FeaturedMarket Update

Nigerian Equities Market Tests Further Bearish Zones, Gives up 106Bpts

For the third consecutive trading day, equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory, as the lead performance index, NSEASI gave up 106Bpts of its trading points, and closed at 23,695.90 from 23,950.83. Safe NSE-Oil& Gas the closed flat, other observed market indices in this report lost. Thus, Week to Date, activities index is 145Bpts below opening while the total gained points in the month of May adjusted down to 293Bpts. See the index movement table for details.

As noted in our previous report, the market was trading around a major resistance points three trading days ago. Recall that, we mentioned the possibilities of a pullback, due to profit taking activities on the consistent gains recorded by the market so far. More importantly, the market may have arrived at the end of the first quarter earnings season, and will now respond more to economic events. In our opinion, profit taking induced pullback will generate new entries, thus allowing traders who missed out in the last positive moves to join the market, and flow with the along at recovery. Please understand that, timely position in equities with half year incentive history is an intelligent investment option at the moment, as the half year earnings season approaches.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N132.858 billion, same as 106Bpts below the opening value. Meanwhile, trading activities for the day produced 14 ADVANCERS and 15 LAGERS. NSEASI Year to Date loss is now 1,172Bpts while the Market Capitalization Year to Date loss stood at N609.187 billion same as 470Bpts below the year’s opening value.

Leading on the advancers’ log is Neimeth that gained 10.00% to close at N0.66 from N0.60. NPFMCRFBK followed on the log with 9.76%, thus it rounded up at N1.35 from N1.23. completing the top 5 price percentage gainers’ log are Eterna, MCNicholes and C&ILeasing with 9.44%, 8.70% and 6.25% respectively.

Caverton led the losers’ log with 10.00% to close at N2.43 from N2.70. Arbico followed with 9.73%, thus it closed at N2.32 from N2.57. Others on the top 5 price percentage losers’ log are Afromedia, Lasaco and Wapic with 8.82%, 7.41% and 6.67% respectively.

As at the time this report was gathered, Brent Crude sells at 25.23$/bbl, this is 120Bpts above the previous close price.

The I&E FX Window opened at N387.63 traded as high as N390.69 before rounding up at N386.94, having transacted a total of $9.98 million through the day. Please note that, margin between the close and open value is 0Bpts flat. 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 8.20%, same as 1.43% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 7.40% that is 1.10% 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 Tests Further Bearish Zones, Gives up 106Bpts

For the third consecutive trading day, equities trading on the floor of The Nigerian Stock Exchange rounded up in the negative territory, as the lead performance index, NSEASI gave up 106Bpts of its trading points, and closed at 23,695.90 from 23,950.83. Safe NSE-Oil& Gas the closed flat, other observed market indices in this report lost. Thus, Week to Date, activities index is 145Bpts below opening while the total gained points in the month of May adjusted down to 293Bpts. See the index movement table for details.

As noted in our previous report, the market was trading around a major resistance points three trading days ago. Recall that, we mentioned the possibilities of a pullback, due to profit taking activities on the consistent gains recorded by the market so far. More importantly, the market may have arrived at the end of the first quarter earnings season, and will now respond more to economic events. In our opinion, profit taking induced pullback will generate new entries, thus allowing traders who missed out in the last positive moves to join the market, and flow with the along at recovery. Please understand that, timely position in equities with half year incentive history is an intelligent investment option at the moment, as the half year earnings season approaches.

Value loss by the Market Capitalization of the listed equities during today’s trading activities was N132.858 billion, same as 106Bpts below the opening value. Meanwhile, trading activities for the day produced 14 ADVANCERS and 15 LAGERS. NSEASI Year to Date loss is now 1,172Bpts while the Market Capitalization Year to Date loss stood at N609.187 billion same as 470Bpts below the year’s opening value.

Leading on the advancers’ log is Neimeth that gained 10.00% to close at N0.66 from N0.60. NPFMCRFBK followed on the log with 9.76%, thus it rounded up at N1.35 from N1.23. completing the top 5 price percentage gainers’ log are Eterna, MCNicholes and C&ILeasing with 9.44%, 8.70% and 6.25% respectively.

Caverton led the losers’ log with 10.00% to close at N2.43 from N2.70. Arbico followed with 9.73%, thus it closed at N2.32 from N2.57. Others on the top 5 price percentage losers’ log are Afromedia, Lasaco and Wapic with 8.82%, 7.41% and 6.67% respectively.

As at the time this report was gathered, Brent Crude sells at 25.23$/bbl, this is 120Bpts above the previous close price.

The I&E FX Window opened at N387.63 traded as high as N390.69 before rounding up at N386.94, having transacted a total of $9.98 million through the day. Please note that, margin between the close and open value is 0Bpts flat. 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 8.20%, same as 1.43% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 7.40% that is 1.10% 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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