FeaturedMarket Update

Nigerian Equities Market: NSEASI Battles Resistance as Markets Awaits Corporate Earnings

Yielding to negaive sentiments’ call, equities trading on the floor of The Nigerian Stock Exchange closed in the negative territory as the lead performance index NSEASI gave up 69Bpts of its trading point and rounded up trade at 32,473.82 from 32,700.12. Safe NSE-Insurance and NSE-Oil&Gas that gained, other observed market indices closed below their respective opening points. Week to Date, lead activities index is 13Bpts below the opening point while total gained point for the month of February is now 627Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N84.393 billion, same as 69Bpts below the opening value.  Meanwhile, trading activities for the day produced 21 ADVANCERS and 20 LAGERS. NSEASI Year to Date gain is now 332Bpts while the Market Capitalization Year to Date gain stood at N389.269 billion same as 332Bpts above the year’s opening value.

The lead performance pointer NSEASI is noticed to be struggling with a major resistance around its current trading point. Note that, after arriving at the region on the 12th of February, it has stylishly entered a sideway trend where it had spent 10 trading days (today performance inclusive). Possible occurrence in such situation is a pullback action to gather enough strength needed to crack and overrun the said resistance. Nevertheless, with strong fundamental boost, possibly from the final declaration of the presidential election winner plus influx of positive full year earnings, the market may receive needed strength without a pullback. We maintained that investors continually positioned in strong fundamentally based equities, making use of their respective nine months financials as guides. Whiles traders play with heightened cautiousness around the market arena.

As at the time we compiled this report, Brent Crude trades at $65.28/bbl having gained 0.62% to stand above the last close price.

 

At the interbank rate today, the Naira closed unchanged at N306.85 against the dollar,.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N361.67 traded as high as N362.50 before rounding up at N361.50, having transacted a total of $73.88 million through the day. Please note that, margin between the close and open value is an equivalent of 1Bpts gain. 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 14.71%, same as 4.07% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 13.79%, that is, 3.88% 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: NSEASI Battles Resistance as Markets Awaits Corporate Earnings

Yielding to negaive sentiments’ call, equities trading on the floor of The Nigerian Stock Exchange closed in the negative territory as the lead performance index NSEASI gave up 69Bpts of its trading point and rounded up trade at 32,473.82 from 32,700.12. Safe NSE-Insurance and NSE-Oil&Gas that gained, other observed market indices closed below their respective opening points. Week to Date, lead activities index is 13Bpts below the opening point while total gained point for the month of February is now 627Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N84.393 billion, same as 69Bpts below the opening value.  Meanwhile, trading activities for the day produced 21 ADVANCERS and 20 LAGERS. NSEASI Year to Date gain is now 332Bpts while the Market Capitalization Year to Date gain stood at N389.269 billion same as 332Bpts above the year’s opening value.

The lead performance pointer NSEASI is noticed to be struggling with a major resistance around its current trading point. Note that, after arriving at the region on the 12th of February, it has stylishly entered a sideway trend where it had spent 10 trading days (today performance inclusive). Possible occurrence in such situation is a pullback action to gather enough strength needed to crack and overrun the said resistance. Nevertheless, with strong fundamental boost, possibly from the final declaration of the presidential election winner plus influx of positive full year earnings, the market may receive needed strength without a pullback. We maintained that investors continually positioned in strong fundamentally based equities, making use of their respective nine months financials as guides. Whiles traders play with heightened cautiousness around the market arena.

As at the time we compiled this report, Brent Crude trades at $65.28/bbl having gained 0.62% to stand above the last close price.

 

At the interbank rate today, the Naira closed unchanged at N306.85 against the dollar,.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N361.67 traded as high as N362.50 before rounding up at N361.50, having transacted a total of $73.88 million through the day. Please note that, margin between the close and open value is an equivalent of 1Bpts gain. 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 14.71%, same as 4.07% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 13.79%, that is, 3.88% 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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