September 23, 2019/InvestmentOne Report
Please click to download the Market Report for Monday 23rd September 2019
EQUITY:
· The Nigerian equities market closed negative today as NSE-ASI lost 0.17% to close at 27,650.28pts.
· Similarly, market breadth index was negative with 24 losers against 18 gainers.
· Today’s performance was mainly due to the losses in PRESCO (-9.93%), UAC-PROP (-9.86%), VITAFOAM (-9.79%), NPFMCRFBK (-9.60%) and UACN (-9.49%) which offset the gains recorded in TRANSEXPR (+10.00%), NCR (+10.00%), ETERNA (+9.09%), CUTIX (+8.97%) and CORNERST (+7.69%).
· Sector performances were mostly negative in today’s trade as Oil & Gas (-0.25%), Industrial (-0.24%) and Consumer Goods (-0.16%) closed negative while Banking (+0.16%), closed positive.
· In terms of activity levels, total volume and total value declined by 38% and 85% respectively compared to last week Friday as investors exchanged over 110million units of shares worth over N888million. FBNH (-1.77%) was the most actively traded stock with about 20million units of shares worth about N114million.
· The equities market closed down today following the losses recorded in the most sectors. 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, the Naira gained 1.92%, 0.01% and 0.81% against GBP, USD and EUR to close at N449.65, N362.21 and N397.76 respectively.
· At the parallel market, while the Naira closed flat at N360 and N397 against USD and EUR respectively, it gained 0.67% against GBP to close at N453.
· Going forward, we expect the FX market to continue to see support from CBN’s intervention sales.
FIXED INCOME:
· Money market rates decreased today as Open Buy Back and Overnight rates declined by 243bps and 286bps to close at 4.00% and 4.71% respectively. The fall in rates may be due to refunds from sales FX bids which could have eased system liquidity.
· The bond market performance was mixed today as yields moved in different directions across most maturities. Consequently, the yields on the 5yr and 7yr benchmark bonds declined by 2bps and 23bps to close at 14.17% and 14.02% respectively. However, the yield on the 10yr benchmark bond rose by 6bps 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 | 27,650.28 | Mkt Cap (N’tr) | 13.46 | |
Previous | 27,698.69 | Vol. Traded (m) | 110 | |
Day Change | -0.17% | Vol. Day Chng. | -38% | |
WTD Return | -0.17% | Val. Traded (N’bn) | 0.89 | |
MTD Return | 0.45% | Val. Day Chng. | -85% | |
YTD Return | -12.03% | No. of Deals | 3,923 | |
YTD High | 32,715.20 | No. of Gainers | 18 | |
YTD Low | 26,925.29 | No. of Losers | 24 | |
52wk High | 34,110.22 | Top Sub Sect. (by Vol.) | BNK (40%) | |
52wk Low | 26,925.29 | Top Sub Sect. (by Val.) | BNK (34%) |
