FeaturedMarket Update

Nigerian Equities Market Lead Index Closes Red while Most Sub-Indices Gained

Equities trading on the floor of the Nigerian Stock Exchange rounded up in the negative territory as the lead performance index, NSEASI gave up 30Bpts and closed at 26,584.45 from 26,665.73. Please note that, only NSE-Premium and NSE-Consumer Goods shed points, while other observed market indices in this report maintained positive path. Thus, Week to Date, lead activities index is 18Bpts above its opening point while the total lost points in the month of December, is now 155Bpts. See the index movement table for details.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N38.069 billion, same as 30Bpts below the opening value.  Meanwhile, trading activities for the day produced 14 ADVANCERS and 11 LAGERS. NSEASI Year to Date loss is now 1,542Bpts while the Market Capitalization Year to Date gain stood at N1.111 trillion same as 948Bpts above the year’s opening value.

Galxo-Smithkline led on the advancers’ log with 9.52% that closed its price at N5.75 from N5.25. Ag-Leventis followed with 8.70% to closed at N0.50 from N0.46. Other top 5 gainers on the list include, Wemabank, Wapic and Fidelity Bank with 7.14%, 5.88% and 5.77% gains respectively.

Meanwhile, Cornerstone Insurance top the losers’ log with 9.80% as it rounded up the day’s trade at N0.46 from N0.51. UPDCCREIT followed with 9.59% loss to close at N3.30 from N3.65. Completing the top 5 price percentage losers for the day are  UAC-Prop, MTNN and Honeywell Flour with 6.67%, 2.43% and 1.96% respectively.

Having signed the 2020 budget into law, President Buhari had effectively changed the nation’s budget cycle to January-December, this is happening for the first time in Nigeria’s 20 years of democratic regime. In our opinion, this and the expected improved economy’s performance in the last quarter of 2019 (leading from border closure) are undoubtedly strong boost for the market and the economy at large.

In other words, we expect the government to hit the ground running with the implementation and disbursement of funds, thereby improving liquidity around the economy, a situation expected to change the economic trend in 2020. On the strength of the above, we maintained that investors should avoid any panic selling and old firm to their equities of choice not minding the current market trend.

As at the time this report was gathered, Brent Crude sells at 66.62$/bbl, this is 8Bpts above the previous close price.

The I&E FX Window opened at N363.55 traded as high as N364.80 before rounding up at N363.96, having transacted a total of $98.43 million through the day. Please note that, margin between the close and open value is 7Bpts 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 3.07%, same as 0.22% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 2.43%, that is, 0.40% 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 Lead Index Closes Red while Most Sub-Indices Gained

Equities trading on the floor of the Nigerian Stock Exchange rounded up in the negative territory as the lead performance index, NSEASI gave up 30Bpts and closed at 26,584.45 from 26,665.73. Please note that, only NSE-Premium and NSE-Consumer Goods shed points, while other observed market indices in this report maintained positive path. Thus, Week to Date, lead activities index is 18Bpts above its opening point while the total lost points in the month of December, is now 155Bpts. See the index movement table for details.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N38.069 billion, same as 30Bpts below the opening value.  Meanwhile, trading activities for the day produced 14 ADVANCERS and 11 LAGERS. NSEASI Year to Date loss is now 1,542Bpts while the Market Capitalization Year to Date gain stood at N1.111 trillion same as 948Bpts above the year’s opening value.

Galxo-Smithkline led on the advancers’ log with 9.52% that closed its price at N5.75 from N5.25. Ag-Leventis followed with 8.70% to closed at N0.50 from N0.46. Other top 5 gainers on the list include, Wemabank, Wapic and Fidelity Bank with 7.14%, 5.88% and 5.77% gains respectively.

Meanwhile, Cornerstone Insurance top the losers’ log with 9.80% as it rounded up the day’s trade at N0.46 from N0.51. UPDCCREIT followed with 9.59% loss to close at N3.30 from N3.65. Completing the top 5 price percentage losers for the day are  UAC-Prop, MTNN and Honeywell Flour with 6.67%, 2.43% and 1.96% respectively.

Having signed the 2020 budget into law, President Buhari had effectively changed the nation’s budget cycle to January-December, this is happening for the first time in Nigeria’s 20 years of democratic regime. In our opinion, this and the expected improved economy’s performance in the last quarter of 2019 (leading from border closure) are undoubtedly strong boost for the market and the economy at large.

In other words, we expect the government to hit the ground running with the implementation and disbursement of funds, thereby improving liquidity around the economy, a situation expected to change the economic trend in 2020. On the strength of the above, we maintained that investors should avoid any panic selling and old firm to their equities of choice not minding the current market trend.

As at the time this report was gathered, Brent Crude sells at 66.62$/bbl, this is 8Bpts above the previous close price.

The I&E FX Window opened at N363.55 traded as high as N364.80 before rounding up at N363.96, having transacted a total of $98.43 million through the day. Please note that, margin between the close and open value is 7Bpts 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 3.07%, same as 0.22% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 2.43%, that is, 0.40% 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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