FeaturedMarket Update

Nigerian Equities Market Takes Positive Breadth after Five (5) Red Days

Suspending five (5) days bearish moves, equities trading on the floor of The Nigerian Stock Exchange rounded up in the green, as the lead performers’ pointer, NSEASI added 17Bpts and closed at 27,568.91 from 27,523.08. 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 67Bpts below opening while the total lost points in the month of February is now 442Bpts. See the index movement table for details.

Value gained by the Market Capitalization of the listed equities during today’s trading activities was N23.873 billion, same as 17Bpts above the opening value. Meanwhile, trading activities for the day produced 19 ADVANCERS and 10 LAGERS. NSEASI Year to Date gain is now 271Bpts while the Market Capitalization Year to Date gain stood at N1.403 trillion same as 1,083Bpts above the year’s opening value.

At the end of today’s trading activities, AIICO and Ikeja Hotel led the advancers’ log with 10.00% each to close at N0.99 and N1.21 from N0.90 and N1.10 respectively. UCAP followed with 9.94% to close at N3.54 from N3.22. Completing the top five price percentage gainers are; Wapic Insurance (9.68%) and ABC-Transport (9.37%).

Law-Union and SFREIT led the decliners’ log with 10.00% loss each as they rounded up at N0.81 and N76.95 from N0.90 and N85.50 respectively. Champion Breweries followed on the log with 9.28% loss as it closed at N0.88 from N0.97. JaizBank and Oando completed the top five price percentage losers’ list with 7.35% and 6.59% loss respectively.

Although the market ended today’s trading activities in the green, we maintained that, it may not post any serious recovery until the fourth quarter earnings season fully takes off. In our prior reports, we noted that, despite the consistent down trend, good numbers of listed equities did not actively participated in the straight fall (although they now sell at very attractive prices). We therefore conclude that taking advantage of low priced equities is an intelligent investment strategy. Please understand that such equities should be selected after establishing the possibilities of receiving cash dividend when the expected full year audited result is finally made available to the investing public.

As at the time this report was gathered, Brent Crude sells at 59.31$/bbl, this is 19Bpts above the previous close price.

The I&E FX Window opened at N364.50 traded as high as N368.35 before rounding up at N364.38, having transacted a total of $204.71 million through the day. Please note that, margin between the close and open value is 15Bpts 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 4.08%, same as 0.02% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 3.33% that is 0.13% above 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 Takes Positive Breadth after Five (5) Red Days

Suspending five (5) days bearish moves, equities trading on the floor of The Nigerian Stock Exchange rounded up in the green, as the lead performers’ pointer, NSEASI added 17Bpts and closed at 27,568.91 from 27,523.08. 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 67Bpts below opening while the total lost points in the month of February is now 442Bpts. See the index movement table for details.

Value gained by the Market Capitalization of the listed equities during today’s trading activities was N23.873 billion, same as 17Bpts above the opening value. Meanwhile, trading activities for the day produced 19 ADVANCERS and 10 LAGERS. NSEASI Year to Date gain is now 271Bpts while the Market Capitalization Year to Date gain stood at N1.403 trillion same as 1,083Bpts above the year’s opening value.

At the end of today’s trading activities, AIICO and Ikeja Hotel led the advancers’ log with 10.00% each to close at N0.99 and N1.21 from N0.90 and N1.10 respectively. UCAP followed with 9.94% to close at N3.54 from N3.22. Completing the top five price percentage gainers are; Wapic Insurance (9.68%) and ABC-Transport (9.37%).

Law-Union and SFREIT led the decliners’ log with 10.00% loss each as they rounded up at N0.81 and N76.95 from N0.90 and N85.50 respectively. Champion Breweries followed on the log with 9.28% loss as it closed at N0.88 from N0.97. JaizBank and Oando completed the top five price percentage losers’ list with 7.35% and 6.59% loss respectively.

Although the market ended today’s trading activities in the green, we maintained that, it may not post any serious recovery until the fourth quarter earnings season fully takes off. In our prior reports, we noted that, despite the consistent down trend, good numbers of listed equities did not actively participated in the straight fall (although they now sell at very attractive prices). We therefore conclude that taking advantage of low priced equities is an intelligent investment strategy. Please understand that such equities should be selected after establishing the possibilities of receiving cash dividend when the expected full year audited result is finally made available to the investing public.

As at the time this report was gathered, Brent Crude sells at 59.31$/bbl, this is 19Bpts above the previous close price.

The I&E FX Window opened at N364.50 traded as high as N368.35 before rounding up at N364.38, having transacted a total of $204.71 million through the day. Please note that, margin between the close and open value is 15Bpts 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 4.08%, same as 0.02% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 3.33% that is 0.13% above 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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