FeaturedMarket Update

Nigerian Equities Market Dares Election Fever, GDP Release, adds 16Bpts: 6/02/19

Equities trading on the floor of The Nigerian Stock Exchange maintained positive territory for the fourth (4th) trading session, as the lead performance pointer NSEASI added 16Bpts and closed at 30,821.80 from 30,773.57. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, Week to Date, activities index is up by 61Bpts, while the total gained point in the current month is now 87Bpts. See the index movement table for details.

Value gained by the market capitalization of the listed equities during today’s trading activities was N17.987 billion, same as 16Bpts above the opening value.  Meanwhile, trading activities for the day produced 19 ADVANCERS and 17 LAGERS. NSEASI Year to Date loss is now 194Bpts while the Market Capitalization Year to Date loss stood at N226.786 billion same as 193Bpts below the year’s opening value.

Despite the low momentum, the four straight trading day’s recovery moves are quite tempting. Making the situation so dicey is the fact that the long awaited national election is now around the corner; you will recall that this had been the major fundamental dent on the market since the beginning of the year. In our opinion, this is because the earnings season is also here and investors are bound to position accordingly. Another major event, set to happen before the election is the release of the country’s Gross Domestic Product (GDP) figures, for the last quarter of 2018, by the National Bureau of Statistics on Tuesday 12th February, this is precisely four (4) days before the election.  On this strength, we maintained that traders should maintain cautiousness as they play for capital appreciation.

As at the time we compiled this report, Brent Crude trades at $62.66/bbl having gained 0.68% above the last close price.

At the interbank rate today, the Naira closed unchanged at N306.70 against the USDollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N361.88 traded as high as N364.25 before rounding up at N362.72, having transacted a total of $348.48 million through the day. Please note that, margin between the close and open value is an equivalent of 13Bpts gain. We are of the opinion that the FX-Market will trade within same range tomorrow.

In the money market, the Overnight (O/N) rate closed at 21.83%, same as 0.92% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 20.67%, that is, 1.17% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.

Comment here

FeaturedMarket Update

Nigerian Equities Market Dares Election Fever, GDP Release, adds 16Bpts: 6/02/19

Equities trading on the floor of The Nigerian Stock Exchange maintained positive territory for the fourth (4th) trading session, as the lead performance pointer NSEASI added 16Bpts and closed at 30,821.80 from 30,773.57. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, Week to Date, activities index is up by 61Bpts, while the total gained point in the current month is now 87Bpts. See the index movement table for details.

Value gained by the market capitalization of the listed equities during today’s trading activities was N17.987 billion, same as 16Bpts above the opening value.  Meanwhile, trading activities for the day produced 19 ADVANCERS and 17 LAGERS. NSEASI Year to Date loss is now 194Bpts while the Market Capitalization Year to Date loss stood at N226.786 billion same as 193Bpts below the year’s opening value.

Despite the low momentum, the four straight trading day’s recovery moves are quite tempting. Making the situation so dicey is the fact that the long awaited national election is now around the corner; you will recall that this had been the major fundamental dent on the market since the beginning of the year. In our opinion, this is because the earnings season is also here and investors are bound to position accordingly. Another major event, set to happen before the election is the release of the country’s Gross Domestic Product (GDP) figures, for the last quarter of 2018, by the National Bureau of Statistics on Tuesday 12th February, this is precisely four (4) days before the election.  On this strength, we maintained that traders should maintain cautiousness as they play for capital appreciation.

As at the time we compiled this report, Brent Crude trades at $62.66/bbl having gained 0.68% above the last close price.

At the interbank rate today, the Naira closed unchanged at N306.70 against the USDollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N361.88 traded as high as N364.25 before rounding up at N362.72, having transacted a total of $348.48 million through the day. Please note that, margin between the close and open value is an equivalent of 13Bpts gain. We are of the opinion that the FX-Market will trade within same range tomorrow.

In the money market, the Overnight (O/N) rate closed at 21.83%, same as 0.92% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 20.67%, that is, 1.17% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.

Comment here