September 17, 2019/InvestmentOne Report
Please click to download the Market Report for Tuesday 17th September 2019
EQUITY:
· The Nigerian equities market closed negative today as NSE-ASI lost 0.61% to close at 27,407.04pts.
· However, market breadth index was positive with 22 gainers against 15 losers.
· Today’s performance was mainly due to the losses in AIRTELAFRI (-10.00%), UAC-PROP (-9.55%), NCR (-9.09%), COURTVILLE (-8.70%) and CONTINSURE (-6.67%) which offset the gains recorded in NEM (+9.74%), LIVESTOCK (+9.52%), PZ (+9.32%), CORNERST (+9.09%) and CHAMS (+8.33%).
· Sector performances were mixed in today’s trade. While Banking (-0.01%) closed negative, Oil & Gas closed flat. However, Industrial (+0.57%) and Consumer Goods (+0.18%) closed positive.
· In terms of activity levels, total volume and total value declined by 27% and 93% respectively compared to yesterday as investors exchanged over 198million units of shares worth over N2.89billion. ACCESS (+3.40%) was the most actively traded stock with about 58million units of shares worth about N434million.
· The equities market closed down today following the losses recorded in Banking and AIRTELAFRI (-10.00%) . Nonetheless, we maintain that investors should take positions in quality names with a medium to long time investment horizon as prices remain attractive at current levels.
CURRENCY:
· At the IEFX window, while the Naira lost 1.19% and 0.09% against GBP and USD to close at N452.28 and N362.29 respectively, it gained 0.02% against EUR to close at N400.48.
· At the parallel market, while the Naira closed flat at N360 and N395 against USD and EUR respectively, it lost 0.22% against GBP to close at N449.
· Going forward, we expect the FX market to continue to see support from CBN’s intervention sales.
FIXED INCOME:
· Money market rates declined today as Open Buy Back and Overnight rates dropped to 17.00% and 18.29% from 33.86% and 36.36% respectively. The decline in rates may be due to refund from failed FX auction which could have eased system liquidity.
· The bond market performance was positive today as yields declined across most maturities. Consequently, the yields on the 7yr and 10yr benchmark bonds declined by 9bps and 2bps to 14.24% and 14.26% respectively. However, the yield on the 5yr benchmark bond increased by 3bps to close at 14.35%
· In the near term, we expect market activity to be influenced by liquidity levels and foreign investor participation.
Below are key NSE statistics as at the end of trades:
Current | 27,407.04 | Mkt Cap (N’tr) | 13.41 | |
Previous | 27,574.32 | Vol. Traded (m) | 198 | |
Day Change | -0.61% | Vol. Day Chng. | -27% | |
WTD Return | -1.34% | Val. Traded (N’bn) | 0.20 | |
MTD Return | -0.43% | Val. Day Chng. | -93% | |
YTD Return | -12.80% | No. of Deals | 3,830 | |
YTD High | 32,715.20 | No. of Gainers | 22 | |
YTD Low | 26,925.29 | No. of Losers | 15 | |
52wk High | 34,933.68 | Top Sub Sect. (by Vol.) | BNK (54%) | |
52wk Low | 26,925.29 | Top Sub Sect. (by Val.) | BNK (30%) |
