FeaturedMarket Update

Nigerian Equities Market Extends Profit Profit Taking, Second Trading Day Running

Starting up the second week in the month of May, equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory, as the lead performance index, NSEASI gave up 39Bpts of its trading points, and closed at 23,949.18 from 24,045.40. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, Week to Date, activities index is 39Bpts below opening while the total gained points in the month May adjusted down to 404Bpts. See the index movement table for details.

As noted in our previous report, the market was trading around a major resistance points two trading days ago. Recall that, we mentioned the possibilities of a pullback, due to profit taking activities on the consistent gains recorded by the market so far. More importantly, the market may have arrived at the end of the first quarter earnings season, and will now respond more to economic events. In our opinion, profit taking induced pullback will generate new entries, thus allowing traders who missed out in the last positive moves to join the move, and flow with the market at recovery. Please understand that, timely position in equities with half year incentive history is an intelligent investment option at the moment, as the half year earnings season approaches.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N49.283 billion, same as 39Bpts below the opening value. Meanwhile, trading activities for the day produced 14 ADVANCERS and 12 LAGERS. NSEASI Year to Date loss is now 1,077Bpts while the Market Capitalization Year to Date loss stood at N476.329 billion same as 368Bpts below the year’s opening value.

Unilever led the gainers’ log with 10.00% to round up at N11.55 from N10.50. MCNicholes followed with 9.52% gain as it closed at N0.46 from N0.42. Jaizbank, Eterna Oil and C&ILeasing completed the top 5 price percentage gainers’ log with 9.09%, 7.87% and 6.67% respectively.

On the other hand, CAP Plc top the decliners’ log with 9.83% as it closed at N20.65 from N22.90. Wapic followed closely with 9.09% loss, thus it closed at N0.30 from N0.33. UAC-Properties, UBN and Honey Flour completed the top 5 price percentage losers log with 8.70%, 8.57% and 8.41% loss in that order.

As at the time this report was gathered, Brent Crude sells at 24.93$/bbl, this is 1,016Bpts above the previous close price.

The I&E FX Window opened at N387.88 traded as high as N389.75 before rounding up at N386.94, having transacted a total of $9.98 million through the day. Please note that, margin between the close and open value is 8Bpts 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 9.63%, same as 1.29% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 8.50% that is 1.08% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.

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FeaturedMarket Update

Nigerian Equities Market Extends Profit Profit Taking, Second Trading Day Running

Starting up the second week in the month of May, equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory, as the lead performance index, NSEASI gave up 39Bpts of its trading points, and closed at 23,949.18 from 24,045.40. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, Week to Date, activities index is 39Bpts below opening while the total gained points in the month May adjusted down to 404Bpts. See the index movement table for details.

As noted in our previous report, the market was trading around a major resistance points two trading days ago. Recall that, we mentioned the possibilities of a pullback, due to profit taking activities on the consistent gains recorded by the market so far. More importantly, the market may have arrived at the end of the first quarter earnings season, and will now respond more to economic events. In our opinion, profit taking induced pullback will generate new entries, thus allowing traders who missed out in the last positive moves to join the move, and flow with the market at recovery. Please understand that, timely position in equities with half year incentive history is an intelligent investment option at the moment, as the half year earnings season approaches.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N49.283 billion, same as 39Bpts below the opening value. Meanwhile, trading activities for the day produced 14 ADVANCERS and 12 LAGERS. NSEASI Year to Date loss is now 1,077Bpts while the Market Capitalization Year to Date loss stood at N476.329 billion same as 368Bpts below the year’s opening value.

Unilever led the gainers’ log with 10.00% to round up at N11.55 from N10.50. MCNicholes followed with 9.52% gain as it closed at N0.46 from N0.42. Jaizbank, Eterna Oil and C&ILeasing completed the top 5 price percentage gainers’ log with 9.09%, 7.87% and 6.67% respectively.

On the other hand, CAP Plc top the decliners’ log with 9.83% as it closed at N20.65 from N22.90. Wapic followed closely with 9.09% loss, thus it closed at N0.30 from N0.33. UAC-Properties, UBN and Honey Flour completed the top 5 price percentage losers log with 8.70%, 8.57% and 8.41% loss in that order.

As at the time this report was gathered, Brent Crude sells at 24.93$/bbl, this is 1,016Bpts above the previous close price.

The I&E FX Window opened at N387.88 traded as high as N389.75 before rounding up at N386.94, having transacted a total of $9.98 million through the day. Please note that, margin between the close and open value is 8Bpts 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 9.63%, same as 1.29% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 8.50% that is 1.08% above the previous close. We are of the opinion that the money market will maintain this range on the next business day. Safe Trade.

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