FeaturedMarket Update

Our View as Nigerian Stock Market Posts Early Recovery from Profit Taking

Returning to positive path, equities trading on the floor of The Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer, NSEASI gained 17Bpts to its trading points and closed at 40,465.15 from 40,396.14. All observed market indices in this report rounded up above their respective opening points. Thus, both week to Date and Month to Date market returns are in the green by 48Bpts each. See the index movement table for details.

Although the market ended today’s trade in the positive territory, a negative divergence is noticed between price and Money Flow Index. Technically, this implies that funds are leaving the market as against the positive ending posted. Please understand that, in such situation, traders are expected to play cautiously, since this is a signal that the bear is still very much around the market. Nevertheless, we reiterate that, major market fundamentals at the moment are; the full year earnings expectations, and the impact of the second phase of Covid-19 lockdown. We are also of the opinion that, slight change in key economic indicators will receive sharp reactions from traders.

The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N36.084 billion, same as 17Bpts above the opening value. Meanwhile, trading activities for the day produced 23 ADVANCERS and 16 LAGERS. NSEASI Year to Date gain is now 48Bpts while the Market Capitalization Year to Date gain stood at N101.66 billion same as 48Bpts above the year’s opening value.

Standing tall amongst the gainers for the day is Nem Insurance that added 9.69% to its price and closed at N2.15 from N1.96. BOCGAS followed closely with 9.52% to round up trade at N11.50 from N10.50. Japaul Gold, Linkage Assurance and Regency Alliance completed the top 5 price percentage gainers log with 9.46%, 9.26% and 9.09% respectively.

On the flip side, Sovereign Insurance led with 8.33% loss, thus it closed at N0.22 from N0.24. Eterna Oil followed with 8.17% loss to close at N5.28 from N5.75. Deap Capital, FTNCocoa and Royel Exchange completed the top 5 price percentage gainers log with 8.00%, 7.69% and 7.69% respectively.

Over the Counter Market Index and Capitalisation ended the in the green by 0.14%, thus, rounded up at 742.72 and N532.91 billion respectively. Today’s performance produced one (1) advancer and zero (0) decliner. Kindly view today’s price list Here.

As at the time this report was gathered, Brent Crude sells at 54.11$/bbl, this is 95Bpts above the previous close price. Please note that the CBN spot reference price as at close of business yesterday was 51.60$/bbl.

The I&E FX Window opened at N396.30 traded as high as N413.05 before rounding up at N394.50, having transacted a total of $52.50 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 0.75%, same as 0.25% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 0.38% that is 0.25% below the previous close. Safe Trade.

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FeaturedMarket Update

Our View as Nigerian Stock Market Posts Early Recovery from Profit Taking

Returning to positive path, equities trading on the floor of The Nigerian Stock Exchange ended in the positive territory, as the lead performance pointer, NSEASI gained 17Bpts to its trading points and closed at 40,465.15 from 40,396.14. All observed market indices in this report rounded up above their respective opening points. Thus, both week to Date and Month to Date market returns are in the green by 48Bpts each. See the index movement table for details.

Although the market ended today’s trade in the positive territory, a negative divergence is noticed between price and Money Flow Index. Technically, this implies that funds are leaving the market as against the positive ending posted. Please understand that, in such situation, traders are expected to play cautiously, since this is a signal that the bear is still very much around the market. Nevertheless, we reiterate that, major market fundamentals at the moment are; the full year earnings expectations, and the impact of the second phase of Covid-19 lockdown. We are also of the opinion that, slight change in key economic indicators will receive sharp reactions from traders.

The total value gained by the Market Capitalization of the listed equities during today’s trading activities was N36.084 billion, same as 17Bpts above the opening value. Meanwhile, trading activities for the day produced 23 ADVANCERS and 16 LAGERS. NSEASI Year to Date gain is now 48Bpts while the Market Capitalization Year to Date gain stood at N101.66 billion same as 48Bpts above the year’s opening value.

Standing tall amongst the gainers for the day is Nem Insurance that added 9.69% to its price and closed at N2.15 from N1.96. BOCGAS followed closely with 9.52% to round up trade at N11.50 from N10.50. Japaul Gold, Linkage Assurance and Regency Alliance completed the top 5 price percentage gainers log with 9.46%, 9.26% and 9.09% respectively.

On the flip side, Sovereign Insurance led with 8.33% loss, thus it closed at N0.22 from N0.24. Eterna Oil followed with 8.17% loss to close at N5.28 from N5.75. Deap Capital, FTNCocoa and Royel Exchange completed the top 5 price percentage gainers log with 8.00%, 7.69% and 7.69% respectively.

Over the Counter Market Index and Capitalisation ended the in the green by 0.14%, thus, rounded up at 742.72 and N532.91 billion respectively. Today’s performance produced one (1) advancer and zero (0) decliner. Kindly view today’s price list Here.

As at the time this report was gathered, Brent Crude sells at 54.11$/bbl, this is 95Bpts above the previous close price. Please note that the CBN spot reference price as at close of business yesterday was 51.60$/bbl.

The I&E FX Window opened at N396.30 traded as high as N413.05 before rounding up at N394.50, having transacted a total of $52.50 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 0.75%, same as 0.25% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 0.38% that is 0.25% below the previous close. Safe Trade.

Comment here

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