FeaturedMarket Update

The Bear Enjoyed Another Free Ride as NSEASI Gave Up 88Bpts-06/09/18

Equities trading on the floor of The Nigerian Stock Exchange dipped further north, as the lead performance indicator, NSEASI gave up 88Bpts to the bear, thereby rounding up trade at 34,110.22 from 34,414.37. Safe NSE-Oil&Gas and NSE-Industrial Goods that gained, other observed market indices closed below their respective opening points. On this strength, both the Week to Date and Month to Date loss increased to 212Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N111.039 billion, same as 88Bpts below the opening value.  Meanwhile, trading activities for the day produced 19 advancers and 31 lagers. NSEASI Year to Date loss is now 10.81% while the Market Capitalization Year to Date loss stood at N1.156 trillion same as 8.50% below the year’s opening value.

More listed equities joined the bear today including the Dangote Cement, thus, more portfolio must have lost. The size of the candlestick formation representing today’s trade further suggested continued bearish moves for the market. Since the month of September marks the end of the third quarter of coys with December financial year end (when investors are expected to position for both December rush and full year incentives) we are of the opinion that taking advantage of dropping prices is wise.

At the interbank rate today, the Naira was unchanged at N306.20 against the USDollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window which took off from N362.40 traded as high as N364.00 before rounding up at N362.73, having transacted a total of $408.08 million through the day. Please note that, margin between the close and open value is an equivalent of 9Bpts. We are of the opinion that the FX-Market will trade within same range tomorrow.

In the money market, the Overnight (O/N) rate closed at 3.83%, same as 0.17% below yesterday’s closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 3.00%, that is, 0.17% below the previous day’s close. In our opinion, the money market should maintain this range on the next business day. Safe Trade.

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FeaturedMarket Update

The Bear Enjoyed Another Free Ride as NSEASI Gave Up 88Bpts-06/09/18

Equities trading on the floor of The Nigerian Stock Exchange dipped further north, as the lead performance indicator, NSEASI gave up 88Bpts to the bear, thereby rounding up trade at 34,110.22 from 34,414.37. Safe NSE-Oil&Gas and NSE-Industrial Goods that gained, other observed market indices closed below their respective opening points. On this strength, both the Week to Date and Month to Date loss increased to 212Bpts. See the index movement table for details.

Value loss by the market capitalization of the listed equities during today’s trading activities was N111.039 billion, same as 88Bpts below the opening value.  Meanwhile, trading activities for the day produced 19 advancers and 31 lagers. NSEASI Year to Date loss is now 10.81% while the Market Capitalization Year to Date loss stood at N1.156 trillion same as 8.50% below the year’s opening value.

More listed equities joined the bear today including the Dangote Cement, thus, more portfolio must have lost. The size of the candlestick formation representing today’s trade further suggested continued bearish moves for the market. Since the month of September marks the end of the third quarter of coys with December financial year end (when investors are expected to position for both December rush and full year incentives) we are of the opinion that taking advantage of dropping prices is wise.

At the interbank rate today, the Naira was unchanged at N306.20 against the USDollar.  See below table for BDC rates by four major locations within the country. Meanwhile, the I&E FX Window which took off from N362.40 traded as high as N364.00 before rounding up at N362.73, having transacted a total of $408.08 million through the day. Please note that, margin between the close and open value is an equivalent of 9Bpts. We are of the opinion that the FX-Market will trade within same range tomorrow.

In the money market, the Overnight (O/N) rate closed at 3.83%, same as 0.17% below yesterday’s closing position. Meanwhile, Open Buy-Back (OBB) rate ended at 3.00%, that is, 0.17% below the previous day’s close. In our opinion, the money market should maintain this range on the next business day. Safe Trade.

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