FeaturedMarket Update

Nigerian Equities Market Slows Recovery Momentum as Profit Taking Sets In

As the market relapsed, equities trading on the floor of the Nigerian Stock Exchange rounded up in the green territory. That is, NSEASI added marginal 7Bpts and closed at 22,554.84 from 22,539.94. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, Week to Date, lead index is 548Bpts above opening while the total gained points in the month of April increased to 589Bpts. See the index movement table for details.

Undoubtedly, traders are already taking profit over the few gains recorded by the market. In our opinion, this is typical of a recovering market and should not result to panic in any way; rather, traders who missed out in the recovery moves are expected to take advantage of the pullback and join the market accordingly. Please observe that, today’s mild gain was chiefly due to gains recorded by Nestle Foods, Dangote Cement and MTNN; while profit taking activities was stronger on banking stocks. On the strength of the above, we recommend that traders should avoid panic selling even when the general market direction finally changes.

Value gained by the Market Capitalization of the listed equities during today’s trading activities was N7.763 billion, same as 7Bpts above the opening value. Meanwhile, trading activities for the day produced 18 ADVANCERS and 20 LAGERS. NSEASI Year to Date loss is now 1,597Bpts while the Market Capitalization Year to Date loss stood at N1.203 trillion same as 929Bpts below the year’s opening value.

Nestle Foods led the gainers’ log with 10.00% price appreciation, as it rounded up trade at N913.20 from N830.20. Nigerian Breweries followed with 9.89% to close at N29.45 from N26.80. Completing the top 5 price percentage gainers’ log for the day are Conoil, Cornerstone and Champion Breweries with 9.69%, 9.26% and 9.09% respectively.

Access and Sterling Bank led on the decliners’ log with 10.00% each as they both closed at N6.30 and N1.35 from N7.00 and N1.50 respectively. Nahco followed on the list with 9.79% loss while Zenith Bank and John Holt completed the top 5 price percentage losers with 9.75% and 8.93% respectively. See the  top performers log for details

As at the time this report was gathered, Brent Crude sells at 28.11$/bbl, this is 152Bpts above the previous close price.

The I&E FX Window opened at N385.72 traded as high as N390.00 before rounding up at N386.00, having transacted a total of $14.22 million through the day. Please note that, margin between the close and open value is 10Bpts up. 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 2.67%, same as 0.25% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 2.00% that is 0.00% 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 Slows Recovery Momentum as Profit Taking Sets In

As the market relapsed, equities trading on the floor of the Nigerian Stock Exchange rounded up in the green territory. That is, NSEASI added marginal 7Bpts and closed at 22,554.84 from 22,539.94. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, Week to Date, lead index is 548Bpts above opening while the total gained points in the month of April increased to 589Bpts. See the index movement table for details.

Undoubtedly, traders are already taking profit over the few gains recorded by the market. In our opinion, this is typical of a recovering market and should not result to panic in any way; rather, traders who missed out in the recovery moves are expected to take advantage of the pullback and join the market accordingly. Please observe that, today’s mild gain was chiefly due to gains recorded by Nestle Foods, Dangote Cement and MTNN; while profit taking activities was stronger on banking stocks. On the strength of the above, we recommend that traders should avoid panic selling even when the general market direction finally changes.

Value gained by the Market Capitalization of the listed equities during today’s trading activities was N7.763 billion, same as 7Bpts above the opening value. Meanwhile, trading activities for the day produced 18 ADVANCERS and 20 LAGERS. NSEASI Year to Date loss is now 1,597Bpts while the Market Capitalization Year to Date loss stood at N1.203 trillion same as 929Bpts below the year’s opening value.

Nestle Foods led the gainers’ log with 10.00% price appreciation, as it rounded up trade at N913.20 from N830.20. Nigerian Breweries followed with 9.89% to close at N29.45 from N26.80. Completing the top 5 price percentage gainers’ log for the day are Conoil, Cornerstone and Champion Breweries with 9.69%, 9.26% and 9.09% respectively.

Access and Sterling Bank led on the decliners’ log with 10.00% each as they both closed at N6.30 and N1.35 from N7.00 and N1.50 respectively. Nahco followed on the list with 9.79% loss while Zenith Bank and John Holt completed the top 5 price percentage losers with 9.75% and 8.93% respectively. See the  top performers log for details

As at the time this report was gathered, Brent Crude sells at 28.11$/bbl, this is 152Bpts above the previous close price.

The I&E FX Window opened at N385.72 traded as high as N390.00 before rounding up at N386.00, having transacted a total of $14.22 million through the day. Please note that, margin between the close and open value is 10Bpts up. 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 2.67%, same as 0.25% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 2.00% that is 0.00% 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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