FeaturedMarket Update

Nigerian Equities Market Recovery Runs Paused By Profit Taking

Giving up to profit taking activities, equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory as the lead performance pointer NSEASI gave up 33Bpts to close at 26,762.73 from 26,851.68. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, Week to Date, activities index is 33Bpts below the opening point, while the total gained points for the month of November is 155Bpts. See the index movement table for details.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N188.759 billion, same as 144Bpts below the opening value.  Meanwhile, trading activities for the day produced 16 ADVANCERS and 14 LAGERS. NSEASI Year to Date loss is now 1,485Bpts while the Market Capitalization Year to Date gain stood at N1.161 trillion same as 991Bpts above the year’s opening value.

Neimeth led the advancers’ log with 10.00% gain as it rounded up trade at N0.44 from N0.40. JaizBank followed on the log with 9.86% gain to close at N0.78 against N0.71. Ikeja Hotel, Custodian and Courtville completed the top 5 price percentage gainers for the day with 9.47%, 9.09% and 8.70% respectively.

Profit Taking activities was strongest on the share price of WemaBank, as the share price dropped to N0.70 from N0.76 after losing 7.89% of its opening price. FCMB followed with 7.50% loss to close at N1.85 from N2.00. Caverton, ETI and Access Bank completed the list of decliners as shown in the Top performance log table.

As noted in our previous reports, recent policies by the CBN along other moves by the exchange and other stakeholders should increase liquidity around the equities market. Although market may consistently experience short-lived recovery moves (as seen in today’s trading), in our opinion, such is typical of a recovering market. Buying interest remain strong in most listed equities although the lead performance pointer may not reflect the same posture always, we conclude that traders should take timely advantage of low priced equities and play dividend stocks accordingly.

As at the time this report was gathered, Brent Crude sells at 62.34$/bbl, this is 10Bpts below the previous close price.

The I&E FX Window opened at N362.25 traded as high as N363.10 before rounding up at N362.50, having transacted a total of $204.28 million through the day. Please note that, margin between the close and open value is 2Bpts down. 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 18.43%, same as 4.36% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 17.57%, that is, 4.50% 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 Recovery Runs Paused By Profit Taking

Giving up to profit taking activities, equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory as the lead performance pointer NSEASI gave up 33Bpts to close at 26,762.73 from 26,851.68. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, Week to Date, activities index is 33Bpts below the opening point, while the total gained points for the month of November is 155Bpts. See the index movement table for details.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N188.759 billion, same as 144Bpts below the opening value.  Meanwhile, trading activities for the day produced 16 ADVANCERS and 14 LAGERS. NSEASI Year to Date loss is now 1,485Bpts while the Market Capitalization Year to Date gain stood at N1.161 trillion same as 991Bpts above the year’s opening value.

Neimeth led the advancers’ log with 10.00% gain as it rounded up trade at N0.44 from N0.40. JaizBank followed on the log with 9.86% gain to close at N0.78 against N0.71. Ikeja Hotel, Custodian and Courtville completed the top 5 price percentage gainers for the day with 9.47%, 9.09% and 8.70% respectively.

Profit Taking activities was strongest on the share price of WemaBank, as the share price dropped to N0.70 from N0.76 after losing 7.89% of its opening price. FCMB followed with 7.50% loss to close at N1.85 from N2.00. Caverton, ETI and Access Bank completed the list of decliners as shown in the Top performance log table.

As noted in our previous reports, recent policies by the CBN along other moves by the exchange and other stakeholders should increase liquidity around the equities market. Although market may consistently experience short-lived recovery moves (as seen in today’s trading), in our opinion, such is typical of a recovering market. Buying interest remain strong in most listed equities although the lead performance pointer may not reflect the same posture always, we conclude that traders should take timely advantage of low priced equities and play dividend stocks accordingly.

As at the time this report was gathered, Brent Crude sells at 62.34$/bbl, this is 10Bpts below the previous close price.

The I&E FX Window opened at N362.25 traded as high as N363.10 before rounding up at N362.50, having transacted a total of $204.28 million through the day. Please note that, margin between the close and open value is 2Bpts down. 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 18.43%, same as 4.36% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 17.57%, that is, 4.50% 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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