FeaturedMarket Update

Profit Taking Slows, As NGXASI Sheds Marginal 3Bpts

In another marginal round of profit taking, equities trading on the floor of the Nigerian Stock Exchange ended in the negative territory, as the lead performance pointer, NSEASI gave up 3Bpt of its trading points, and closed at 38,791.03 from 38,802.15. It was a mixed performance amongst the observed market indices, as shown in the index movement table. Thus, WtD, the lead index is 32Bpts above opening, while the total gained points in the month of July is now 233Bpts. See the index movement table for details.

Fundamental View

Leading market fundamental at the moment is the withdrawal of Fx supply to the Bureau de Change, like we noted yesterday, the move is a welcome development, as it is expected to further encourage investment in the country and enhance the translational rate of the naira. We are also of the opinion that, financial institutions earnings will be highly impacted in its third quarter report, since they will be taking up the role of BDC. Meanwhile, in the equities market, short profit taking activities entered day two today, slashing off N5.792 billion from the market capitalisation of listed equities’ value, we are of the opinion that, this move will not last long, as expected earnings will boost performance.

Technical View

The pullback action seen on the lead index today is not a very good one for bullish expectation. Recall that, we noted yesterday that, the move will have to break June highest high to establish a new trend, but now that it is being hijacked by profit taking activities, the expectation had been slightly challenged. Nevertheless, we expect profit taking or whatsoever is strengthening the pullback action to subside soon; please understand that the market next hope of commencing a new trend now lies in the possibilities of picking up before the last lows. Should this be achieved, bullish hopes will be on the increase.

Sampling few indicators, we observed the followings; Money Flow Index (MFI) is now in a flat state, even when the market is already trending north, although this is a kind of divergence, we are of the opinion that, confirming if MFI will finally agrees with the NGXASI price pattern on the next trading day is necessary. RSI Cross Over is a buy, as RSI-5 remained above RSI-15. On the 19th July, MACD touched its signal line and trended back north. As at the end of today’s trade, MACD had crossed to the bullish side. Please note that, we are of the opinion that the on-going profit taking activities will be short-lived Safe Trade.

Index Movements

The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N5.792 billion, same as 3Bpts below the opening value. Meanwhile, trading activities for the day produced 18 ADVANCERS and 24 LAGERS. NSEASI Year to Date loss is now 367Bpts while the Market Capitalization Year to Date loss stood at N846.068 million same as 402Bpts below the year’s opening value.

Gainers & Losers

Leading on the advancers’ log is CapHotel with 9.85% gain above its previous close point, thus it rounded up at N2.90 from N2.64. Oando followed with 9.81% gain to round up trade at N5.26 from N4.79. BOC-Gases, FTNCocoa, and Livestock Feeds completed the top 5 price percentage gainers log with 8.88%, 8.16% and 4.80% respectively.

On the flip side Tripple Gee and CHIPLC led with 10.00% losses as they closed at N0.90 and N0.54 from N1.00 and N0.60 respectively. Pharmadeko followed with9.92% loss to round up trade at N1.09 from N1.21, while Regency Alliance and Eterna Oil respectively completed the top 5 price percentage losers’ log with 6.82% and 6.58%.

Top Performers

Top 5 Trades

Investors did a total of 417 deals on the shares of Oando, while a total of 337 transactions were made on Zenith Bank shares through today’s trading session. Access Bank was next on the top 5 list with 186 transactions, while GTCO and UBA completed the top five (5) trades for the day, as shown in the below table.

Top 5 Performance by Volume

Traders traded 44.29 million units of Oando through the day’s trade. UBA followed on the most traded by volume with 19.34 million shares. Wema Bank, Access Bank and Jaiz bank completed the top 5 most traded shares for the day.

Top Performance by Value

The Value of the shares traded on Zenith Bank (N270.79 million) was the highest for the day, followed by MTNN where investors exchange N264.30 million worth of shares. Oando, UBA and Acces bank completed the list as shown in the above table.

NASD-OTC BRIEF

Over the Counter (OTC) Market Index ended in the red by giving up 0.08% to close the day’s trade at 754.21, while the market Capitalisation equally rounded up in the positive territory as shed 0.08%  and close at 655.54 billion. Today’s performance produced one (1) advancer, and two (2) decliners. Kindly view today’s price list Here.

CRUDE OIL PRICE

As at the time this report was gathered, Brent Crude sells at 74.81$/bbl, this is 44Bpts above the last close price.

FMDQ-OTC BRIEF

The I&E FX Window opened at N411.50 traded as high as N413.00 before rounding up at N411.60, having transacted a total of $352.07 million through the day. Please note that, margin between the close and open value is 2Bpts 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 16.00%, same as 0.25% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 15.50% that is 0.25% below the previous close. Safe Trade.

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FeaturedMarket Update

Profit Taking Slows, As NGXASI Sheds Marginal 3Bpts

In another marginal round of profit taking, equities trading on the floor of the Nigerian Stock Exchange ended in the negative territory, as the lead performance pointer, NSEASI gave up 3Bpt of its trading points, and closed at 38,791.03 from 38,802.15. It was a mixed performance amongst the observed market indices, as shown in the index movement table. Thus, WtD, the lead index is 32Bpts above opening, while the total gained points in the month of July is now 233Bpts. See the index movement table for details.

Fundamental View

Leading market fundamental at the moment is the withdrawal of Fx supply to the Bureau de Change, like we noted yesterday, the move is a welcome development, as it is expected to further encourage investment in the country and enhance the translational rate of the naira. We are also of the opinion that, financial institutions earnings will be highly impacted in its third quarter report, since they will be taking up the role of BDC. Meanwhile, in the equities market, short profit taking activities entered day two today, slashing off N5.792 billion from the market capitalisation of listed equities’ value, we are of the opinion that, this move will not last long, as expected earnings will boost performance.

Technical View

The pullback action seen on the lead index today is not a very good one for bullish expectation. Recall that, we noted yesterday that, the move will have to break June highest high to establish a new trend, but now that it is being hijacked by profit taking activities, the expectation had been slightly challenged. Nevertheless, we expect profit taking or whatsoever is strengthening the pullback action to subside soon; please understand that the market next hope of commencing a new trend now lies in the possibilities of picking up before the last lows. Should this be achieved, bullish hopes will be on the increase.

Sampling few indicators, we observed the followings; Money Flow Index (MFI) is now in a flat state, even when the market is already trending north, although this is a kind of divergence, we are of the opinion that, confirming if MFI will finally agrees with the NGXASI price pattern on the next trading day is necessary. RSI Cross Over is a buy, as RSI-5 remained above RSI-15. On the 19th July, MACD touched its signal line and trended back north. As at the end of today’s trade, MACD had crossed to the bullish side. Please note that, we are of the opinion that the on-going profit taking activities will be short-lived Safe Trade.

Index Movements

The total value loss by the Market Capitalization of the listed equities during today’s trading activities was N5.792 billion, same as 3Bpts below the opening value. Meanwhile, trading activities for the day produced 18 ADVANCERS and 24 LAGERS. NSEASI Year to Date loss is now 367Bpts while the Market Capitalization Year to Date loss stood at N846.068 million same as 402Bpts below the year’s opening value.

Gainers & Losers

Leading on the advancers’ log is CapHotel with 9.85% gain above its previous close point, thus it rounded up at N2.90 from N2.64. Oando followed with 9.81% gain to round up trade at N5.26 from N4.79. BOC-Gases, FTNCocoa, and Livestock Feeds completed the top 5 price percentage gainers log with 8.88%, 8.16% and 4.80% respectively.

On the flip side Tripple Gee and CHIPLC led with 10.00% losses as they closed at N0.90 and N0.54 from N1.00 and N0.60 respectively. Pharmadeko followed with9.92% loss to round up trade at N1.09 from N1.21, while Regency Alliance and Eterna Oil respectively completed the top 5 price percentage losers’ log with 6.82% and 6.58%.

Top Performers

Top 5 Trades

Investors did a total of 417 deals on the shares of Oando, while a total of 337 transactions were made on Zenith Bank shares through today’s trading session. Access Bank was next on the top 5 list with 186 transactions, while GTCO and UBA completed the top five (5) trades for the day, as shown in the below table.

Top 5 Performance by Volume

Traders traded 44.29 million units of Oando through the day’s trade. UBA followed on the most traded by volume with 19.34 million shares. Wema Bank, Access Bank and Jaiz bank completed the top 5 most traded shares for the day.

Top Performance by Value

The Value of the shares traded on Zenith Bank (N270.79 million) was the highest for the day, followed by MTNN where investors exchange N264.30 million worth of shares. Oando, UBA and Acces bank completed the list as shown in the above table.

NASD-OTC BRIEF

Over the Counter (OTC) Market Index ended in the red by giving up 0.08% to close the day’s trade at 754.21, while the market Capitalisation equally rounded up in the positive territory as shed 0.08%  and close at 655.54 billion. Today’s performance produced one (1) advancer, and two (2) decliners. Kindly view today’s price list Here.

CRUDE OIL PRICE

As at the time this report was gathered, Brent Crude sells at 74.81$/bbl, this is 44Bpts above the last close price.

FMDQ-OTC BRIEF

The I&E FX Window opened at N411.50 traded as high as N413.00 before rounding up at N411.60, having transacted a total of $352.07 million through the day. Please note that, margin between the close and open value is 2Bpts 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 16.00%, same as 0.25% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 15.50% that is 0.25% below the previous close. Safe Trade.

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