FeaturedMarket Update

Nigerian Equities Market Halts Positive Moves as Profit Taking Sets in

Yielding to profit takers’ pressure, equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory as the lead performance pointer-NSEASI gave up 22Bpts and closed at 25,166.01 from 25,221.29. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, Week to Date, lead index is 15Bpts below opening, while the total gained points in the month of May adjusted down to 932Bpts. See the index movement table for details.

As noted in our report yesterday, the market was hit by pressure from traders running off with the profit made from the last bullish run. Recall that we mentioned the possibilities of the market pausing/slowing down the on-going bullish moves in our last report, this finally played out today. Nevertheless, we have technically established that the pull back is weak and may not end the new bullish trend; except if the market/economy fundamental is negatively altered. We therefore maintained that, traders should play by half year earnings expectations/economic impact on both market performance and their equities of choice.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N28.776 billion, same as 22Bpts below the opening value. Meanwhile, trading activities for the day produced 19 ADVANCERS and 18 LAGERS. NSEASI Year to Date loss is now 624Bpts while the Market Capitalization Year to Date gain stood at N156.96 billion same as 121Bpts above the year’s opening value.

Leading the advancers’ log for the day is Cutix with 9.94% gain that closed its share price at N1.88 from N1.71. May&Baker followed on the log with 9.71% gain, thus rounding up trade at N3.39 from N3.09. Champion Breweries, University Press and Neimeth completed the top 5 price percentage gainerss’ log with 9.64%, 9.62% and 9.57% respectively.

Meanwhile, the losers’ log was topped by ETI with 9.92% loss, as it closed at N5.45 from N6.05. Ikeja Hotel followed with 8.73% loss to close at N1.15 from N1.26. UBA, Oando and Fidelity Bank completed the top 5 list with 6.25%, 5.71% and 5.50% respectively.

As at the time this report was gathered, Brent Crude sells at 33.28$/bbl, this is 232Bpts below the previous close price.

The I&E FX Window opened at N387.60 traded as high as N389.99 before rounding up at N386.33, having transacted a total of $22.65 million through the day. Please note that, margin between the close and open value is 10Bpts 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 3.42%, same as 12.18% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 2.67% that is 12.33% below 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 Halts Positive Moves as Profit Taking Sets in

Yielding to profit takers’ pressure, equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory as the lead performance pointer-NSEASI gave up 22Bpts and closed at 25,166.01 from 25,221.29. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, Week to Date, lead index is 15Bpts below opening, while the total gained points in the month of May adjusted down to 932Bpts. See the index movement table for details.

As noted in our report yesterday, the market was hit by pressure from traders running off with the profit made from the last bullish run. Recall that we mentioned the possibilities of the market pausing/slowing down the on-going bullish moves in our last report, this finally played out today. Nevertheless, we have technically established that the pull back is weak and may not end the new bullish trend; except if the market/economy fundamental is negatively altered. We therefore maintained that, traders should play by half year earnings expectations/economic impact on both market performance and their equities of choice.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N28.776 billion, same as 22Bpts below the opening value. Meanwhile, trading activities for the day produced 19 ADVANCERS and 18 LAGERS. NSEASI Year to Date loss is now 624Bpts while the Market Capitalization Year to Date gain stood at N156.96 billion same as 121Bpts above the year’s opening value.

Leading the advancers’ log for the day is Cutix with 9.94% gain that closed its share price at N1.88 from N1.71. May&Baker followed on the log with 9.71% gain, thus rounding up trade at N3.39 from N3.09. Champion Breweries, University Press and Neimeth completed the top 5 price percentage gainerss’ log with 9.64%, 9.62% and 9.57% respectively.

Meanwhile, the losers’ log was topped by ETI with 9.92% loss, as it closed at N5.45 from N6.05. Ikeja Hotel followed with 8.73% loss to close at N1.15 from N1.26. UBA, Oando and Fidelity Bank completed the top 5 list with 6.25%, 5.71% and 5.50% respectively.

As at the time this report was gathered, Brent Crude sells at 33.28$/bbl, this is 232Bpts below the previous close price.

The I&E FX Window opened at N387.60 traded as high as N389.99 before rounding up at N386.33, having transacted a total of $22.65 million through the day. Please note that, margin between the close and open value is 10Bpts 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 3.42%, same as 12.18% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 2.67% that is 12.33% below 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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