Equities trading on the floor of the Nigerian Stock Exchange ended today’s trade on a flat note as the lead performance pointer NSEASI closed at 39.251.29 from 39,252.89. It was a mixed performance amongst the observed market indices as shown in the index movement table. Thus, Week to Date, the lead index is 2Bpts below opening while the total gained points in the month September is now 8Bpts. See the index movement table for details.
Fundamental View
As the market awaits other expected interim dividend information, it was a net between the two market lords (bull & bear) today. As noted above, the market ended on a flat note, thereby bringing the overstretched marginal move to a close end. Generally, economic numbers remained fair and growing, similarly, earnings released so far can also be rated average, thus, traders seem to be on mutual agreement on the current market trading range. As noted in our report yesterday, outstanding interim results are; GTCO and UBA, on the other hand, Fidelity Bank is yet to unveil its half year statistics, by history, Fidelity result is expected within the current week. Please note that, the nation’s Headline Inflation figure will be due for release next week. In summary, we reiterate that, traders should tread cautiously around the market arena.
Technical View
Technically, the market had formed a support around 29,251 points, this point should stand strong as long as momentum remained low. Weakening the support further is the very close resistance which made the trading range very narrow, thus, increasing the probability of a breakout from the current trading range. MFI currently trend perfectly with price, in other words, no divergence had been noticed between price and MFI. Meanwhile, MFI now trend south leading from the market negative performance posted today.
Similarly, MACD had since crossed the signal line from the top on a daily chart, meanwhile WoW both MACD and the signal line is about initiating a signal. RSI Cross Over, which combine RSI-15 and RSI-7 is a sell on a daily chart and neutral WoW. We strictly recommend a cautious play around the market, we are of the opinion that a major break will take the market either way (up or down), depending on leading market fundamentals.
Index Movement
The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N833.06 million, same as 0Bpts below the opening value. Meanwhile, trading activities for the day produced 15 ADVANCERS and 21 LAGERS. NGXASI Year to Date loss is now 253Bpts while the Market Capitalization Year to Date loss stood at N606.200 billion same as 288Bpts below the year’s opening value.
Gainers & Losers
Leading on the advancers’ log is UCAP that gained 8.00% to round up the day at N8.10 from N7.50. International Breweries followed with 7.53% gain, thus, it ended at N5.00 from N4.65. HoneyWell, Oando and African Prudential completed the top 5 price percentage gainers’ log with 6.67%, 6.06% and 5.79% respectively.
On the flip side Cornerstone led with 8.77% price depreciation as it rounded up trade at N0.52 from N0.57. Universal Insurance followed with 4.76% loss, thus it closed at N0.20 from N0.21. ETI, Nem Insurance and UACN completed the top 5 price percentage losers’ log with 4.55%, 4.50% and 4.09% respectively.
Top Performers for the Day
Top 5 Trades
Investors did a total of 450 deals on the shares of Access Bank, while a total of 265 transactions were made on Zenith Bank shares through today’s trading session. UBA was next on the top 5 list with 262 transactions, while UBA and GTCO completed the top five (5) trades for the day, as shown in the below table.
Top 5 Performance by Volume
Traders traded 92.28 million units of FBNH through the day’s trade. Access Bank followed on the most traded by volume with 75.68 million shares. Universal Insurance, UBA and Zenith Bank completed the top 5 most traded shares for the day.
Top Performance by Value
The Value of the shares traded on Access Bank (N711.90 million) was the highest for the day, followed by FBNH where investors exchange N687.72 million worth of shares. Zenith Bank, Seplat and UBA completed the list as shown in the above table.
NASD-OTC BRIEF
Over the Counter (OTC) Market Index ended in the green by gaining 0.02% to close the day’s trade at 732.23, while the market Capitalisation equally rounded up in the positive territory as it added 0.02% and close at 636.44 billion. Today’s performance produced three (3) advancers, and one (1) decliner. Kindly view today’s price list Here.
FMDQ BRIEF
The I&E FX Window opened at N411.07 traded as high as N412.95 before rounding up at N410.67, having transacted a total of $128.11 million through the day. Please note that, margin between the close and open value is 11Bpts down. We are of the opinion that the FX-Market will trade within same range tomorrow. See below table for Lagos BDC Fx-Rates.
In the money market, the Overnight (O/N) rate closed at 7.25%, same as 1.25% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 7.00% that is 1.00% below the previous close.
CRUDE OIL PRICE MOVEMENTS
As at the time this report was gathered, Brent Crude sells at 71.60$/bbl, this is 86Bpts below the last close price. Safe Trade.
BDC-RATES
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