Reversing the previous day’s gain, equities trading on the floor of the Nigerian Stock Exchange ended in the negative territory, as the lead performance pointer- NSEASI gave up 15Bpts of its trading points, and closed at 38,911.31 from 38,968.34. Safe NSE-Insurance Index that gained, other observed market indices in this report closed below their respective opening points. Thus, Week to Date, the lead index is 3Bpts below opening, while the total lost points in the month September is now 79Bpts. See the index movement table for details.

Fundamental View

Having received the various expected half year numbers/interim cash dividends, the market seems to be favouring the bearish side the more. Recall that the national bureau of Statistics already released a reducing Headline Inflation figure, which is a plus to the market fundamental. The Monetary Policy Committee also resumed its September rescheduled meeting today 16^th September, 2021. The outcome of the meeting will further enhanced market fundamentals when released tomorrow. In our opinion, we expect the committee to leave all rates unchanged. Please note that, positioning for the third quarter earnings is expected to commence from next week and should last through the rest of September. Please trade accordingly.

Technical View

So far, the lead market indicator, NGXASI had registered seven (7) bearish days in the past nine (9) trading days. Please understand that Friday drop landed very close to a support around 38,828.60; and till date, the said support still play its role appropriately, except that the market is yet to rebound from the point.

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 sell 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 N29.711 billion, same as 15Bpts below the opening value. Meanwhile, trading activities for the day produced 10 ADVANCERS and 17 LAGERS. NGXASI Year to Date loss is now 338Bpts while the Market Capitalization Year to Date loss stood at N783.333 billion same as 372Bpts below the year’s opening value.

Gainers & Losers

Leading on the advancers’ log is Unity Bank that gained 9.62% to round up the day at N0.57 from N0.52. FTN-Cocoa followed with 8.70% gain, thus, it ended at N0.50 from N0.46. Cornerstone Assurance, Chams and Sovereign Trust completed the top 5 price percentage gainers’ log with 8.33%, 5.00% and 4.17% respectively.

On the flip side Eternal Oil led with 9.44% price depreciation as it rounded up trade at N6.52 from N7.20. Scoa followed with 9.40% loss, thus it closed at N1.06 from N1.17. International Breweries, Honeywell Flour, and Union Bank completed the top 5 price percentage losers’ log with 4.00%, 3.93% and 3.00% respectively.

Top Performers for the Day

Top 5 Trades

Investors did a total of 240 deals on the shares of Access Bank, while a total of 215 transactions were made on Zenith Bank shares through today’s trading session. GTCO was next on the top 5 list with 187 transactions, while Dangote Sugar and UBA completed the top five (5) trades for the day, as shown in the below table.

Top 5 Performance by Volume

Traders traded 24.77 million units of Access Bank through the day’s trade. Universal Insurance followed on the most traded by volume with 15.26 million shares. Zenith Bank, GTCO and Japaul Gold completed the top 5 most traded shares for the day.

Top Performance by Value

The Value of the shares traded on Access Bank (N230.25 million) was the highest for the day, followed by Zenith Bank where investors exchange N200.66 million worth of shares. GTCO, Seplat and Wapco completed the list as shown in the above table.

NASD-OTC BRIEF

Over the Counter (OTC) Market Index ended in the green by gaining 0.04% to close the day’s trade at 735.82, while the market Capitalisation equally rounded up in the positive territory as it added 0.01% and close at 639.55 billion. Today’s performance produced one (1) advancer, and one (1) decliner. Kindly view today’s price list Here.

FMDQ-BRIEF

The I&E FX Window opened at N412.64 traded as high as N413.00 before rounding up at N413.07, having transacted a total of $126.96 million through the day. Please note that, margin between the close and open value is 24Bpts 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 7.75%, same as 5.80% below the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 7.00% that is 6.00% below the previous close.