FeaturedMarket Update

Nigerian Equities Market: Market Maintained Green Path Despite Shrank Performers’ Log: 11/04/19

For the second time within the week, equities trading on the floor of The Nigerian Stock Exchange rounded up in the positive territory; as the lead performance pointer NSEASI added 53Bpts to its trading points, thereby closing at 29,347.62 from 29.193.42. Safe NSE-Consumer Goods that shed points, other observed market indices in this report gained. Week to Date, activities index is below opening by 91Bpts while the total lost point within the month April is currently 546Bpts. See the index movement table for details.

Value gained by the market capitalization of the listed equities during today’s trading activities was N57.916 billion, same as 53Bpts above the opening value.  Meanwhile, trading activities for the day produced 15 ADVANCERS and 07 LAGERS. NSEASI Year to Date loss is now 663Bpts while the Market Capitalization Year to Date loss stood at N697.531 billion same as 595Bpts below the year’s opening value.

Two things are glaring at the end of today’s trading activities, first is the fact that both the advancers and decliners log shrank and the recovery is mild compared to huge slash recorded by listed equities, implying that not all traders had gathered confidence to play the market. As noted in our previous report, the expected first quarter financials will reveal the true of business terrain in the country. In other words, one major fundamental capable of improving traders’ confidence around the market arena is the first quarter earnings score card. Other key economic fundamental factors are; the 2019 budget, the choice of the next CBN governor amongst others. We must mention the much reported High Debt Servicing Cost currently burned by the county, in our opinion; this is a major confidence dent.

As at the time we compiled this report, Brent Crude trades at $70.95/bbl having loss 0.78% to stand above the last close price.

At the interbank rate today, the Naira closed unchanged at N307.00 against the dollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N360.25 traded as high as N362.00 before rounding up at N360.14, having transacted a total of $204.80 million through the day. Please note that, margin between the close and open value is an equivalent of 5Bpts 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 10.57%, same as 5.71% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 9.71%, that is, 5.43% 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: Market Maintained Green Path Despite Shrank Performers’ Log: 11/04/19

For the second time within the week, equities trading on the floor of The Nigerian Stock Exchange rounded up in the positive territory; as the lead performance pointer NSEASI added 53Bpts to its trading points, thereby closing at 29,347.62 from 29.193.42. Safe NSE-Consumer Goods that shed points, other observed market indices in this report gained. Week to Date, activities index is below opening by 91Bpts while the total lost point within the month April is currently 546Bpts. See the index movement table for details.

Value gained by the market capitalization of the listed equities during today’s trading activities was N57.916 billion, same as 53Bpts above the opening value.  Meanwhile, trading activities for the day produced 15 ADVANCERS and 07 LAGERS. NSEASI Year to Date loss is now 663Bpts while the Market Capitalization Year to Date loss stood at N697.531 billion same as 595Bpts below the year’s opening value.

Two things are glaring at the end of today’s trading activities, first is the fact that both the advancers and decliners log shrank and the recovery is mild compared to huge slash recorded by listed equities, implying that not all traders had gathered confidence to play the market. As noted in our previous report, the expected first quarter financials will reveal the true of business terrain in the country. In other words, one major fundamental capable of improving traders’ confidence around the market arena is the first quarter earnings score card. Other key economic fundamental factors are; the 2019 budget, the choice of the next CBN governor amongst others. We must mention the much reported High Debt Servicing Cost currently burned by the county, in our opinion; this is a major confidence dent.

As at the time we compiled this report, Brent Crude trades at $70.95/bbl having loss 0.78% to stand above the last close price.

At the interbank rate today, the Naira closed unchanged at N307.00 against the dollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N360.25 traded as high as N362.00 before rounding up at N360.14, having transacted a total of $204.80 million through the day. Please note that, margin between the close and open value is an equivalent of 5Bpts 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 10.57%, same as 5.71% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 9.71%, that is, 5.43% 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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