What To Expect From The Markets This Week – 210119


Saturday, January 19, 2019 08:00 AM / Proshare Content

Nigeria: Economic Dashboard @ 180119


Proshare Nigeria Pvt. Ltd.


Editor’s Pick

 Source: Vetiva Weekly Market Wrap - January 18, 2019

ASI Records First Fully Positive Week Since July 2017 

 • In a positive turn of events, the ASI recorded positive performances every day of this week for the first time since July 2017 leading to a 394bps gain w/w. Continuing this week’s trend, the Industrial Goods sector (+421bps d/d, +12.71% w/w) was the best performer following upticks in CCNN (+913bps d/d, +25.50% w/w), DANGCEM (+258bps d/d, +10.11% w/w) and WAPCO (+199bps d/d, +449bps w/w). Similarly, on Friday, the Consumer Goods (+203bps d/d, +272bps w/w) and Oil & Gas (+9bps d/d, +59bps w/w) sectors gained thanks to NESTLE (+349bps d/d, w/w), NB(+286bps d/d, +385bps w/w) and ETERNA (+114bps d/d, +349bps w/w) . Contrarily, the Banking (-37bps d/d, -104bps w/w) sector was the sole loser for the day and week when gains in UBN (+976bps d/d, 12.50% w/w) and ETI (+145bps d/d, +370bps w/w) were cancelled by losses in UBA (-267bps d/d, -68bps w/w) and GUARANTY (-139bps d/d, -463bps w/w). 

• With positive investor sentiment returning to the market this week, we are cautiously optimistic. Whilst we expect buying momentum to fizzle out on cement stocks, we foresee some buy interest in depressed Tier1 banking stocks.  

• Stock Watch: DANGCEM gained 10% in four sessions this week. The stock gained 3% today to close at ?194.90 and is up 3% in 2019, underperforming the Industrial Goods sector (9% ytd).


Yields decline despite high primary market activities

• This week, the CBN sold ?575 billion (?700 billion offered) across three OMO auctions on Monday, Tuesday and Thursday at the 11.90%, 13.50% and 15.00% across three maturities. The CBN also sold ?152 billion (?225 billion offered) at its bi-weekly PMA, raising the stop rates across the three maturities from previous PMA levels to 11.00%, 13.10% and 15.00%. Meanwhile, the Interbank Call rate declined 467bps to closs at 15.33% w/w. 

• Despite the mop ups and the consequently constrained system liquidity, trading in the treasury bills market was positive with yields declining 42bps w/w (-21bps d/d). Particular, the yields on the 62DTM and 132DTM bills declined 213bps and 220bps respectively to settle at 12.32% and 11.63%. Meanwhile, trading in the bond space was also positive, with yields declining 7bps w/w (+10bps d/d). Specifically, the yields on the 16.2884% FGN MAR 2027 and 12.40% 18-MAR-2036 bonds declined 34bps and 25bps respectively to close at  15.04% and 15.26% respectively. 

• We expect the anticipated release of the bond calendar on Monday to spur mild sell-offs in the bond space, whilst tepid trading is expected to continue in the T-bills space due to liquidity constraints. Meanwhile, trading activities will also be directed by the Monetary Policy Committee meeting and a bond auction scheduled for midweek. 

• The Naira appreciated ?2.15 w/w at the I&E FX Window to settle at ?362.79 against the dollar and appreciated ? 0.50 w/w to settle at ?360.50 in the parallel market.  

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


Proshare Nigeria Pvt. Ltd.

Monday, January 21, 2019

The Central Bank of Nigeria will on this day hold the 265th Meeting of the Monetary Policy Committee (MPC) at MPC Meeting Room, 11th Floor, Wing C, CBN Corporate Headquarters, Abuja.  


Tuesday, January 22, 2019

The NESG will on this day hold the UK-Nigeria Climate Finance Accelerator Workshop at No. 3, Idejo Street, Opposite ICON House, Off Adeola Odeku Street, and Victoria Island while the 8th NIMASA/NIALS Strategic Admiralty Law Seminar for Judges will hold same day at the Radisson Blu, Victoria Island, Lagos.


Wednesday, January 23, 2019

The Climate Finance Accelerator will on this day continue the UK-Nigeria Climate Finance Accelerator Workshop at No. 3, Idejo Street, Opposite ICON House, Off Adeola Odeku Street, Victoria Island while West African International Petroleum Exhibition and Conference will hold same at Eko Hotels and Suites, Lagos


Thursday, January 24, 2019

The Nigeria-British Chamber of Commerce will on this day hold the 2019 Economic Outlook at the Function Room 1, Lagos Oriental Hotel Lekki-Epe Expressway, Lagos; while Smart Entrepreneur Nigeria will on this day hold the Smart Enterprise Session at Light House Cinemas, 91 Murtala Muhammed Way Lagos


The Chartered Institute of Taxation of Nigeria will on this day hold the CITN Federal Government of Nigeria 2019 Budget Seminar at CITN Multi-purpose Hall Tax Professionals House, plot 16, Otunba Jobi Fele way, Central Business District, Alausa-Ikeja, Lagos while the International Produced Water Conference and Exhibition Africa will hold same day at the Oriental Hotel, Lagos, Nigeria


Friday, January 25, 2019

Investment One will on this day hold its Digital Banking Launch at Radisson Blu Hotel Victoria Island Lagos.


Saturday, January 26, 2019

The  iSucceed series will on this day hold the Lagos Enterprise Summit at Habour Point 4 Wilmot Point Road, Off Ahmadu Bello Way, Victoria Island, Lagos



For WebTV for Real time updates from most of these events via

Proshare Nigeria Pvt. Ltd.WebTV-NG  Proshare Nigeria Pvt. Ltd.@WebTVng  Proshare Nigeria Pvt. Ltd.webtv_newsnigeria  Proshare Nigeria Pvt. Ltd.WebTV Nigeria 


Proshare Nigeria Pvt. Ltd.


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!



Proshare Nigeria Pvt. Ltd.

Contact for Details:

For further information, enquiry or submission of information, kindly email market@proshareng.com and research@proshareng.com Tel: 0700PROSHARE (070077674273). Call us NOW!


Proshare Nigeria Pvt. Ltd. 


Latest Reports This Past Week 

1.      Headline Inflation Increases By 11.44% YoY in December 2018; 0.16% Higher Than November 2018 Rate

2.     Average Prices of PMS, AGO, HHK and Cooking Gas – December 2018


      Proshare Nigeria Pvt. Ltd.



Latest Videos This Past Week


Proshare Nigeria Pvt. Ltd.  Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.


View More Economy, Business, Finance, Investment, Creative Art Videos from WebTV Here


Proshare Nigeria Pvt. Ltd.


Previous Week(s) Market Outlook

1.      What To Expect From The Markets This Week – 140119

2.     What To Expect From The Markets This Week – 070119

3.     What To Expect From The Markets This Week - 311218

4.     What To Expect From The Markets This Week - 241218

5.     What To Expect From The Markets This Week - 171218



Proshare Nigeria Pvt. Ltd.



Related News

1.      Investors Gain N45.69bn as Market Sentiment Remains Positive

2.     Market Sentiment Closes Positive as NSEASI Inches Up By 1.07%

3.     Investors Gain N64.41bn As NSEASI Firms Up By 0.58%; Closes Above 30,000bpts

4.     Equities Market Maintains Positive Stance To Open The Week in Green; NSEASI Inches Up By 0.45% 



Proshare Nigeria Pvt. Ltd.


Read More - The Monthly Proshare CONFIDENTIAL   


1.       The Rich, The Poor and Buharinomics

2.      Nigerian Banks’ Performance – H1 2018

3.      AMCON and Financial Services Debt Burden in Nigeria

4.      Poverty Tracker and Nigeria: Raising The Red Flag

5.      POCKET Economics: Addressing Income Inequality

6.      The Silent Drug Epidemic: A Gathering Storm

7.      Judging IMF’s Position on Development Indices

8.     Money Market: The Folk Road

9.      The Headache of Missing Targets

10.  2018 Outlook on the Nigerian Economy: The Need for an Even Keel

11.  Nigeria External Economy and the White Noise of Import Dependency

12.  States and the Rising Weight of Debt

13.  Money Supply: Reeling from Policy Response

14.  How Rail and Energy Will Deliver a Robust Economy for Nigeria

15.   Too Big Government: The Hysteria of Developmental Quagmire

16.  The Nigerian Debt Conundrum and the Need for Automatic Stabilizers 

Related News