FeaturedMarket Update

Nigerian Equities Market Stays on Recovery Path Despite Profit Taking

Positive sentiments lingered, as trading activities on the floor of The Nigerian stock Exchange closed in the green. Thus, the lead performance index-NSEASI added 87Bpts and closed at 24,354.25 from 24,143.37. Safe NSE-Banking Index that shed points; all observed market indices in this report rounded up above their respective opening points. Thus, Week to Date, lead index is 579Bpts above opening while the total gained points in the month of May is now 579Bpts. See the index movement table for details.

After the long negative reactions to the deadly Covid-19 pandemic, which saw the market far down the negative path, the market today, recorded the 9th straight gains that cut off good portion of the lost points since the event commenced. Pleases note that, the market is currently around a resistant and profit taking activities may force the market down the negative line, should the resistance proved to be stubborn. We maintained that, attractions to the stock market at the moment includes palliative products from the federal government, targeted towards silencing the expected negative effect of the pandemic on the economy, improved first quarter earnings performances, low/attractive price of listed equities, and low attractions in other capital market investment instruments.

Value gained by the Market Capitalization of the listed equities during today’s trading activities was N109.900 billion, same as 87Bpts above the opening value. Meanwhile, trading activities for the day produced 20 ADVANCERS and 21 LAGERS. NSEASI Year to Date loss is now 927Bpts while the Market Capitalization Year to Date loss stood at N266.088 billion same as 205Bpts below the year’s opening value.

Royal Exchange led the price percentage gainers’ log with 10.00% gain as it closed at N0.22 from N0.20. University Press followed with 9.80% gain, thus it rounded up at N1.12 from N1.02. Conoil, Ardova and Consolidated Hallmark completed the top 5 list with 9.77%, 9.68% and 9.09% respectively.

Losers’ log on the other hand, was topped by Linkage Assurance that lost 8.33% of its previous close price to close at N0.44 from N0.48. Red Star Express followed with 5.00% and closed at N2.85 from N3.00. Others on the list include African Prudential, Sterling Bank and Fidson.

As at the time this report was gathered, Brent Crude sells at 24.93$/bbl, this is 1,016Bpts above the previous close price.

The I&E FX Window opened at N385.35 traded as high as N390.89 before rounding up at N368.38, having transacted a total of $102.28 million through the day. Please note that, margin between the close and open value is 49Bpts 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 3.00%, same as 1.25% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 2.00% that is 1.50% 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 Stays on Recovery Path Despite Profit Taking

Positive sentiments lingered, as trading activities on the floor of The Nigerian stock Exchange closed in the green. Thus, the lead performance index-NSEASI added 87Bpts and closed at 24,354.25 from 24,143.37. Safe NSE-Banking Index that shed points; all observed market indices in this report rounded up above their respective opening points. Thus, Week to Date, lead index is 579Bpts above opening while the total gained points in the month of May is now 579Bpts. See the index movement table for details.

After the long negative reactions to the deadly Covid-19 pandemic, which saw the market far down the negative path, the market today, recorded the 9th straight gains that cut off good portion of the lost points since the event commenced. Pleases note that, the market is currently around a resistant and profit taking activities may force the market down the negative line, should the resistance proved to be stubborn. We maintained that, attractions to the stock market at the moment includes palliative products from the federal government, targeted towards silencing the expected negative effect of the pandemic on the economy, improved first quarter earnings performances, low/attractive price of listed equities, and low attractions in other capital market investment instruments.

Value gained by the Market Capitalization of the listed equities during today’s trading activities was N109.900 billion, same as 87Bpts above the opening value. Meanwhile, trading activities for the day produced 20 ADVANCERS and 21 LAGERS. NSEASI Year to Date loss is now 927Bpts while the Market Capitalization Year to Date loss stood at N266.088 billion same as 205Bpts below the year’s opening value.

Royal Exchange led the price percentage gainers’ log with 10.00% gain as it closed at N0.22 from N0.20. University Press followed with 9.80% gain, thus it rounded up at N1.12 from N1.02. Conoil, Ardova and Consolidated Hallmark completed the top 5 list with 9.77%, 9.68% and 9.09% respectively.

Losers’ log on the other hand, was topped by Linkage Assurance that lost 8.33% of its previous close price to close at N0.44 from N0.48. Red Star Express followed with 5.00% and closed at N2.85 from N3.00. Others on the list include African Prudential, Sterling Bank and Fidson.

As at the time this report was gathered, Brent Crude sells at 24.93$/bbl, this is 1,016Bpts above the previous close price.

The I&E FX Window opened at N385.35 traded as high as N390.89 before rounding up at N368.38, having transacted a total of $102.28 million through the day. Please note that, margin between the close and open value is 49Bpts 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 3.00%, same as 1.25% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 2.00% that is 1.50% 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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