FeaturedMarket Update

Nigerian Equities Market Update: The Bear Re-Surfaced as NSEASI Lost 21Bpts: 10/07/19

Equities trading on the floor of The Nigerian Stock Exchange rounded up the day in the negative territory, as the lead performance pointer-NSEASI gave up 21Bpts of its trading values. Thus, it closed at 29,256.60 from 29,318.02. It was a mixed performance amongst the observed market indices in this report. Week to Date, activities index is 5Bpts below the opening, while lost points in the month of July now stood at 237Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N29.934 trillion, same as 21Bpts below the opening value.  Meanwhile, trading activities for the day produced 15 ADVANCERS and 17 LAGERS. NSEASI Year to Date loss is now 692Bpts while the Market Capitalization Year to Date gain stood at N2.537 trillion same as 2,165Bpts above the year’s opening value.

Although the market was down today, our technical tools estimated 80% and 20% buyers’ and sellers’ strength respectively. In our opinion, the 9.99% loss on the shares of the newly listed Airtel Africa is chiefly responsible for the loss suffered by the market. NSE-Banking Index led the sub-indices through the positive zones by 263Bpts gain while NSE-Oil&Gas led through the negative path by 106Bpts. See the index movement table.

Although the management of both Access Bank and Union Bank Plc had refuted the rumor spreading around the market arena on possible plan of merger/acquisition between the two banks, we observed that most traders had neglected this claim by taking timely positions in the shares of UBN. Many traders referred to similar pattern during the last merger between Access Bank and Diamond Bank.

As at the time this report was gathered, Brent Crude sells at 66.97$/bbl, this is 4Bpts below the previous close price.

The I&E FX Window opened at N360.29 traded as high as N361.60 before rounding up at N360.75, having transacted a total of $120.88 million through the day. Please note that, margin between the close and open value is an equivalent of 4Bpts 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 7.21%, same as 3.29% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 6.50%, that is, 3.21% 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: The Bear Re-Surfaced as NSEASI Lost 21Bpts: 10/07/19

Equities trading on the floor of The Nigerian Stock Exchange rounded up the day in the negative territory, as the lead performance pointer-NSEASI gave up 21Bpts of its trading values. Thus, it closed at 29,256.60 from 29,318.02. It was a mixed performance amongst the observed market indices in this report. Week to Date, activities index is 5Bpts below the opening, while lost points in the month of July now stood at 237Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N29.934 trillion, same as 21Bpts below the opening value.  Meanwhile, trading activities for the day produced 15 ADVANCERS and 17 LAGERS. NSEASI Year to Date loss is now 692Bpts while the Market Capitalization Year to Date gain stood at N2.537 trillion same as 2,165Bpts above the year’s opening value.

Although the market was down today, our technical tools estimated 80% and 20% buyers’ and sellers’ strength respectively. In our opinion, the 9.99% loss on the shares of the newly listed Airtel Africa is chiefly responsible for the loss suffered by the market. NSE-Banking Index led the sub-indices through the positive zones by 263Bpts gain while NSE-Oil&Gas led through the negative path by 106Bpts. See the index movement table.

Although the management of both Access Bank and Union Bank Plc had refuted the rumor spreading around the market arena on possible plan of merger/acquisition between the two banks, we observed that most traders had neglected this claim by taking timely positions in the shares of UBN. Many traders referred to similar pattern during the last merger between Access Bank and Diamond Bank.

As at the time this report was gathered, Brent Crude sells at 66.97$/bbl, this is 4Bpts below the previous close price.

The I&E FX Window opened at N360.29 traded as high as N361.60 before rounding up at N360.75, having transacted a total of $120.88 million through the day. Please note that, margin between the close and open value is an equivalent of 4Bpts 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 7.21%, same as 3.29% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 6.50%, that is, 3.21% 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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