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 63Bpt of its trading points, and closed at 38,567.26 from 38,810.75. Safe NSE-Consumer Goods and NSE-Oil & Gas Indexes that gained; other observed market indices in this report, closed below their respective opening points. Thus, WtD, the lead index is 63Bpts below opening, while the total gained points in the month of August is now 5Bpts. See the index movement table for details.
Fundamental View
For the second time since the current pull back commenced, NGXASI again bowed to the bear, as it took 63 steps down the ladder. Right now, its actually trending close to the recent lower low, and more disturbing is the fact that the candlestick pattern representing today’s trading activities is a full red candle, which implies that sentiments was purely negative all through today’s trading session. Nevertheless, the market got a consolation from the fact that Dangote Cement is a major booster of the bear’s ego in today’s move, as Dangcem dipped by 3.26% from its previous close price, also, the advancers’ log is a step higher than the decliners. Meanwhile, as noted in our previous reports, we expect the market to be a little silent within this week, as major market movers in the name of half year incentives and policies (MPC & Headline Inflation) are not expected within the week. We also noted that, most expected earnings had already been released, safe those with Half year interim dividends and very few others. We therefore advise against panic selling and recommend that traders take full advantage of dropping prices.
Technical View
Judging the entire market by the Lead performance index trading pattern after today’s trade, the market finally confirmed its will to drop. Meanwhile, this is posted with a full bearish candlestick pattern; technically, the market is not expected to drop below its current trading points before assuming the next recovery attempt. If this is achieved on the next trading day, hopes will rise in favor of positive investors, meanwhile another black candle will down the hope below 50%.
On the strength of the above stated facts, we keep our fingers crossed, watching where and how early the market will resist the pull back. We reiterate that, early pull back, especially from the next trading day, will boost investors trading appetite.
Money Flow Index (MFI) is had finally reflected negative sentiments, since it’s now facing the south; nevertheless, no divergence had been noticed between MFI and price trading pattern. RSI Cross Over is already initiated a sell position, as RSI-5 today crossed RSI-15 down from the upside position. 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 N126.86 billion, same as 63Bpts below the opening value. Meanwhile, trading activities for the day produced 19 ADVANCERS and 18 LAGERS. NGXASI Year to Date loss is now 423Bpts while the Market Capitalization Year to Date loss stood at N962.654 million same as 457Bpts below the year’s opening value.
Gainers & Losers
Leading on the advancers’ log is Conoil with 9.83% gain over its previous close price, thus it rounded up at N22.35 from N20.35. NNFM followed with 9.76% gain, to round up trade at N6.75 from N6.15. SKYAVN, Academy Press, and Sunu Assurance completed the top 5 price percentage gainers log with 9.18%, 7.89% and 4.44% respectively.
On the flip side UPL led with 9.79% price depreciation as it rounded up trade at N1.29 from N1.43. Linkage Assurance followed with 7.81% loss, thus it closed at N0.59 from N0.64. NPFMCRFBK, VERITASKAP and Courtville completed the top 5 price percentage losers’ log with 4.26%, 4.17% and 4.00% respectively.
Top Performers Brief
Top 5 Trades
Investors did a total of 269 deals on the shares of Zenith Bank, while a total of 267 transactions were made on Dangote Sugar shares through today’s trading session. GTCO was next on the top 5 list with 243 transactions, while Oando and Access bank completed the top five (5) trades for the day, as shown in the below table.
Top 5 Performance by Volume
Traders traded 25.76 million units of Wema Bank through the day’s trade. Ellah Lakes followed on the most traded by volume with 25.02 million shares. Fidelity Bank, CHIPLC and FCMBH completed the top 5 most traded shares for the day.
Top Performance by Value
The Value of the shares traded on Ellah Lakes (N106.35 million) was the highest for the day, followed by Zenith Bank where investors exchange N104.38 million worth of shares. MTN, Dangote Cement and Nestle Foods 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 0.42% to close the day’s trade at 749.67, while the market Capitalisation equally rounded up in the negative territory as it shed 0.42% and close at 651.60 billion. Today’s performance produced two (2) advancers, and one (1) decliner. Kindly view today’s price list Here.
CRUDE OIL PRICE MOVEMENT
As at the time this report was gathered, Brent Crude sells at 69.25$/bbl, this is 30Bpts above the last close price.
FMDQ-OTC BRIEF
The I&E FX Window opened at N411.39 traded as high as N412.90 before rounding up at N411.50, having transacted a total of $166.06 million through the day. Please note that, margin between the close and open value is 0Bpts 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 13.75%, same as 6.75% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 13.00% that is 7.00% below the previous close. Safe Trade.
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