FeaturedMarket Update

Nigerian Equities Market Records Second Straight Recovery, Adds 35Bpts

Equities trading on the floor of The Nigerian Stock Exchange rounded up the first trading day of the week in the positive territory, thus the lead performance pointer, NSEASI added 53Bpts and closed at 30,745.05 from 30,636.35. Safe NSE-Oil&Gas and NSE-Lotus II indexes that shed points other observed market indices closed above their respective opening points. Thus, Week to Date, market is up by 35Bpts while the total gained points in the new month is now 61Bpts. See the index movement table for details.

Value gained by the market capitalization of the listed equities during today’s trading activities was N40.530 billion, same as 35Bpts above the opening value.  Meanwhile, trading activities for the day produced 17 ADVANCERS and 20 LAGERS. NSEASI Year to Date loss is now 218Bpts while the Market Capitalization Year to Date loss stood at N255.735 billion same as 218Bpts below the year’s opening value.

Although the recovery posted by the lead performance index (second trading days running) is quite low, the two days recovery came before the previous low seen on the lead index’s daily chart. Technically, this is a sign that the previous trend (Down Trend) may have ended while another trend is building up. Nevertheless, since this is the first time such is playing out, we recommend that traders watch closely for a re-occurrence of this pattern before fully trading along. The first point of confirmation of the trend is, if the current recovery ends above the most recent highs. Thus pending this confirmation, we maintained a cautious tread around the market arena while taking positions against various expected earnings continues.

As at the time we compiled this report, Brent Crude trades at $62.79/bbl having gained 0.28% above the last close price.

At the interbank rate today, the Naira closed unchanged at N306.75 against the USDollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N362.50 traded as high as N364.70 before rounding up at N362.58, having transacted a total of $268.34 million through the day. Please note that, margin between the close and open value is an equivalent of 4Bpts 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 17.77%, same as 5.91% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 16.83%, that is, 5.76% 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 Records Second Straight Recovery, Adds 35Bpts

Equities trading on the floor of The Nigerian Stock Exchange rounded up the first trading day of the week in the positive territory, thus the lead performance pointer, NSEASI added 53Bpts and closed at 30,745.05 from 30,636.35. Safe NSE-Oil&Gas and NSE-Lotus II indexes that shed points other observed market indices closed above their respective opening points. Thus, Week to Date, market is up by 35Bpts while the total gained points in the new month is now 61Bpts. See the index movement table for details.

Value gained by the market capitalization of the listed equities during today’s trading activities was N40.530 billion, same as 35Bpts above the opening value.  Meanwhile, trading activities for the day produced 17 ADVANCERS and 20 LAGERS. NSEASI Year to Date loss is now 218Bpts while the Market Capitalization Year to Date loss stood at N255.735 billion same as 218Bpts below the year’s opening value.

Although the recovery posted by the lead performance index (second trading days running) is quite low, the two days recovery came before the previous low seen on the lead index’s daily chart. Technically, this is a sign that the previous trend (Down Trend) may have ended while another trend is building up. Nevertheless, since this is the first time such is playing out, we recommend that traders watch closely for a re-occurrence of this pattern before fully trading along. The first point of confirmation of the trend is, if the current recovery ends above the most recent highs. Thus pending this confirmation, we maintained a cautious tread around the market arena while taking positions against various expected earnings continues.

As at the time we compiled this report, Brent Crude trades at $62.79/bbl having gained 0.28% above the last close price.

At the interbank rate today, the Naira closed unchanged at N306.75 against the USDollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N362.50 traded as high as N364.70 before rounding up at N362.58, having transacted a total of $268.34 million through the day. Please note that, margin between the close and open value is an equivalent of 4Bpts 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 17.77%, same as 5.91% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 16.83%, that is, 5.76% 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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