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EQUITY:                         

·         The Nigerian equities market closed flat today as NSE-ASI shed 0.01% to close at 38,800.01pts.

·         In today’s trade, market breadth index was positive with 23 gainers against 8 losers.

·         Today’s performance was mainly due to the losses recorded in CHAMPION (-7.87%), JAIZBANK (-4.76%), WAPCO (-4.76%), AIICO (-3.08%) and MAYBAKER (-1.33%) which offset the gains recorded in FTNCOCOA (+9.88%), LASACO (+9.68%), SKYAVN (+9.22%), JAPAULGOLD (+9.09%) and OANDO (+8.66%).

·         Sector performances were mixed today with the Industrial (-0.28%) and Banking (-0.22%) sectors closing negatively, while the Oil & Gas (+0.95%) and Consumer Goods (+0.26%) sectors closed in the green.

·         In terms of activity levels, total volume and value fell by 74% and 58% respectively compared to yesterday, as investors exchanged about 390million units of shares worth over N7.97billion. ZENITHBANK was the most actively traded stock with about 84million units of shares worth about N2.13billion.

·         The equities market closed marginally down today due to the losses recorded in the Industrial and Banking sectors Going forward, we expect investor’s sentiments to be swayed by the search for real positive returns amidst a low interest-rate environment. Nonetheless, we reiterate that this may be a great period to pick up some quality names with a medium to long-term investment horizon. 

CURRENCY:                                                                         

·         At the IEFX window, while the Naira closed down by 2.66% and 2.92% against the EUR and GBP to print at N477.87 and N530.67 respectively, it inched up by 0.68% vs the USD to close at N392.00.

·         At the parallel market, the Naira appreciated by 2.10%, 1.72% and 1.11% against the USD, EUR and GBP to close at N465, N570 and N625 respectively.

·         Going forward, we expect the FX market to be dictated by heightened dollar demand and CBN FX policies.

FIXED INCOME:

·         Money market rates declined as Open Buy Back and Overnight rate fell by 7bps and 17bps to close at 0.43% and 0.58% respectively.  

·         The bond market was negative today as yields rose across most maturities. We witnessed the yields on the 5yr and 10yr benchmark bonds inch up by 27bps and 15bps to print at 4.84% and 6.58% respectively, while the 7yr benchmark bond close flat at 5.58%.

·         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: