Equities trading on the floor of the Nigerian Stock Exchange ended in the negative territory, as the lead performance pointer- NSEASI gave up 12Bpts of its trading points, and closed at 39.204.52 from 39,251.29. Safe NSE-Oil &Gas and NSE-Lotus II indexes that gained, other observed market indices in this report closed below their respective opening points, as shown in the index movement table. Thus, Week to Date, the lead index is 14Bpts below opening, while the total lost points in the month September is now 4Bpts. See the index movement table for details.
Fundamental View
In absence of strong tradable news, performance on the exchange floor finally slid in favour of bearish investors. Please recall that, we noted that activities within the week will be mixed. Nevertheless, other market news includes the suspension of the share price of Axa-Mansard for the purpose of share reconstruction, according to released report, the suspension commences from Thursday, 9th September, 2021. In another correspondence from the exchange, it was gathered that, NPF-Microfinance’s just concluded Hybrid Offer was over 100% successful, and it has now been passed on for necessary regulatory approvals. Also, the management of MTN-NIGERIA had announced the successful 10 years stretch renewal of her Unified Access Service (UAS) license and spectrum license for wireless local loop, which cost N71.6 billion and N374.6 million respectively. We maintained that, traders should play cautiously around the market, while distancing themselves against panic investment decisions.
Technical View
Technically, the market had formed a support around 29,251 points, this point should stand strong as long as momentum remained low. Weakening the support further is the very close resistance which made the trading range very narrow, thus, increasing the probability of a breakout from the current trading range.
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 neutral 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 N24.366 billion, same as 12Bpts below the opening value. Meanwhile, trading activities for the day produced 15 ADVANCERS and 15 LAGERS. NGXASI Year to Date loss is now 265Bpts while the Market Capitalization Year to Date loss stood at N630.566 billion same as 299Bpts below the year’s opening value.
Gainers & Losers
Leading on the advancers’ log is Regency Alliance that gained 8.51% to round up the day at N0.51 from N0.47. Universal Insurance followed with 5.00% gain, thus, it ended at N0.21 from N0.20. Sovereign Insurance, FCMB and Oando completed the top 5 price percentage gainers’ log with 4.17%, 3.45% and 3.18% respectively.
On the flip side Scoa led with 9.72% price depreciation as it rounded up trade at N1.30 from N1.44. Veritas Kap followed with 8.70% loss, thus it closed at N0.21 from N0.23. Mansard, Chams and International Breweries completed the top 5 price percentage losers’ log with 5.68%, 4.55% and 4.00% respectively.
Top Performers for the Day
Top 5 Trades
Investors did a total of 441 deals on the shares of Access Bank, while a total of 335 transactions were made on GTCO shares through today’s trading session. Zenith Bank was next on the top 5 list with 273 transactions, while Honeywell Flour and UCAP completed the top five (5) trades for the day, as shown in the below table.
Top 5 Performance by Volume
Traders traded 86.00 million units of FBNH through the day’s trade. Access Bank followed on the most traded by volume with 71.06 million shares. Universal Insurance, GTCO and Transcorp completed the top 5 most traded shares for the day.
Top Performance by Value
The Value of the shares traded on Access Bank (N671.34 million) was the highest for the day, followed by FBNH where investors exchange N640.87 million worth of shares. GTCO, Seplat and Zenith Bank completed the list as shown in the above table.
NASD-OTC BRIEF
Over the Counter (OTC) Market Index ended in the green by gaining 0.15% to close the day’s trade at 733.35, while the market Capitalisation equally rounded up in the positive territory as it added 0.15% and close at 637.40 billion. Today’s performance produced two (2) advancers, and zero (0) decliners. Kindly view today’s price list Here.
FMDQ-OTC BRIEF
The I&E FX Window opened at N411.58 traded as high as N412.16 before rounding up at N410.67, having transacted a total of $295.39million through the day. Please note that, margin between the close and open value is 20Bpts up. We are of the opinion that the FX-Market will trade within same range tomorrow. See below table for Lagos BDC Fx-Rates.
In the money market, the Overnight (O/N) rate closed at 9.33%, same as 2.08% above the previous closing position. Meanwhile, Open Buy-Back (OBB) rate as at ended at 8.83% that is 1.83% above the previous close.
CRUDE OIL PRICE MOVEMENTS
As at the time this report was gathered, Brent Crude sells at 72.56$/bbl, this is 6Bpts below the last close price. Safe Trade.
BDC-PRICE RATES
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