSEASI added 7Bpt to its trading points, and closed at 39,460.68 from 39,439.69. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, WtD, the lead index is 6Bpts below opening, while the total gained points in the month of August is now 237Bpts. See the index movement table for details.

Fundamental View

The lead activities index-NGXASI closed in the positive, recovering good portion of yesterday’s lost points. Recall that, the market slid on Friday and Monday in an attempt to escape its current resistance level. Conversely, today’s performance is a reverse of the move. The Half year GDP figure is expected within the week, according to the national bureau of statistics, Half year GDP details will be due for release on the 26th of August. In another, development, the IMF historical $3.35 billion SDR allocation to Nigeria was disbursed to the central bank yesterday, this is 10% of the country’s current reserve value, according to the purpose of the allocation; it grows the country reserve by $3.35 billion, increases liquidity, and enhances international transactions.

Please understand that, among the upcoming market events within the month is the adjustment of few listed equities that recently declared dividends (interim/final). As noted in our previous reports, we expect mix performance within the week; thus, we recommend a cautious play around the market, and warn against panic decisions.

Technical View

A careful look through scan through the trading pattern of the lead index NGXASI, it was discovered that the market had maintain several failed struggle to scale through a major resistance, which was first identified in March, 2021. The point was cracked in May, but failed after very short moves, similarly, it was cracked on the 12th of August, and had since been struggling around the point. Combining yesterday’s move with today’s one will wonder if the said resistance can change roles and support the market. In our opinion, this will require a major fundamental move. On the strength of the above stated facts, we recommend that traders should maintain cautiousness around the market arena, and watch against any panic investment decision.

Money Flow Index (MFI) is currently diving south, confirming that funds is exiting the market. As at the end of today’s trade, it rounded up at MFI-57.87 point. Also, MACD is trending at very close gaps, strongly attempting a downward cross through its signal line. RSI Cross Over is already initiated a Buy position, as RSI-5 today crossed RSI-15 up from the downside position. Nevertheless, after today’s move, a reverse attempt was observed. Kindly play by the trend.

Index Movements.

The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N13.544 billion, same as 7Bpts above the opening value. Meanwhile, trading activities for the day produced 17 ADVANCERS and 18 LAGERS. NGXASI Year to Date loss is now 201Bpts while the Market Capitalization Year to Date loss stood at N497.168 billion same as 236Bpts below the year’s opening value.

Gainers & Losers

Leading on the advancers’ log is Morison with 10.00% gain over its previous close price, thus it rounded up at N1.54 from N1.40. Regalins followed with 9.52% gain, to round up trade at N0.46 from N0.42. TrippleG, CHI and Jaizbank completed the top 5 price percentage gainers log with 9.09%, 8.51% and 6.90% respectively.

On the flip side FTNCocoa led with 9.09% price depreciation as it rounded up trade at N0.40 from N0.44. courtville followed with 8.82% loss, thus it closed at N0.31 from N0.34. Sovereign Insurance, UACN and Multiverse completed the top 5 price percentage losers’ log with 8.00%, 6.55% and 4.76% respectively.

Top Performers for the Day

Top 5 Trades

Investors did a total of 297 deals on the shares of GTCO, while a total of 226 transactions were made on UBA shares through today’s trading session. Zenith Bank was next on the top 5 list with 202 transactions, while Access Bank and FBNH completed the top five (5) trades for the day, as shown in the below table.

Top 5 Performance by Volume

Traders traded 22.44 million units of COURTVILLE through the day’s trade. Sovereign Insurance followed on the most traded by volume with 21.31 million shares. Wema Bank, UBA and FBNH completed the top 5 most traded shares for the day.

Top Performance by Value

The Value of the shares traded on Seplat (N289.64 million) was the highest for the day, followed by Zenith Bank where investors exchange N167.55 million worth of shares. GTCO, UBA and FBNH completed the list as shown in the above table

NASD-OTC BRIEF

Over the Counter (OTC) Market Index ended in the red by giving up 0.02% to close the day’s trade at 736.28, while the market Capitalisation equally rounded up in the positive territory as it added 0.02% and close at 639.95 billion. Today’s performance produced zero (1) advancer, and two (2) decliners. Kindly view today’s price list Here.

FMDQ-OTC BRIEF

The I&E FX Window opened at N411.27 traded as high as N413.00 before rounding up at N411.00, having transacted a total of $77.46 million through the day. Please note that, margin between the close and open value is 20Bpts 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 15.75%, same as 1.75% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 15.50% that is 2.00% below the previous close.

CRUDE OIL PRICE MOVEMENTS

As at the time this report was gathered, Brent Crude sells at 71.20$/bbl, this is 356Bpts above the last close price. Safe Trade.

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FeaturedMarket News

NGXASI Reverses Position, Adds 7Bpts- See Our Views & Recommendations

INTRODUCTION

Reversing position, equities trading on the floor of the Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer, NSEASI added 7Bpt to its trading points, and closed at 39,460.68 from 39,439.69. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, WtD, the lead index is 6Bpts below opening, while the total gained points in the month of August is now 237Bpts. See the index movement table for details.

Fundamental View

The lead activities index-NGXASI closed in the positive, recovering good portion of yesterday’s lost points. Recall that, the market slid on Friday and Monday in an attempt to escape its current resistance level. Conversely, today’s performance is a reverse of the move. The Half year GDP figure is expected within the week, according to the national bureau of statistics, Half year GDP details will be due for release on the 26th of August. In another, development, the IMF historical $3.35 billion SDR allocation to Nigeria was disbursed to the central bank yesterday, this is 10% of the country’s current reserve value, according to the purpose of the allocation; it grows the country reserve by $3.35 billion, increases liquidity, and enhances international transactions.

Please understand that, among the upcoming market events within the month is the adjustment of few listed equities that recently declared dividends (interim/final). As noted in our previous reports, we expect mix performance within the week; thus, we recommend a cautious play around the market, and warn against panic decisions.

Technical View

A careful look through scan through the trading pattern of the lead index NGXASI, it was discovered that the market had maintain several failed struggle to scale through a major resistance, which was first identified in March, 2021. The point was cracked in May, but failed after very short moves, similarly, it was cracked on the 12th of August, and had since been struggling around the point. Combining yesterday’s move with today’s one will wonder if the said resistance can change roles and support the market. In our opinion, this will require a major fundamental move. On the strength of the above stated facts, we recommend that traders should maintain cautiousness around the market arena, and watch against any panic investment decision.

Money Flow Index (MFI) is currently diving south, confirming that funds is exiting the market. As at the end of today’s trade, it rounded up at MFI-57.87 point. Also, MACD is trending at very close gaps, strongly attempting a downward cross through its signal line. RSI Cross Over is already initiated a Buy position, as RSI-5 today crossed RSI-15 up from the downside position. Nevertheless, after today’s move, a reverse attempt was observed. Kindly play by the trend.

Index Movements.

The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N13.544 billion, same as 7Bpts above the opening value. Meanwhile, trading activities for the day produced 17 ADVANCERS and 18 LAGERS. NGXASI Year to Date loss is now 201Bpts while the Market Capitalization Year to Date loss stood at N497.168 billion same as 236Bpts below the year’s opening value.

Gainers & Losers

Leading on the advancers’ log is Morison with 10.00% gain over its previous close price, thus it rounded up at N1.54 from N1.40. Regalins followed with 9.52% gain, to round up trade at N0.46 from N0.42. TrippleG, CHI and Jaizbank completed the top 5 price percentage gainers log with 9.09%, 8.51% and 6.90% respectively.

On the flip side FTNCocoa led with 9.09% price depreciation as it rounded up trade at N0.40 from N0.44. courtville followed with 8.82% loss, thus it closed at N0.31 from N0.34. Sovereign Insurance, UACN and Multiverse completed the top 5 price percentage losers’ log with 8.00%, 6.55% and 4.76% respectively.

Top Performers for the Day

Top 5 Trades

Investors did a total of 297 deals on the shares of GTCO, while a total of 226 transactions were made on UBA shares through today’s trading session. Zenith Bank was next on the top 5 list with 202 transactions, while Access Bank and FBNH completed the top five (5) trades for the day, as shown in the below table.

Top 5 Performance by Volume

Traders traded 22.44 million units of COURTVILLE through the day’s trade. Sovereign Insurance followed on the most traded by volume with 21.31 million shares. Wema Bank, UBA and FBNH completed the top 5 most traded shares for the day.

Top Performance by Value

The Value of the shares traded on Seplat (N289.64 million) was the highest for the day, followed by Zenith Bank where investors exchange N167.55 million worth of shares. GTCO, UBA and FBNH completed the list as shown in the above table

NASD-OTC BRIEF

Over the Counter (OTC) Market Index ended in the red by giving up 0.02% to close the day’s trade at 736.28, while the market Capitalisation equally rounded up in the positive territory as it added 0.02% and close at 639.95 billion. Today’s performance produced zero (1) advancer, and two (2) decliners. Kindly view today’s price list Here.

FMDQ-OTC BRIEF

The I&E FX Window opened at N411.27 traded as high as N413.00 before rounding up at N411.00, having transacted a total of $77.46 million through the day. Please note that, margin between the close and open value is 20Bpts 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 15.75%, same as 1.75% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 15.50% that is 2.00% below the previous close.

CRUDE OIL PRICE MOVEMENTS

As at the time this report was gathered, Brent Crude sells at 71.20$/bbl, this is 356Bpts above the last close price. Safe Trade.

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