FeaturedMarket Update

Nigerian Equities Market Maintained Negative Path, as NSEASI Gave Up February Gained Points

Equities trading on the floor of The Nigerian Stock Exchange slid further, as the lead performance index, NSEASI gave up 67Bpts of its trading point, and rounded up trade at 30,829.45 from 31,038.86. Safe NSE-Industrial Goods Index that added points, other observed market indices closed below their respective opening points. Thus, week to Date, activities index is in the red by 100Bpts while the total lost point so far in the month of March now stands at 281Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N78.739 billion, same as 67Bpts below the opening value.  Meanwhile, trading activities for the day produced 11 ADVANCERS and 19 LAGERS. NSEASI Year to Date loss is now 191Bpts while the Market Capitalization Year to Date loss stood at N128.323 billion same as 109Bpts below the year’s opening value.

The monetary policy committee at the conclusion of its 266th meeting yesterday, concluded as follows; to adjust the MPR by 50Bpts from 14.00 to 13.50 per cent; Retain the asymmetric corridor of +200/-500Bpts around the MPR; Retain the CRR at 22.5%; and Retain the Liquidity Ratio at 30 per cent. Meanwhile none of the expected earnings hit the market through today’s trading activities, in other words, traders played around trend and considered few earnings around the market. We maintained that traders should play cautiously around the market, while holding on tight to sound fundamentally based equities with positive earnings expectations.

As at the time we compiled this report, Brent Crude trades at $67.65/bbl having loss 0.18% to stand above the last close price.

At the interbank rate today, the Naira closed unchanged at N306.95 against the dollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N360.31 traded as high as N361.50 before rounding up at N360.68, having transacted a total of $307.05 million through the day. Please note that, margin between the close and open value is an equivalent of 12Bpts loss. 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 15.50%, same as 1.79% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 15.14%, that is, 1.29% 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 Maintained Negative Path, as NSEASI Gave Up February Gained Points

Equities trading on the floor of The Nigerian Stock Exchange slid further, as the lead performance index, NSEASI gave up 67Bpts of its trading point, and rounded up trade at 30,829.45 from 31,038.86. Safe NSE-Industrial Goods Index that added points, other observed market indices closed below their respective opening points. Thus, week to Date, activities index is in the red by 100Bpts while the total lost point so far in the month of March now stands at 281Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N78.739 billion, same as 67Bpts below the opening value.  Meanwhile, trading activities for the day produced 11 ADVANCERS and 19 LAGERS. NSEASI Year to Date loss is now 191Bpts while the Market Capitalization Year to Date loss stood at N128.323 billion same as 109Bpts below the year’s opening value.

The monetary policy committee at the conclusion of its 266th meeting yesterday, concluded as follows; to adjust the MPR by 50Bpts from 14.00 to 13.50 per cent; Retain the asymmetric corridor of +200/-500Bpts around the MPR; Retain the CRR at 22.5%; and Retain the Liquidity Ratio at 30 per cent. Meanwhile none of the expected earnings hit the market through today’s trading activities, in other words, traders played around trend and considered few earnings around the market. We maintained that traders should play cautiously around the market, while holding on tight to sound fundamentally based equities with positive earnings expectations.

As at the time we compiled this report, Brent Crude trades at $67.65/bbl having loss 0.18% to stand above the last close price.

At the interbank rate today, the Naira closed unchanged at N306.95 against the dollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N360.31 traded as high as N361.50 before rounding up at N360.68, having transacted a total of $307.05 million through the day. Please note that, margin between the close and open value is an equivalent of 12Bpts loss. 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 15.50%, same as 1.79% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 15.14%, that is, 1.29% 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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