Daily Equities Market update Negative sentiments tapers? The bulls have NASD market today April 09, 2019
Headline PORTLAND PAINTS announces the date of its closed period and Board meeting The Board of PRESTIGE proposes to meet on 26th of April, 2019 AFROMEDIA releases its Q1 2018 unaudited results ETI to hold its AGM on Thursday,25 th April 2019 SUNU Assurance appoints SIAO Partners as its External Auditor FIRSTALUM explains proposed voluntary delisting from the Main Board of the Exchange UAC announces closed period for Q1 2019 CILEASING notifies the Exchange of a delay in filing Audited Financial Statements. ZENITHBANK notifies on its Board meeting to approve Q1 2019 results Market Summary/e It s still the old story of undeterred bears gaining prominence on the Equities market thereby making the defensive counters less defensive as investors become more apathetic to trading in risky asset classes. Money Market Rates Rate(%) %Δ Overnight rate 16.21-3.79 Open Buy 15.43-4.00 Daily Commodity Price Watch Previous Current Daily (%) Brent($/PB) 71.166 70.81-0.50 Gold 1297.68 1304.09 0.49 Silver 15.2 15.18-0.13 Platinum 907.87 894.63-1.46 Copper 292.45 294.1 0.56 NASD OTC Indicators PARAMETER Previous Current Daily (%) USI 725.94 734.55 1.19 Capitalization ( 'Bn) 521.55 527.73 1.18 Volume Traded 1154688 943251-18.31 Value Traded ( '000) 22757599 23382053 2.74 Deals Executed 13 21 61.54. Away from that, the Central Bank of Nigeria (CBN) released its Monthly Business Expectation survey Report for March 2019, showing that the outlooks were largely positive on macroeconomic trajectory, business activities, liquidity and inventories. However, even amidst seemingly accommodative monetary policy, concerns were expressed concerning high interest rate environment, and other factors such as poor power supply, unattractive economic conditions, politicking and weak aggregate demand. Thus, firms expected inflation to remain significantly stable, appreciable exchange rate, but cost of funds from the financial sector is expected to remain elevated. Therefore, we can infer that the equities market trends are at variance with
economic fundamentals, and the expectation of most investors which resulted into its continuous hemorrhage. That said, activities were suppressed today as ETI, FIDELITYBK, CHIPLC, DANGSUGAR, TRANSCORP and four other stocks went further in the red territory while NIGERINS, OANDO and FCMB turned downwards from previous gains recorded. On the contrary, CHAMS, LASACO and CAVERTON extended gains today despite the bourse negative sentiments just as GUARANTY, STANBIC, UNIONDAC, UBA, ACCESS and STERLNBANK finished in the bullish market from previous downtrends. However, the Benchmark index closed -0.04% lower to 29,149. while the Market capitalization dropped N4.79billion of its value to finish at N10.948trillion. As earlier noted, the level of activities waned, as reflected in -17.95% and -41.85% reduction in the total volume and value of stocks exchanged to 374.03million and N3.06billion respectively as the deals executed also dipped -8.99% to closed the session at 3,634. Review of Sectoral Performance All sector closed in the red ocean today. Meanwhile, insurance sector declined the most by shedding -1.76% to end at 119.23 while others recorded fractional decline in indexes. Furthermore, insurance sector was downtrodden on the back of losses recorded in NEM -9.87% and NIGERINS -4.76%. Similarly, Banking sector and Oil/gas indexes declined by -0.48% and -0.38% following losses recorded in ETI -6.67%, FIDELITYBK -4.64%, FCMB -1.6%, FBNH -1.37% and ZENITHBANK -0.25%. Industrial and Consumer goods indexes also went down by -0.13% and -0.17% to 1,147.67 and 652.83 due to price depreciation in DANGCEM -0.27%, NASCON -4.75% and DANGSUGAR -2.18% 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 29,162.24 29,149.46-0.04-1.58-6.09-7.26 NSE Banking Sector Index 369.81 368.05-0.48-2.98-8.89-7.62 NSE Industrial Goods Index 1,149.13 1,147.67-0.13-1.01-7.43-7.29 NSE Consumer Goods Index 653.97 652.83-0.17-0.53-8.22-12.82 NSE Oil & Gas Index 283.73 282.64-0.38-0.30-2.71-6.51 NSE Insurance Index 121.36 119.23-1.76-1.56-5.36-5.73 Source: NSE, MorganCapital Research Investors Sentiment: The Market breadth closed negative at 0.80x As negative sentiment waned slightly today due to 12 counters which ended in the green territory compared to 15 counters in the bearish market. Thus, we want to emphasis that most sounds counters are significantly cheap, therefore present opportunities to hunt for bargains. Source: MorganCapitalitrade
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