What To Expect From The Markets This Week – 250219


Saturday, February 23, 2019 08:00 AM / Proshare Content

Nigeria: Economic Dashboard @ 220219


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Editor’s Pick

Source: Vetiva Weekly Market Wrap – February 22, 2019


Market moderates 16bps to end a quiet week

Following a mixed session today, the NSE ASI lost 16bps, taking WTD returns to a 61bps loss. On a sector by sector basis, the Oil & Gas (+89bps d/d, +13bps w/w) and Banking (+48bps d/d, +68bps w/w) sectors ended the week higher, driven by advances in MOBIL (+471bps d/d), TOTAL (+263bps d/d), ZENITHBANK (+178bps d/d) and GUARANTY (+53bps d/d). Meanwhile, the Consumer Goods (-81bps d/d, -153bps w/w) and Industrial Goods (-16bps d/d, -139bps w/w) sectors recorded declines following losses in NB (-303bps d/d), FLOURMILL (242bps d/d), FIRSTALLUM (-645bps d/d) and DANGCEM (-31bps d/d).


• Barring any negative surprises at the polls, we anticipate a positive start to next week’s trading as investors price in improved certainty upon conclusion of the general elections.


• Stock Watch: JAPAULOIL is the best perfoming stock on the exchange this week, gaining 25% over three of five sessions. The stock gained 8.70% today to settle at 0.25, its highest price since September 2018.


T-Bills trades bullish after a slow-down in OMO auctions

• The CBN conducted two OMO auctions this week, selling a total of 688 billion from an offer of 650 billion on Thursday, whilst there was a No Sale on Monday. Meanwhile, the DMO conducted its February Bond Auction on Wednesday, selling the full allotment of 150 billion across the 5-year, 7-year and 10-year maturities at stop rates of 14.52% and 14.79% and 14.94% respectively – lower than previous levels.


• With the CBN reducing the frequency of OMO auctions this week, yields declined an average of 50bps w/w in the treasury bills secondary market. Particularly, the yields on 41DTM and 202DTM bills declined 325bps w/w and 71bps w/w respectively to settle at 10.12% and 15.23%. In contrast, the bond market saw reduced participation from both local and foreign investors, as investors shied away from longer term securities. Overall, trading was mostly quiet, with yields advancing 2bps w/w on average. Specifically, the yields on the 16.2884% FGN MAR 2027 and 16.2499% FGN APR 2037 bonds advanced 6bps w/w apiece to close at 14.73% and 14.48% respectively.


• With the CBN epected to further reduce the pace of OMO auctions, we foresee increased demand in the t-bills space next week. Meanwhile, we anticipate a quiet session at the start of next week, with investors picking up interest towards the week-end. 


• The Naira appreciated 0.16 w/w at the I&E FX Window to settle at 361.49 against the dollar and appreciated 2.00 w/w to settle at 358.50 in the parallel market.      


• We expect the naira to remain largely stable across the various windows of the currency space as the CBN maintains interventions in the FX market.


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Monday, February 25, 2019

 The National Bureau of Statistics will on this day release the Telecoms Data: Active Voice and Internet per State, Porting and Tariff Information (Q3 & AMP: Q4 2018)


Tuesday, February 26, 2019

The Society of Petroleum Engineers Lagos Section will on this hold Technical Meeting at Oakwood Park Hotel, Lekki-Epe Expressway, by Chevron, Lagos while Meristem Securities Limited will on same day hold training on LBO Modelling


Wednesday, February 27, 2019

 The Nigerian British Chamber of Commerce will on this day hold training on Mastering your Personal Finance at ILX Center: 8 Providence Street, Marina, Lekki Phase 1 Lagos while the Chartered Institution of Bankers of Nigeria will on same day hold training on Effective Selling & Negotiation Techniques.


The National Bureau of Statistics will on this day release the Foreign Trade in Goods Statistics (Q4 2018 and full year 2018)


Thursday, February 28, 2019

The Nigerian-South Africa Chamber of Commerce will on this day hold February 2019 breakfast meeting at Orchid Hall Eko Hotels & Suites Adetokunbo Ademola Street Victoria Island Lagos while the Nigerian British Chamber of Commerce will on this day hold Micro, Small and Medium Enterprise Clinic at Landmark Event Centre, Victoria Island Lagos


The National Bureau of Statistics will on this day release the Foreign Trade in Goods Statistics (Q4 2018 and full year 2018) and Petroleum Product Imports and Truck out Statistics Q4 2018


Friday, March 01, 2019

The Data Science Nigeria will on this day hold training on Pre-Bootcamp 30days of Mathematics for Machine Learning


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Check out our Events Calendar for event details and follow us on Web, TV, APP and Social Media for updates as the week unfolds. Yours to Serve! 


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Latest Reports This Past Week

1.      Investors Lose N16.93bn as NSEASI Dips By -0.14% Amid Positive Market Breadth

2.     Investors Gain N77.52bn As Market Sentiment Remains Positive

3.     Nigeria’s Equities Market Bounces Back; NSEASI Records 0.67% Gain

4. NSEASI Dips By -1.61%; Records Third Highest Loss in 2019 After Election Postponement  


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