FeaturedMarket Update

Nigerian Equities Market: Traders Silenced the Bear, Maintained Recovery Moves: 16/04/19

Silencing the bears’ roar, equities trading on the floor of The Nigerian Stock Exchange rounded up in the positive territory; as the lead performance pointer, NSEASI added 85Bpts to its trading points and closed at 29,746.24 from 29,495.91. Safe NSE-Premium and NSE-Oil & Gas that shed points, other observed market indices in this report gained. Thus, Week to Date, activities index is in the green by 63Bpts while total lost points in the month of April adjusted to 417Bpts. See the index movement table for details.

Value gained by the market capitalization of the listed equities during today’s trading activities was N94.025 billion, same as 85Bpts above the opening value.  Meanwhile, trading activities for the day produced 21 ADVANCERS and 10 LAGERS. NSEASI Year to Date loss is now 536Bpts while the Market Capitalization Year to Date loss stood at N547.804 billion same as 467Bpts below the year’s opening value.

Paramount in every traders’ mind is how to identify the end of the bear’s dominant on market trend, before now, it is expected that the full year performance indices will redirect the market, but after the glaring failure of same, traders are looking towards possible impact of the first quarter financial performances (at least from listed equities with December financial year). Many are of the opinion that it will give a clear reflection of expected trend on business performance in 2019. Technically, the market is bearish and has stayed in the sell part of many indicators. Although when few indices are adjusted to 7 days trading signals, a buy signal was observed during the last correction moves. We are of the opinion, that long term positions in fundamentally based equities are reasonable at the moment.

As at the time we compiled this report, Brent Crude trades at $71.99/bbl having gained 0.27% to stand above the last close price.

At the interbank rate today, the Naira closed unchanged at N306.95 against the dollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N360.32 traded as high as N362.00 before rounding up at N360.23, having transacted a total of $403.79 million through the day. Please note that, margin between the close and open value is an equivalent of 2Bpts loss. 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 17.43%, same as 25.50% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 16.14%, that is, 23.86% 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: Traders Silenced the Bear, Maintained Recovery Moves: 16/04/19

Silencing the bears’ roar, equities trading on the floor of The Nigerian Stock Exchange rounded up in the positive territory; as the lead performance pointer, NSEASI added 85Bpts to its trading points and closed at 29,746.24 from 29,495.91. Safe NSE-Premium and NSE-Oil & Gas that shed points, other observed market indices in this report gained. Thus, Week to Date, activities index is in the green by 63Bpts while total lost points in the month of April adjusted to 417Bpts. See the index movement table for details.

Value gained by the market capitalization of the listed equities during today’s trading activities was N94.025 billion, same as 85Bpts above the opening value.  Meanwhile, trading activities for the day produced 21 ADVANCERS and 10 LAGERS. NSEASI Year to Date loss is now 536Bpts while the Market Capitalization Year to Date loss stood at N547.804 billion same as 467Bpts below the year’s opening value.

Paramount in every traders’ mind is how to identify the end of the bear’s dominant on market trend, before now, it is expected that the full year performance indices will redirect the market, but after the glaring failure of same, traders are looking towards possible impact of the first quarter financial performances (at least from listed equities with December financial year). Many are of the opinion that it will give a clear reflection of expected trend on business performance in 2019. Technically, the market is bearish and has stayed in the sell part of many indicators. Although when few indices are adjusted to 7 days trading signals, a buy signal was observed during the last correction moves. We are of the opinion, that long term positions in fundamentally based equities are reasonable at the moment.

As at the time we compiled this report, Brent Crude trades at $71.99/bbl having gained 0.27% to stand above the last close price.

At the interbank rate today, the Naira closed unchanged at N306.95 against the dollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N360.32 traded as high as N362.00 before rounding up at N360.23, having transacted a total of $403.79 million through the day. Please note that, margin between the close and open value is an equivalent of 2Bpts loss. 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 17.43%, same as 25.50% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 16.14%, that is, 23.86% 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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