FeaturedMarket Update

Nigerian Equities Market: The Bears Slashed Prices Further as NSEASI Gave up 153Bpts

As bearish sentiments continues, equities trading on the floor of The Nigerian Stock Exchange rounded up  the first trading day of the week in the negative territory, as the lead performance pointer NSEASI gave up 153Bpts of its trading points and closed at 29,162.24 from 29,616.38. Safe NSE-Insurance and NSE-Oil & Gas index that added points, other observed market indices dipped. Thus, Week to Date, activities index is down by 153Bpts while the total lost points in the month of April is now 605Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N170.577 billion, same as 153Bpts below the opening value.  Meanwhile, trading activities for the day produced 14 ADVANCERS and 31 LAGERS. NSEASI Year to Date loss is now 722Bpts while the Market Capitalization Year to Date loss stood at N767.159 billion same as 655Bpts below the year’s opening value.

The lead indicator NSEASI penetrated the last support point three trading days prior, although in line with our expectations it attempted a recovery on Friday, but since the recovery was registered with a weak momentum, the bears quickly take over today. Nevertheless, since the bear already dragged most blue-chip to attractive prices, we expect long term investors to start positioning from now. We also advise traders to watch out for equities with extended dividend closure date (that is, closure date far from released date) as most of them will move for at least three trading days before such closure date.

As at the time we compiled this report, Brent Crude trades at $71.16/bbl having gained 0.06% to stand above the last close price.

At the interbank rate today, the Naira closed unchanged at N307.00 against the dollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N360.45 traded as high as N362.00 before rounding up at N360.68, having transacted a total of $244.36 million through the day. Please note that, margin between the close and open value is an equivalent of 10Bpts gain. We are of the opinion that the FX-Market will trade within same range tomorrow.

In the money market, the Overnight (O/N) rate closed at 20.00%, same as 3.86% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 19.43%, that is, 4.14% 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: The Bears Slashed Prices Further as NSEASI Gave up 153Bpts

As bearish sentiments continues, equities trading on the floor of The Nigerian Stock Exchange rounded up  the first trading day of the week in the negative territory, as the lead performance pointer NSEASI gave up 153Bpts of its trading points and closed at 29,162.24 from 29,616.38. Safe NSE-Insurance and NSE-Oil & Gas index that added points, other observed market indices dipped. Thus, Week to Date, activities index is down by 153Bpts while the total lost points in the month of April is now 605Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N170.577 billion, same as 153Bpts below the opening value.  Meanwhile, trading activities for the day produced 14 ADVANCERS and 31 LAGERS. NSEASI Year to Date loss is now 722Bpts while the Market Capitalization Year to Date loss stood at N767.159 billion same as 655Bpts below the year’s opening value.

The lead indicator NSEASI penetrated the last support point three trading days prior, although in line with our expectations it attempted a recovery on Friday, but since the recovery was registered with a weak momentum, the bears quickly take over today. Nevertheless, since the bear already dragged most blue-chip to attractive prices, we expect long term investors to start positioning from now. We also advise traders to watch out for equities with extended dividend closure date (that is, closure date far from released date) as most of them will move for at least three trading days before such closure date.

As at the time we compiled this report, Brent Crude trades at $71.16/bbl having gained 0.06% to stand above the last close price.

At the interbank rate today, the Naira closed unchanged at N307.00 against the dollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N360.45 traded as high as N362.00 before rounding up at N360.68, having transacted a total of $244.36 million through the day. Please note that, margin between the close and open value is an equivalent of 10Bpts gain. We are of the opinion that the FX-Market will trade within same range tomorrow.

In the money market, the Overnight (O/N) rate closed at 20.00%, same as 3.86% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 19.43%, that is, 4.14% 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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