Further enhanced by gains on the share price of Airtel Africa, equities trading on the floor of the Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer, NSEASI added 69Bpt to its trading points, and closed at 39,448.46 from 39,176.62. Safe NSE-Consumer Goods Index that shed points, other observed market indices in this report gained. Thus, WtD, the lead index is 164Bpts above opening, while the total gained points in the month of August is now 234Bpts. See the index movement table for details.
Fundamental View
As noted above, the positive performance posted by the lead index on the exchange for the day, is mainly boosted by the gains recorded by one high cap stock. Please note that, Airtel Africa rounded up the day’s trade with 4.90% gain. This situation had blurred the readings on the lead index trading pattern; nevertheless, it is encouraging that the advancers’ log grew over the losers. 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
Technically the candlestick representing today’s trading activities on NGXASI is a Full Candle without upper or lower wick, a pattern that signified strong bullish outing. The candle successfully continued yesterday bullish moves, as it touches another key point in the month of May. If considered technically, one would assume that a major bullish sentiment is ruling the market, but with the understanding of how the performance was achieved through one major high cap stock, it will be intelligent to maintain some level of caution. In our opinion, confirmation of recovery is necessary. Especially through Volume analysis and perhaps indicator that work with Volume and Price
On the strength of the above stated facts, we keep our fingers crossed, watching where and what the next trading day holds for investors on NGX.
Despite the huge gain, Money Flow Index (MFI) still maintained its southward trend, confirming that trend is yet to change. Also, MACD is trending at a very close gaps, although it recently attempted to open up a bit. RSI Cross Over is already initiated a Buy position, as RSI-5 today crossed RSI-15 up from the downside position. Kindly play by the trend.
Index Movements
The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N141.632 billion, same as 69Bpts above the opening value. Meanwhile, trading activities for the day produced 20 ADVANCERS and 15 LAGERS. NGXASI Year to Date loss is now 204Bpts while the Market Capitalization Year to Date loss stood at N503.539 million same as 239Bpts below the year’s opening value.
Gainers & Losers
Leading on the advancers’ log is Pharmadeko with 9.17% gain over its previous close price, thus it rounded up at N1.19 from N1.09. Neimeth followed with 8.61% gain, to round up trade at N1.64 from N1.51. Ikeja Hotel, Livestock Feeds and Linkage Assurance completed the top 5 price percentage gainers log with 7.69%, 6.84% and 6.78% respectively.
On the flip side FTNCocoa led with 8.89% price depreciation as it rounded up trade at N0.41 from N0.45. Wema Bank followed with 7.32% loss, thus it closed at N0.76 from N0.82. May&Baker, Mutual Benefits and VeritasKap completed the top 5 price percentage losers’ log with 6.38%, 5.56% and 4.17% respectively.
Top Performers for the Day
Top 5 Trades
Investors did a total of 232 deals on the shares of GTCO, while a total of 212 transactions were made on Zenith Bank shares through today’s trading session. Dangote Sugar was next on the top 5 list with 206 transactions, while UBA and Oando completed the top five (5) trades for the day, as shown in the below table.
Top 5 Performance by Volume
Traders traded 20.48 million units of Transcorp through the day’s trade. ETI followed on the most traded by volume with 17.54 million shares. FCMB, Sterling Bank and UBA completed the top 5 most traded shares for the day.
Top Performance by Value
The Value of the shares traded on MTNN (N777.80 Million) was the highest for the day, followed by Airtel Africa where investors exchange N370.87 million worth of shares. Flour Mill, ETI and UBA completed the list as shown in the above table.
NASD-OTC BRIEF
Over the Counter (OTC) Market Index ended in the red by gaining 0.78% to close the day’s trade at 745.57, while the market Capitalisation equally rounded up in the negaitive territory as it added 0.78% and close at 648.03 billion. Today’s performance produced one (1) advancer, and two (2) decliners. Kindly view today’s price list Here.
CRUDE OIL PRICE MOVEMENTS
As at the time this report was gathered, Brent Crude sells at 71.47$/bbl, this is 4Bpts above the last close price.
FMDQ-OTC BRIEF
The I&E FX Window opened at N411.50 traded as high as N412.26 before rounding up at N411.40, having transacted a total of $132.42 million through the day. Please note that, margin between the close and open value is 2Bpts 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 17.50%, same as 4.00% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 17.00% that is 4.00% above the previous close. Safe Trade.
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