What To Expect From The Markets This Week - 180319


Saturday, March 16, 2019 08:00 AM / Proshare Content

Nigeria: Economic Dashboard @ 150319  


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Source: Vetiva Weekly Market Wrap – March 15, 2019


Market Loses 245bps WoW, YTD Turns Negative

To close a broadly negative week, the NSE ASI lost 22bps on Friday leading to a w/w loss of 245bps and turning year-to-date returns negative (-97bps). Notably, the Banking sector (-80bps d/d, -613bps w/w) posted the largest loss on the day and for the week driven by UBA (-261bps d/d) and ACCESS (-252bps). Similarly, Industrial Goods (-5bps d/d. -112bps w/w) and Consumer Goods (-3bps d/d, 43bps w/w) sectors shed points after losses in WAPCO (-39bps) and DANGFLOUR (-97bps). Finally, the Oil & Gas sector (+32bps) was the sole gainer thanks to upticks in OANDO (+174bps) and MOBIL (+61bps). 


• Despite a few positive earnings releases, the market sustained its negative performance today. Although we foresee bearish sentiment continuing next week, we expect the sell-offs to ease off leading to a mixed week.


• Stock Watch: ACCESS released its FY’18 results today posting topline and bottom line figures of ?542.9 billion (+15% y/y) and at ?95.0 billion (+96% y/y) respectively. The stock lost 2.5% to settle at ?5.80, 14.7% below its year open price.


 T-bills primary market rates on the decline

• Whilst ?212 billion was added to system liquidity this week via an OMO maturity, the CBN mopped up ?401 billion in an OMO auction on Thursday. In the same vein, the CBN also conducted its bi-monthly PMA, selling the full offer of ?89.5 billion, even as subscription hit ?600.5 billion.  Notably, with the CBN easing up on regular OMOs and holding off on offering the 1-year bill at the OMO auction, stop rates at this week’s auctions moderated sizably, with the 1-year bill closing at a record low of 12.845% (lowest since August 2017). Amidst this, the Interbank Call rate declined 516bps w/w to settle at 11.17%.

 • Meanwhile, spurred by lower stop rates at the auction, trading in the treasury bills market was positive this week, with average yields declining in four of five sessions. Overall, T-bill yields declined 29bps on average w/w. Notably, the yields on the 97DTM and 314DTM bills declined 61bps and 74bps respectively to settle at 12.35% and 14.19%. Similarly, there was demand in the bond market with yields on benchmark bonds declining 7bps w/w. Specifically, the yields on the 13.98% FGN FEB 2028 and 16.2499% FGN APR 2037 declined 6bps and 16bps respectively to settle at 14.24% and 14.09%. Notably, some selloffs were observed on a particular bonds with the 12.1493% FGN JUL 2034 bond advancing 17bps to settle at 14.34%.

 • Following an adjustment of secondary market rates to auction levels, we expect activities in the T-bills market to turn tepid at the start of next week as investors trade cautiously. Also, we foresee this sentiment trickling in to the bond market leading to a quiet session.

 • The Naira appreciated ?0.24 w/w at the I&E FX Window to settle at ?360.18 and remained flat w/w at ?358.50 against the dollar 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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Sunday, March 17, 2019

Nigerian Breweries Plc will on this hold its Annual General Meetingat MUSON Center, Onikan Lagos.



Monday, March 18, 2019

Zenith Bank Plc will on this day hold its Annual General Meeting at Civic Center, Ozumba Mbadiwe Street, VI, Lagos while the SDG Media Forum will hold same day with the theme: Becoming Agent of Sustainability at American Corner CCHub, 294 Herbert Macaulay Way, Yaba Lagos.



Tuesday, March 19, 2019

The Nigerian- American Chamber of Commerce will on this day hold itsBreakFast Meeting at the Lagos Oriental Hotel while the Securities and Exchange Commission will on same day hold the Budget Seminar 2019 at Grand Ball Room, Eko Hotels and Suites, Victoria Island, Lagos.


The Nigerian Stock Exchange will on this day hold the Fintech Foundation Class in Lagos while the Securities & Exchange Commission will on the same day hold its Award Night at the Grand Ball Room Eko Hotel and Suites Victoria Island Lagos.


The Nigerian- British Chamber of Commerce will on this day hold the  PropTech Inward Trade Mission at Southern Sun Hotel Ikoyi Lagos while TheNigerian Stock Exchange in partnership with the Global Reporting Initiative (GRI)  will on the same day hold a workshop on Sustainability Disclosure Guidelines at the Stock Exchange House.



Wednesday, March 20, 2019

The National Bureau of Statistics will on this day release the Selected Food Prices for February 2019.



Thursday, March 21, 2019

The Securities & Exchange Commission of Nigeria will on this day holdCapital Market Committee Meeting (CMC) at Orchid Hall, Eko Hotels and Suites, Victoria Island, Lagos while the Nigerian-British Chamber of Commercewill on same day hold  a workshop on BFM – Mental Health Issues & The Workplace at Oriental Hotel 3, Lekki- Epe Expressway Victoria Island Lagos.


The National Bureau of Statistics will on this day release the Transport Fare Watch (February 2019).



Friday, March 22, 2019

The National Bureau of Statistics will on this day release the Sectoral Distribution of Value Added Tax (Q4 2018) while the TEF Entrepreneurship Programme Announcement 2019 will hold on the same day at the Transcorp Hilton Abuja, 1, Aguiyi Ironsi Street, Maitma Abuja.


Saturday, March 23, 2019

The Nigerian Stock Exchange will on this day hold a training on ETPs: Maximizing Benefits and Trading Opportunies (CPD) while the Travel Nigeria Expo will hold on the same day at Eko Atlantic Waterfront Victoria Island Lagos


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




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