FeaturedMarket Update

Nigerian Equities Market Update: NSEASI Closed Green after Five (5) Consecutive Losses

For the first time within the week, equities trading on the floor of The Nigerian Stock Exchange rounded up in the positive territory, as the lead performance pointer-NSEASI added 39Bpts and closed at 27,153.53 from 27,047.58. Safe NSE-Insurance index the shed points, other observed market indices in this report gained. Thus, Week to Date, market is 3Bpts above the opening point while the total lost points within the month of September adjusted down to 135Bpts. See the index movement table for details.

Value gained by the Market Capitalization of the listed equities during today’s trading activities was N51.544 billion, same as 39Bpts above the opening value.  Meanwhile, trading activities for the day produced 19 ADVANCERS and 13 LAGERS. NSEASI Year to Date loss is now 1,361Bpts while the Market Capitalization Year to Date gain stood at N1.489 trillion same as 1,271Bpts above the year’s opening value.

Finally, market respected its standing support line as it jumped off the line at the end of today’s trading activities. Although, it gained after five (5) consecutive bearish days, it is necessary to observe the next few trading days, before concluding on formation a new trend (the question is, will the recovery extend to at least another two trading days, or the support will be silenced?). Please understand that, in situations where the market had over stayed in the negative region, bargain hunting will suppress every recovery attempts. In other words, traders taking advantage of the low priced equities will hold the market longer in bearish territory, until their appetite is fully satisfied.

On the strength of the above, investors with high risk appetite are expected to take advantage of various low priced equities. Please understand that, going by the nature of the half year GDP numbers, expected third quarter numbers are likely to come below analysts’ projections.

As at the time this report was gathered, Brent Crude sells at 61.08$/bbl, this is 130Bpts below the previous close price.

The I&E FX Window opened at N361.95 traded as high as N363.00 before rounding up at N361.99, having transacted a total of $174.59 million through the day. Please note that, margin between the close and open value is 5Bpts gain. 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 19.50%, same as 6.57% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 19.29%, that is, 6.14% 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 Update: NSEASI Closed Green after Five (5) Consecutive Losses

For the first time within the week, equities trading on the floor of The Nigerian Stock Exchange rounded up in the positive territory, as the lead performance pointer-NSEASI added 39Bpts and closed at 27,153.53 from 27,047.58. Safe NSE-Insurance index the shed points, other observed market indices in this report gained. Thus, Week to Date, market is 3Bpts above the opening point while the total lost points within the month of September adjusted down to 135Bpts. See the index movement table for details.

Value gained by the Market Capitalization of the listed equities during today’s trading activities was N51.544 billion, same as 39Bpts above the opening value.  Meanwhile, trading activities for the day produced 19 ADVANCERS and 13 LAGERS. NSEASI Year to Date loss is now 1,361Bpts while the Market Capitalization Year to Date gain stood at N1.489 trillion same as 1,271Bpts above the year’s opening value.

Finally, market respected its standing support line as it jumped off the line at the end of today’s trading activities. Although, it gained after five (5) consecutive bearish days, it is necessary to observe the next few trading days, before concluding on formation a new trend (the question is, will the recovery extend to at least another two trading days, or the support will be silenced?). Please understand that, in situations where the market had over stayed in the negative region, bargain hunting will suppress every recovery attempts. In other words, traders taking advantage of the low priced equities will hold the market longer in bearish territory, until their appetite is fully satisfied.

On the strength of the above, investors with high risk appetite are expected to take advantage of various low priced equities. Please understand that, going by the nature of the half year GDP numbers, expected third quarter numbers are likely to come below analysts’ projections.

As at the time this report was gathered, Brent Crude sells at 61.08$/bbl, this is 130Bpts below the previous close price.

The I&E FX Window opened at N361.95 traded as high as N363.00 before rounding up at N361.99, having transacted a total of $174.59 million through the day. Please note that, margin between the close and open value is 5Bpts gain. 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 19.50%, same as 6.57% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 19.29%, that is, 6.14% 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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