FeaturedMarket Update

Nigerian Equities Market Reduces Bearish Moves on Major Support Point

Bearish sentiments extended to the second trading day of the week, as the lead performance index of the Nigerian Stock Exchange rounded up trade in the negative territory. In other words, NSEASI gave up 3Bpts and closed at 27,033.10 from 27,041.03. It was a mixed performance amongst the observed market indices, as shown in the index movement table. Thus, Week to Date, market is 130Bpts below opening while the total lost points in the month of February is now 628Bpts. See the index movement table for details.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N4.131 billion, same as 3Bpts below the opening value. Meanwhile, trading activities for the day produced 08 ADVANCERS and 22 LAGERS. NSEASI Year to Date gain is now 71Bpts while the Market Capitalization Year to Date gain stood at N1.121 trillion same as 868Bpts above the year’s opening value.

The gainers’ list was led by LawUnion with 10.00% gain as it closed at N0.88 from N0.80. Cadbury followed with 9.76% to close at N9.00 from N8.20. Completing the top five price percentage gainers are; African Prudential (4.29%), FBNH (2.83%) and Access Bank (2.27%).

Meanwhile, the decliners’ log was led by SFSREIT with 9.94% loss as it rounded up trade at N69.30 from N76.95. SKYAVN followed on the log with 9.75% to close at N2.13 from N2.36. Completing the top 5 price percentage losers’ log are; NPFMCRFBK (9.68%), AIICO (9.38%) and Linkage Assurance (8.89%).

Technical charts revealed that, todays slow pace (by the bear) is an attempt to respect a major support line on which it currently trades. Please note that the market today, defiled the second support line (found around 27,047.20) and may head towards the next support at point 26,189.80. Considering the current state of the economy, especially the fundamental flaws caused by the heightened insecurity challenge within the country, it is not certain that the bull will help the market before the said support. Nevertheless, we expect some level of positive response to earnings numbers especially on the second week of March. Thus, we are of the opinion that, taking advantage of low priced equities presented by the long bearish moves is an intelligent investment decision.

As at the time this report was gathered, Brent Crude sells at 54.70$/bbl, this is 160Bpts below the previous close price.

The I&E FX Window opened at N364.86 traded as high as N366.25 before rounding up at N365.33, having transacted a total of $310.84 million through the day. Please note that, margin between the close and open value is 1Bpts 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 3.07%, same as 0.23% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 2.29% that is 0.11% 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 Reduces Bearish Moves on Major Support Point

Bearish sentiments extended to the second trading day of the week, as the lead performance index of the Nigerian Stock Exchange rounded up trade in the negative territory. In other words, NSEASI gave up 3Bpts and closed at 27,033.10 from 27,041.03. It was a mixed performance amongst the observed market indices, as shown in the index movement table. Thus, Week to Date, market is 130Bpts below opening while the total lost points in the month of February is now 628Bpts. See the index movement table for details.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N4.131 billion, same as 3Bpts below the opening value. Meanwhile, trading activities for the day produced 08 ADVANCERS and 22 LAGERS. NSEASI Year to Date gain is now 71Bpts while the Market Capitalization Year to Date gain stood at N1.121 trillion same as 868Bpts above the year’s opening value.

The gainers’ list was led by LawUnion with 10.00% gain as it closed at N0.88 from N0.80. Cadbury followed with 9.76% to close at N9.00 from N8.20. Completing the top five price percentage gainers are; African Prudential (4.29%), FBNH (2.83%) and Access Bank (2.27%).

Meanwhile, the decliners’ log was led by SFSREIT with 9.94% loss as it rounded up trade at N69.30 from N76.95. SKYAVN followed on the log with 9.75% to close at N2.13 from N2.36. Completing the top 5 price percentage losers’ log are; NPFMCRFBK (9.68%), AIICO (9.38%) and Linkage Assurance (8.89%).

Technical charts revealed that, todays slow pace (by the bear) is an attempt to respect a major support line on which it currently trades. Please note that the market today, defiled the second support line (found around 27,047.20) and may head towards the next support at point 26,189.80. Considering the current state of the economy, especially the fundamental flaws caused by the heightened insecurity challenge within the country, it is not certain that the bull will help the market before the said support. Nevertheless, we expect some level of positive response to earnings numbers especially on the second week of March. Thus, we are of the opinion that, taking advantage of low priced equities presented by the long bearish moves is an intelligent investment decision.

As at the time this report was gathered, Brent Crude sells at 54.70$/bbl, this is 160Bpts below the previous close price.

The I&E FX Window opened at N364.86 traded as high as N366.25 before rounding up at N365.33, having transacted a total of $310.84 million through the day. Please note that, margin between the close and open value is 1Bpts 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 3.07%, same as 0.23% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 2.29% that is 0.11% 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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