What To Expect From The Markets This Week - 010419


Saturday, March 30, 2019 08:00 AM / Proshare Content

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Source: Vetiva Weekly Market Wrap – March 29, 2019


Market down 124bps ytd at the end of Q1

In its first significantly positive session of the week, the NSE ASI gained 67bps on Friday, moderating this week’s losses to 31bps. Leading this week’s gainers, the Oil & Gas (+484bps d/d, +356bps w/w) and Consumer Goods (+230bps d/d, +107bps w/w) sectors were also positive for the week, after SEPLAT (+926bps d/d), MOBIL (+471bps), NESTLE (+548bps d/d) and PZ (+316bps d/d) boosted the sector.


Similarly, the Industrial Goods sector (+18bps d/d, -242bps w/w) saw upticks after a gain in CCNN (+474bps) erased losses in WAPCO (579bps d/d). Finally, the Banking sector (-108bps) was the sole loser following declines in GUARANTY (-230bps d/d) and UBA (-128bps d/d).


 • With the NSE submission deadline and a flurry of earnings releases driving market activity today, we expect trading next week to resume mixed, with a positive tilt as investors react to company performances.


 • Stock Watch: CCNN released its FY’18 results today, posting topline and bottom line figures of 31.7 billion (+62% y/y) and at 5.7 billion (+78% y/y) respectively. The stock gained 4.74% to settle at 19.90, 2.58% above its year open price.


 CBN withholds OMO auctions this week

• This week, the DMO conducted the March Bond Auction, selling 29 billion (100 billion offered) across the 5-year, 7-year and 10-year bonds, all at stop rates of 13.50% – lower than the previous month’s auction. On a non-competitive basis however, the DMO also sold 36 billion and 57 billion on the 5- and 7-year tenors respectively. Surprisingly, for the first time since September 2018, the CBN did not conduct any OMO auction all week, even as 61 billion hit the system via OMO maturities on Thursday. Consequently, the Interbank Call rate declined 439bps w/w to settle at 9.86%.


 • Meanwhile, in spite of the improved system liquidity brought on by the dearth of CBN mop-ups, the secondary treasury bills market remained largely quiet. Overall, trading trended positive with yields declining 16bps w/w. Notably, the yields on the 111DTM and 272DTM bills declined 106bps and 52bps respectively to settle at 10.91% and 14.09%. Similarly, taking a cue from the MPC’s decision to cut the benchmark rate by 50bps as well as lower stop rates and low sales at the auction, the bond market was bullish this week. Overall, yields declined 13bps on average on benchmark bonds w/w. Specifically, the yields on the 16.2884% FGN MAR 2027 and 12.1493% FGN JUL 2034 declined 13bps and 29bps respectively to settle at 14.25% and 14.06%.


 • Barring any OMO auction at week open, we expect further demand in the t-bills market, driven by healthy system liquidity. Meanwhile, we foresee the bond market opening the week on a quiet note, with mild sell-offs later on.


 • The Naira depreciated 0.25 w/w at the I&E FX Window to settle at 360.68 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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Monday, April 01, 2019

African Private Equity and Venture Capital will this day hold the 16th Annual AVCA Conference at Radisson Blu, Hotel, Nairaobi Upper Hill Nairobi Kenya while the IOD F&GPC Meeting will hold on the same day in Ikoyi, Lagos.


Access Bank Plc will sound the Closing Gong at the Stock Exchange this day in commemoration of its successful merger with Diamond Bank Plc.


Tuesday, April 02, 2019

The Abuja Chamber of Commerce & Industry (ACCI) will on this day hold the Waste 2 Wealth Roundtable while the Energy and Power Workshop 2019 will hold same day in Lagos, Nigeria.


The Chartered Institute of Personal Management of Nigeria will on this day hold the CIPM Training on Project Management Fundamental while the 2nd PEBEC Awards Ceremony will hold same day at the State House Conference Hall (Old Banquet Hall), Abuja.


Wednesday, April 03, 2019

Investment One will on this day launch its USSD Code. The World HR Summit & Expo will on this day hold at Radisson Blu Hotel, Sandton Johannesburg, South Africa while the Sales Leadership Conference 2019 will hold on the same day with the theme: The Exponential Growth at Muson Center, Lagos.


Thursday, April 04, 2019

The Institute of Director will on this day hold the 2019 Women Directors Luncheon while the Nigerian Economic Summit Group will hold the ACADEMIA-INDUSTRY COLLABORATION RETREAT at Liligate Hotel, 2 Olubunmi Owa St, Lekki Phase I, Lagos.


The Women in Management, Business will on this day hold the Lagos Roundtable Lunch with the theme: Positioning for Success in the Workplace at 225B Etim Inyang Crescent Victoria Island Lagos, while Africa’s largest gathering of HR professionals and leaders will hold on the same day at Landmark Event CenterPlot 2 & 3, Water Corporation Drive, Victoria Island, Annex.


Saturday, April 06, 2019

Covenant Capital will on this day hold the Lagos Business Clinic at the Covenant Chapel behind Enyo Filling Station Former 4th Roundabout Lekki.




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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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