Daily Equities Market update Flexible Downwards! NASDOTC finishes bearish April 08, 2019
Headline FIDELITYBK appoints Globahan Joshua, Obaro Odeghe, and Hassan Imam as Executive Directors. ZENITHBANK appoints Mr. Ebenezer Onyeagwu as its GMD/CEO COURTEVILLE announces to hold its AGM on 28 th of May, 2019. CCNN closed period to begin on April 8, 2019 Market Summary/e The biggest question on market participants mind is to know how long the equities market would continue downtrends, and its point of inflection so as to determine whether to take losses or wait for the turn if it is close to the current levels. However, as the predictive accuracy of market trajectory becomes murkier, and the paltry equities market stimulus seemed to have not pulled the strings, we believe that long term investors are usually better positioned to weather market volatility in contrast to the herculean task to speculate trends in a prolonged bearish market like ours. Apparently, the index has proven to be flexible downtrend and rigid to the bullish zone, but it has provided new opportunities to hunt for the best bargains.0 Money Market Rates Rate(%) %Δ Overnight rate 20.00 3.86 Open Buy 19.42 4.14 Daily Commodity Price Watch Previous Current Daily (%) Brent($/PB) 69.84 71.166 1.90 Gold 1292.09 1297.68 0.43 Silver 15.11 15.2 0.60 Platinum 899.14 907.87 0.97 Copper 289.35 292.45 1.07 NASD OTC Indicators PARAMETER Previous Current Daily (%) USI 733.24 725.94-1.00 Capitalization ( 'Bn) Volume Traded Value Traded ( '000) Deals Executed 526.79 521.55-0.99 1083438884 1154688-99.89 793626902 22757599-97.13 9 13 44.44. Consequently, upon the negative sentiments today, FIDSON, MCNICHOLS, UBA, UACN, FLOURMILL and ZENITHBANK continued in the bearish market as its closed last week Friday while sell pressure pulled UBN, AFRIPRUD, FIRSTALUM, FIDELITYBK, ACCESS, DANGSUGAR, DANGFLOUR and STERLNBANK southward from the gains recorded previously. On the flipside, buying interest remained strong in CHAMS, CAVERTON and FCMB while interest
was renewed in NEIMETH, LEARNAFRCA and REGALINS from the previous losses. That said, NSE All Share Index remained below the 30k psychological line after which its shed 454.14 or -1.53% to close at 29,162.24 while the equities market cap. was further suppressed by N170.58billion to end the session at N10.95trillion (lowest in three months). The level of activities, although negatively skewed, rose compared to the previous performance. The total traded volume and value of stocks advanced 13.63% and 50.56% to finish at 455.88million and N5.28billion respectively while the total deals executed rose 11.69% to 3,993.0 points. Review of Sectoral Performance As we have earlier noted, Oil and gas sector index has continued to trail the uptrend in global oil prices as its index inched up by o.o8% to 283.73 upon price appreciation in ETERNA 6.25%,OANDO 1.01% and MOBIL 0.59%, just as insurance sector also enjoyed bullish sentiments thereby rising 0.20% as a result of buying interest in MBENEFIT 10.0%, NIGERINS 5.0%, REGALINS 4.55%, LASACO 3.57% and, AIICO 1.56%. On the contrary, Banking sector index dropped -2.50%, following the sell-offs in NPFMCRFBK -8.72%, UBN -7.14%, STANBIC -6.59%, UBA -3.23% and ETI -3.02%, among others. Similarly, industrial and consumer goods indexes went down by -0.88% and -0.35% respectively owing to the losses recorded in FIRSTALUM -3.03%, DANGCEM - 1.85%, MCNICHOLS -7.33%, HONYFLOUR -5.17%, GUINNESS -3.92% and FLOURMILL - 1.73%. Movement of NSEASI(Year-to-Date) Relative Strength Index(RSI) Source: MorganCapital Research
NSE Market Indices Return Open(points) Close(points) Daily(%) WtD(%) MtD(%) YTD(%) NSE All Share Index 29,616.38 29,162.24-1.53-1.53-6.05-7.22 NSE Banking Sector Index 379.35 369.81-2.51-2.51-8.45-7.18 NSE Industrial Goods Index 1,159.39 1,149.13-0.88-0.88-7.31-7.17 NSE Consumer Goods Index 656.29 653.97-0.35-0.35-8.06-12.67 NSE Oil & Gas Index 283.50 283.73 0.08 0.08-2.34-6.15 NSE Insurance Index 121.12 121.36 0.20 0.20-3.67-4.05 Source: NSE, MorganCapital Research Investors Sentiment: The Market breadth closed negative at 0.43x Today, 13 counters ended in the positive territory while 30 finished in the deep. Upon this, volatility has increased significantly, as such investors are to be very cautious while taking position in sound stocks. Source: MorganCapitalitrade
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