FeaturedMarket Update

Nigerian Equities Market Resists the Bear, Gives Up Marginal 5Bpts

Equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory, as the lead performance pointer-NSEASI gave up marginal 5Bpts of its trading points, and closed at 21,729.48 from 21,741.16. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, Week to Date, Lead activities index is 211Bpts below opening while the total lost points in the month of March is now 1,712Bpts. See the index movement table for details.

Judging by the type of equities on the losers’ log, one can assume that the market actually performed positively for the day, but for two high cap equities- MTNN and Total Oil that rounded up below their respective opening points it ended by 0.05% down. Please note that, the US markets and few other markets rounded up Tuesday trade in the green territory, just as the Nigerian Market puts up recovery efforts. We are of the opinion that, markets recovery is not sustainable at the moment, until economy re-opening is visible. Nevertheless, it is interesting that traders are satisfied with various governments’ intervention efforts to soften the negative impact of COVID-19 on world markets, and they have confirmed this by being mildly bullish in their investment approaches. We therefore maintained that, traders should take advantage of low priced equities presented by the consistent market drops.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N6.087 billion, same as 5Bpts below the opening value. Meanwhile, trading activities for the day produced 20 ADVANCERS and 07 LAGERS. NSEASI Year to Date loss is now 1,905Bpts while the Market Capitalization Year to Date loss stood at N1.634 trillion same as 1,261Bpts below the year’s opening value.

Leading on the advancers’ log is Cutix with 10.00% gain, as it rounded up the day at N1.32 from N1.20. Cadbury followed with 9.71% gain that closed its price at N5.65 from N5.15. Neimeth, UnionDac and Wapic along with two other stocks (UBA & Prestige) gained 9.09% each.

Total Oil led the decliners’ log with 10.00% as it rounded up trade at N96.30 from N107.00. African Prudential followed with 9.87%, closing at N3.47 from N3.85. Jaizbank, FCMB and MTNN completed the top 5 price percentage losers log with 8.16%, 3.85% and 2.91% respectively.

As at the time this report was gathered, Brent Crude sells at 27.39$/bbl, this is 24Bpts above the previous close price.

The I&E FX Window opened at N381.29 traded as high as N388.12 before rounding up at N380.25, having transacted a total of $128.79 million through the day. Please note that, margin between the close and open value is 7Bpts 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 3.50%, same as 1.75% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 3.00% that is 1.83% 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 Resists the Bear, Gives Up Marginal 5Bpts

Equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory, as the lead performance pointer-NSEASI gave up marginal 5Bpts of its trading points, and closed at 21,729.48 from 21,741.16. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, Week to Date, Lead activities index is 211Bpts below opening while the total lost points in the month of March is now 1,712Bpts. See the index movement table for details.

Judging by the type of equities on the losers’ log, one can assume that the market actually performed positively for the day, but for two high cap equities- MTNN and Total Oil that rounded up below their respective opening points it ended by 0.05% down. Please note that, the US markets and few other markets rounded up Tuesday trade in the green territory, just as the Nigerian Market puts up recovery efforts. We are of the opinion that, markets recovery is not sustainable at the moment, until economy re-opening is visible. Nevertheless, it is interesting that traders are satisfied with various governments’ intervention efforts to soften the negative impact of COVID-19 on world markets, and they have confirmed this by being mildly bullish in their investment approaches. We therefore maintained that, traders should take advantage of low priced equities presented by the consistent market drops.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N6.087 billion, same as 5Bpts below the opening value. Meanwhile, trading activities for the day produced 20 ADVANCERS and 07 LAGERS. NSEASI Year to Date loss is now 1,905Bpts while the Market Capitalization Year to Date loss stood at N1.634 trillion same as 1,261Bpts below the year’s opening value.

Leading on the advancers’ log is Cutix with 10.00% gain, as it rounded up the day at N1.32 from N1.20. Cadbury followed with 9.71% gain that closed its price at N5.65 from N5.15. Neimeth, UnionDac and Wapic along with two other stocks (UBA & Prestige) gained 9.09% each.

Total Oil led the decliners’ log with 10.00% as it rounded up trade at N96.30 from N107.00. African Prudential followed with 9.87%, closing at N3.47 from N3.85. Jaizbank, FCMB and MTNN completed the top 5 price percentage losers log with 8.16%, 3.85% and 2.91% respectively.

As at the time this report was gathered, Brent Crude sells at 27.39$/bbl, this is 24Bpts above the previous close price.

The I&E FX Window opened at N381.29 traded as high as N388.12 before rounding up at N380.25, having transacted a total of $128.79 million through the day. Please note that, margin between the close and open value is 7Bpts 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 3.50%, same as 1.75% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 3.00% that is 1.83% 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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