FeaturedMarket Update

Nigerian Equities Market Update: NSEASI Maintained Correction Moves, Courtesy Dangcem, Nestle & Seplat: 24/04/19

Induced by few high cap equities, equity trading on the floor of The Nigerian Stock Exchange maintained correction moves, as the lead performance index -NSEASI gave up 59Bpts of its trading points, thus, it rounded up trade at 29,898.31 from 30,076.00. Safe NSE-Banking and NSE-Insurance that gained, other observed market indices in this report closed below their respective opening points. Week to Date, activities index is down by 63Bpts while Month to Date loss is now 368Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N66.778 billion, same as 59Bpts below the opening value.  Meanwhile, trading activities for the day produced 26 ADVANCERS and 14 LAGERS. NSEASI Year to Date loss is now 487Bpts while the Market Capitalization Year to Date loss stood at N484.430 billion same as 413Bpts below the year’s opening value.

Although the general market direction at the end of today’s trading activities was negative, net activities logs (gainers & losers) is positive. Highly capitalized equities such as Dangote Cement (-0.94%), Nestle Foods (-1.90%) and Seplat (-4.39%) are major bear boosters for the day. Nevertheless, we are of the opinion that, few losses after consistent gains is better assumed as market correction (provided the loss is not over stretched). Technically viewing the lead indicator’s trading pattern, we observed that, the ongoing market correction commenced before the last high (31,050 point), this implies that, more strength remains with bearish investors. On the strength of the above observations, we recommend heightened cautiousness around the market at the moment.

As at the time we compiled this report, Brent Crude trades at $74.52/bbl having gained 0.01% to stand above the last close price.

At the interbank rate today, the Naira closed unchanged at N306.90 against the dollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N360.52 traded as high as N361.70 before rounding up at N360.23, having transacted a total of $261.73 million through the day. Please note that, margin between the close and open value is an equivalent of 8Bpts 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 12.85%, same as 5.36% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 11.86%, that is, 5.43% 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 Update: NSEASI Maintained Correction Moves, Courtesy Dangcem, Nestle & Seplat: 24/04/19

Induced by few high cap equities, equity trading on the floor of The Nigerian Stock Exchange maintained correction moves, as the lead performance index -NSEASI gave up 59Bpts of its trading points, thus, it rounded up trade at 29,898.31 from 30,076.00. Safe NSE-Banking and NSE-Insurance that gained, other observed market indices in this report closed below their respective opening points. Week to Date, activities index is down by 63Bpts while Month to Date loss is now 368Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N66.778 billion, same as 59Bpts below the opening value.  Meanwhile, trading activities for the day produced 26 ADVANCERS and 14 LAGERS. NSEASI Year to Date loss is now 487Bpts while the Market Capitalization Year to Date loss stood at N484.430 billion same as 413Bpts below the year’s opening value.

Although the general market direction at the end of today’s trading activities was negative, net activities logs (gainers & losers) is positive. Highly capitalized equities such as Dangote Cement (-0.94%), Nestle Foods (-1.90%) and Seplat (-4.39%) are major bear boosters for the day. Nevertheless, we are of the opinion that, few losses after consistent gains is better assumed as market correction (provided the loss is not over stretched). Technically viewing the lead indicator’s trading pattern, we observed that, the ongoing market correction commenced before the last high (31,050 point), this implies that, more strength remains with bearish investors. On the strength of the above observations, we recommend heightened cautiousness around the market at the moment.

As at the time we compiled this report, Brent Crude trades at $74.52/bbl having gained 0.01% to stand above the last close price.

At the interbank rate today, the Naira closed unchanged at N306.90 against the dollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window started from N360.52 traded as high as N361.70 before rounding up at N360.23, having transacted a total of $261.73 million through the day. Please note that, margin between the close and open value is an equivalent of 8Bpts 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 12.85%, same as 5.36% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 11.86%, that is, 5.43% 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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