FeaturedMarket Update

Nigerian Stock Market Continues Bullish Trend, Adds 76Bpts

Maintaining the bullish sided, equities trading on the floor of The Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer, NSEASI added 76Bpts to its trading points and closed at 35,493.15 from 34,225.22. Safe NSE-Oil&Gas and NSE-Industrial Goods index that shed points, other observed market indices in this report gained. Thus, Week to Date, lead activities index is 363Bpts above opening while the total gained points in the month of December is now 129Bpts. See the index movement table for details.

For the third consecutive time within the week, the market maintained the positive line and had continued the bullish run. After today’s move, NSEASI is very close to the last highest high for the year, thus any substantial gain from here will put the lead index in a new year high. We maintained that economic fundamental changes will sharply affect market trend in the absence of earnings numbers. Please not also that, Santa Clause ride and the yearend bookings are two other major seasons expected to support recovery in the current month, on this strength, we reiterate that traders should cautiously ply the market at the moment.

The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N140.033 billion, same as 76Bpts above the opening value. Meanwhile, trading activities for the day produced 26 ADVANCERS and 13 LAGERS. NSEASI Year to Date gain is now 3,223Bpts while the Market Capitalization Year to Date gain stood at N5.592 trillion same as 5,592Bpts above the year’s opening value.

Leading on the advancers’ log is Mansard that gained 10.00% to close at N0.77 from N0.70. May&Baker followed with 9.89% gain, as it rounded up today’s trade at N3.89 from N3.54. NCR, UPL and Unity Bank completed the top 5 price percentage gainers’ log with 9.60%, 9.52% and 8.06% respectively.

On the flip side Cornerstone led with 8.33% loss that closed its price at N0.55 from N0.60. Linkage Assurance followed on the log with 8.16% to close at N0.45 from N0.49. Lasaco, ABC-Transport and Chams completed the top 5 price percentage gainers log with 6.06%, 5.71% and 4.55% respectively.

Over the Counter Market Index and Capitalisation on a flat note, thus, each rounded up at 725.85 and N539.52 billion respectively. Today’s performance produced zero (0) advancer and zero (0) decliner. Kindly view today’s price list Here.

As at the time this report was gathered, Brent Crude sells at 51.01$/bbl, this is 49Bpts above the previous close price.

The I&E FX Window opened at N392.73 traded as high as N407.68 before rounding up at N394.67, having transacted a total of $200.34 million through the day. Please note that, margin between the close and open value is 17Bpts up. 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 0.92%, same as 0.02% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 0.67% that is 0.04% above the previous close. Safe Trade.

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