Daily Market Report 150609

The Nigerian equities market today advanced by 244 basis points as against 47 basis points increase recorded on last trading day. At the end of today’s trading session, the ratio of advancers to decliners closed at 3.1. The ASI gained 701.93 points to close at 29,415.60 while the market capitalization increased by $1.08 billion to close at US$45.33 billion (N6.708 trillion). In the same vein, the value of transactions consummated increased by 58.89% to close at $16.40 million (N2.426 billion) as against $26.05 million (N3.855 billion) recorded on last trading day.

The trading session today opened on a high note as the ASI appreciated by 83 basis points within the first 5 minutes of trading. The midday session also witnessed upward trend with minimal volatility as major market indicators moved northwards. The positive trend continued till the later part of trading period causing few stocks such as Flourmill, First Bank, Oceanic, Conoil, BCC, amongst other to close limit high at the close of business.

TRADERS’ OPINION


 We expect the current market trend to continue for the next few trading days.

Market summary

• Overall, there were 77 gainers, 28 losers and 36 unchanged.
   

• The Banking sector led the value chart accounting for 68.74% of total value traded today.
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• First Bank Plc traded 29.340 million of shares to top the overall volume in the activity chart. Others in the top echelon are Platinum, Diamond Bank, First Bank, and Access Bank.
  

• Net bid: Dunlop, MTI, Custodian Insurance, C&I Leasing, and Wema Bank.
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• Net Offer: Investment and Allied Insurance, Staco, NSL tech, Ecobank, and Eterna Oil.
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Other News……

• Fitch says deteriorating assets could hasten further bank consolidation. Banks provision for margin loan sends shocks to other market.  

Money Market rates

• Monetary Policy Rate 8.00
  

• Exchange Rate ($/N) 148
  

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• 91 Day Treasury Bills 9.21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Market Information from the CSL Equity Market Note.