Chiefly enhanced by two High Cap stocks, equities trading on the floor of the Nigerian Stock Exchange soared through the positive path, as the lead performance pointer- NSEASI added 189Bpts to its trading points, and closed at 39,592.29 from 38,858.99. Safe NSE-Insurance and NSE-Oil & Gas that shed points, other observed market indices in this report ended above their respective opening prices. Thus, Week to Date, the lead index is 162Bpts above opening, while the total gained points in the month September is now 95Bpts. See the index movement table for details.
Although the lead index was chiefly boosted by gains on the share price of Dangote Cement and Nestle Foods, supported by the likes of Presco, and the strong patronage recently seen on FBNH; the fact is that, judging by the lead index performance, the market might be rounding up the month of September on a positive note. In our opinion, the real positioning for the third quarter earnings expectations may have commenced. Recall that we had consistently sensitised our readers that the last two weeks will be impacted by investors taking positions against nine months earnings. If the sub-indices are good and reliable representatives of each sector they represent, then only NSE-Banking, NSE-Insurance and NSE-Oil & Gas indexes are in red MtD. Please understand that, should the month end in the green, then, history had agreed with the previous year, where the market also ended in the green by marginal points. We recommend that investors play the market by their expectations for third quarter earnings season.
Today’s move was a strong jack-up in favor of bullish investors. The candle stick pattern representing today’s trade is a green marubozu candle, this signifies the possible commencement of a bullish/recovery run. Nevertheless, we recommend that traders watchout for confirmation of recovery on the next trading day, before following the lead headlong
As noted in our report yesterday, the divergence sported between price and MFI had finally come to play today. As price had finally yielded to call of funds entering into the market. Since the response was huge and very sharp, we recommend that traders increase their reliance on the move.
MACD on a daily chart had finally crossed its signal line from the bottom, indicating a buy position. Please understand that MACD is still a sell on both the weekly and monthly chart. This is normal, since the move just commenced. RSI Cross Over, which combine RSI-15 and RSI-7 has now signaled a buy position. The beauty of this is that, the indicator is a buy on Daily, Weekly and Monthly chart readings. Kindly play by the trend.
The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N382.055 billion, same as 189Bpts above the opening value. Meanwhile, trading activities for the day produced 24 ADVANCERS and 14 LAGERS. NGXASI Year to Date loss is now 168Bpts while the Market Capitalization Year to Date loss stood at N428.903 billion same as 204Bpts below the year’s opening value.
Gainers & Losers
Leading on the advancers’ log is NNFM and FBNH with 10.00% price appreciation above their respective previous close prices, thus, they respectively closed at N8.55 and N8.05 from N8.00 and N7.55. Dangote Cement followed on the log with 6.623% gained that closed its price at N261.00 from N245.00. Nestle Foods and Courtville completed the top 5 price percentage gainers list for the day with 6.36% and 6.06% gain respectively.
On the flip side Mansard and Julius Berger led with 10.00% loss each, thus respectively rounding up at N2.43 and N24.30 from N2.70 and N27.00. Vanleer followed with 9.925 loss to round up trade at N5.45 from N6.05. Completing the to 5 price percentage losers list are Sovereign Insurance and CHIPLC with 8.33% and 7.02% each.
Top Performers for the Day
Top 5 Trades
Investors did a total of 298 deals on the shares of Zenith Bank, while a total of 264 transactions were made on FBNH shares through today’s trading session. GTCO was next on the top 5 list with 228 transactions, while Axa-Mansard and UCAP completed the top five (5) trades for the day, as shown in the below table.
Top 5 Performance by Volume
Traders traded 264.68 million units of FBNH through the day’s trade. Universal Insurance followed on the most traded by volume with 76.66 million shares. Mansard, Zenith Bank and Fidelity Bank completed the top 5 most traded shares for the day.
Top Performance by Value
The Value of the shares traded on FBNH (N2.05 billion) was the highest for the day, followed by Nestle Foods where investors exchange N412.79 million worth of shares. Dangote Cement, Zenith Bank and GTCO respectively completed the list as shown in the above table.
Over the Counter (OTC) Market Index ended in the red territory by shedding 0.66% to close the day’s trade at 732.54, while the market Capitalisation equally rounded up in the negative territory as it gave up 0.66% and close at 636.70 billion. Today’s performance produced zero (0) advancers, and three (3) decliners. Kindly view today’s price list Here.
The I&E FX Window opened at N414.05 traded as high as N415.20 before rounding up at N414.73, having transacted a total of $467.56 million through the day. Please note that, margin between the close and open value is 6Bpts up. We are of the opinion that the FX-Market will trade within same range tomorrow. See below table for Lagos BDC Fx-Rates.
In the money market, the Overnight (O/N) rate closed at 10.75%, same as 3.00% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 9.50% that is 3.50% below the previous close.
CRUDE OIL PRICE MOVEMENTS
As at the time this report was gathered, Brent Crude sells at 78.25$/bbl, this is 50Bpts below the last close price. Safe Trade.