FeaturedMarket Update

Nigerian Equities Market Halts Two Days Recovery as NSEASI Gives Up 44Bbpts

Equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory as the lead performance pointer NSEASI gave up 44Bpts and closed at 26,339.11 from 26,456.39. Safe NSE-Banking Index that gained, other observed market indices in this report closed below their respective opening points. Thus, Week to Date, lead activities index is 9Bpts above the opening point, while the total lost points in the month of November is now 6Bpts. See the index movement table for details.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N57.089 billion, same as 44Bpts below the opening value.  Meanwhile, trading activities for the day produced 13 ADVANCERS and 15 LAGERS. NSEASI Year to Date loss is now 1,620Bpts while the Market Capitalization Year to Date gain stood at N1.101 trillion same as 939Bpts above the year’s opening value.

Leading on the Price percentage gainers’ log is Ikeja Hotel with 9.09% price appreciation that closed its price at N0.96 from N0.88. Ag-Leventis followed with 7.14% to close at N0.30 from N0.28. Completing the first five lists on the log is Jaizbank, Fidelity Bank and Access Bank with 7.145, 3.83% and 3.14% respectively.

On the other hand, Total Oil led on the decliners’ log with 9.98% loss as it rounded up at N110.90 from 123.20. Pz-Cussons followed on the log with 9.91% loss while CHI, Unilever and Oando completed the top five lists with 7.145, 5.61% and 3.90% loss respectively.

As noted in our previous reports, recent policies by the CBN along other moves by the exchange and other stakeholders should increase liquidity around the equities market. Although todays’ pullback action has again threatened the two days recovery attempts, we conclude that such is typical of a recovering market. Please understand that buying interest is still strong in the banking sub-sector, at least as at the end of today’s trading activities. We have identified a major resistance around the current trading point of NSE-Banking Index, on the strength of this, we recommend that traders should watch out for possible correction in this sector and take advantage of same.

As at the time this report was gathered, Brent Crude sells at 62.47$/bbl, this is 41Bpts above the previous close price.

The I&E FX Window opened at N362.05 traded as high as N363.50 before rounding up at N362.52, having transacted a total of $208.81 million through the day. Please note that, margin between the close and open value is 1Bpts gain. 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 9.00%, same as 3.01% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 8.14%, that is, 3.00% 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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