Invest Data Consulting Ltd

Market Update for November 26 The benchmark All-Share index Nigerian Stock Exchange (NSE) on Monday closed negative, extending the fourth session of back-to-back losses on a strong selling pressure in the banking, consumer and industrial goods sectors. Trading opened on a slight gap up in the morning to mid-morning before pulling back between midday to afternoon on selloffs in medium and highly capitalized stocks, made worse by the price adjustments of Nestle and Total Nigeria for the Q3 interim dividends declared by their directors. The index touched intraday highs of 31,779.90 basis points from a low of 31,562.31bps before retracing up marginally to finish the session at 31,579.72bps on a negative market breadth and below its opening points. The continued selloffs have further depressed the market to make lower lows on low volume traded as investors’ apathy persisted due to the persisting unclear direction of the Federal government’s economic policies and implementation sty

Selloffs continued on the Nigerian Stock Exchange (NSE) at the midweek, consolidating six consecutive trading sessions of bearish transition with the composite index receding further on improved volume traded. The recent losses reflects indifference by investors to the already prolonged correction and profit taking in blue chip companies like Dangote Cement, Nigerian Breweries, Zenith Bank, FBN Holdings, UBA and Access Bank which hit their 52-week low. This prevailing bear dominance reflects the dwindling confidence and weak economic fundamentals resulting from a pure lack of economic direction and coordination by the Federal Government. This is made worse by the political uncertainties ahead of 2019 elections and end of the month activities. Mid-week’s trading opened with the NSE’s benchmark index started the day on a back-and-forth movement before gaping up at the mid-morning session and pulling back by midday to afternoon on selloffs in highcap stocks. During the period, the

NSEASI buy 10% sell 90% volume index 0.88 MFI 30.66 Access buy 0% volume index 3.59 MFI 60.05 Aiico buy 0% volume index 1.32 MFI 53.90 Cap buy 50% sell 50% volume index 12.47 MFI 97.55 Continsure buy 💯 volume index 13.43 MFI 97.75 Dangcem buy 0% MFI 50.30 Dangflour buy 85% sell 15% volume index 2.15 MFI 59.60 Dangsugar buy 0% volume index 1.80 MFI 77.88 Diamond buy 0% volume index 0.79 MFI 25.17 Fbnh buy 0% volume index 0.70 MFI 44.22 Fcmb buy 0% volume index 0.98 MFI 12.14 Fidelity buy 67% sell 33% MFI 24.72 Fmn buy 0% volume index 1.25 MFI 61.34 FO buy 💯 volume index 6.32 MFI 7.72 GT buy 75% sell 25% MFI 46.83 Hony flour buy 0% MFI 64.79 Lawunion buy 0% volume index 0.91 MFI 40.44 M&B buy 💯 volume index 0.87 MFI 22.90 Nem buy 0% volume index 2.50 MFI 22.02 Nestle buy 💯 volume index 2.20 MFI 68.73 Oando buy 14% sell 86% MFI 91.46 Transcorp buy 50% sell 50% volume index 1.65 MFI 19.64 Uacn buy 0% MFI 20.87 Uba buy 0% volume index 1.13 MFI 22.41 Ucap

The Central Bank of Nigeria (CBN) on Tuesday, November 27, 2018, intervened in the wholesale segment of the foreign exchange market, offering the sum of $100m to dealers in that window. A statement by the CBN said it also made interventions of $55m each in the Small and Medium Enterprises (SMEs) and Invisibles segments to meet the needs of customers. The statement quoted by Isaac Okorafor, Director of Corporate Communications Department at the CBN, as assuring of the bank’s continued mediation in the interbank foreign exchange market in order to guarantee stability. The apex bank had on Wednesday last week also intervened in the wholesale segment of the inter-bank foreign exchange market to the tune of $210m. Meanwhile, the Naira continued its stable run against the United States dollars on Tuesday, November 27, 2018, exchanging at an average of N362/$1 in the BDC segment of markets across Lagos and Abuja. https://investdata.com.ng/2018/11/cbn-injects-210m-in-wholesale-fore

Latest data by Nigeria’s National Bureau of Statistics (NBS) released on Tuesday, November 27, 2018, showed that the 36 state governments increased cumulative internally generated revenue by N125.6bn, or 27.68% in the first half of 2018. According to the figures, a total of N579.4bn was generated in the review period, compared to N453.8bn in the corresponding period of 2017, with the lion’s share of 60% earnings coming from workers’ income tax (Pay-As-You-Earn). In total, the report continued, the various state government Ministries, Department and Agencies (MDAs) together accounted for 18% of total revenue. While N280.835bn was generated in the first quarter of the year, the remainder N263.343bn flowed between April and June. In all, 28 states recorded varying levels of growth in IGR, while eight: Abia, Anambra, Benue, Taraba, Kebbi, Kwara, Ebonyi and Enugu, recorded a decline. In the half-year, total revenue from PAYE stood at N352.509bn; while MDAs grossed N104.972bn; ot

NSEASI buy 6% sell 94% MFI 41.11 Access buy 0% volume index 2.15 MFI 57.22 Cap buy 💯 volume index 2.92 MFI 91.39 Dangflour buy 💯 MFI 69.78 Diamond buy 20% sell 80% MFI 26.89 Fbnh buy 50% sell 50% volume index 0.88 MFI 55.22 Fcmb buy 💯 MFI 22.41 Fidelity buy 0% volume index 0.88 MFI 30.38 Fmn buy 29% sell 71% volume index 1.12 MFI 50.99 GT buy 43% sell 57% MFI 37.73 Oando buy 💯 MFI 89.06 Prestige buy 0% volume index 2.06 MFI 82.53 PZ buy 0% volume index 1.94 MFI 40.01 Regalins buy 💯 MFI 54.32 Transcorp buy 57% volume index 3.74 MFI 22.18 Uacn buy 0% MFI 20.66 Uba buy 33% sell 67% volume index 1.27 MFI 28.73 Ucap buy 💯 volume index 1.64 MFI 28.83 Uniondac buy 0% volume index 1.68 MFI 32.09 Wapco buy 0% volume index 2.18 MFI 19.17 Wema buy 💯 volume index 1.05 MFI 57.97 Zenith buy 0% MFI 90.50

Market Update for November 26 The benchmark All-Share index Nigerian Stock Exchange (NSE) on Monday closed negative, extending the fourth session of back-to-back losses on a strong selling pressure in the banking, consumer and industrial goods sectors. Trading opened on a slight gap up in the morning to mid-morning before pulling back between midday to afternoon on selloffs in medium and highly capitalized stocks, made worse by the price adjustments of Nestle and Total Nigeria for the Q3 interim dividends declared by their directors. The index touched intraday highs of 31,779.90 basis points from a low of 31,562.31bps before retracing up marginally to finish the session at 31,579.72bps on a negative market breadth and below its opening points. The continued selloffs have further depressed the market to make lower lows on low volume traded as investors’ apathy persisted due to the persisting unclear direction of the Federal government’s economic policies and implementation styl

NSEASI buy 8% sell 92% MFI 45.60 Access buy 0% MFI 65.58 Aiico buy 0% volume index 1.22 MFI 47.06 Continsure buy 💯 volume index 1.57 MFI 41.45 Dangcem buy 0% volume index 1.30 MFI 53.89 Diamond buy 0% MFI 26.89 Fbnh buy 67% sell 33% MFI 59.85 Fcmb buy 33% sell 67% MFI 27.95 Fidelity buy 75% sell 25% MFI 25.74 Fmn buy 33% sell 67% volume index 2.34 MFI 47.32 GT buy 0% MFI 36.37 Prestige buy 💯 volume index 4.25 MFI 78.07 PZ buy 💯 volume index 0.75 MFI 45.27 Regalins buy 💯 MFI 33.99 Transcorp buy 💯 MFI 29.18 Uba buy 40% sell 60% MFI 33.71 Unilever buy 💯 volume index 9.37 MFI 4.96 Uniondac buy 0% volume index 1.21 MFI 30.31 Wapco buy 0% volume index 1.85 MFI 21.45 Zenith buy 0% MFI 90.91

Market Update for the week ended November 23 and Outlook for Nov. 26-30 Last week, Nigeria’s stock market extended its bearish ascendancy as the benchmark All-Share index hit 17-month low on a high traded volume, breaking down the 32,000 points psychological line and 31,854.40 strong support level which resulted in selloffs in medium and high cap stocks that continued to dragged the general performance lower. The high volume traded for the period, despite Tuesday’s public holiday, was largely driven by transactions in Zenith Bank and Diamond Bank, which in the last three months had positive technicals, resulting in the September rebound after touching a low of N19.60 due to sustained uptrend on improved transaction volume. This is why it has recorded 1.05 billion transaction volume so far in November, the highest so far in 2018, while monthly buying position stood at 71% and sell volume at 29% for the period. Transaction volume index for the period stood at 1.97. Notice also tha

https://investdata.com.ng/2018/11/investdata-price-earnings-tracking-for-week-ended-november-23-2018/

NSEASI buy 77% sell 23% volume index 2.58 MFI 44.71 Afrprud buy 17% sell 83% volume index 5.35 MFI 16.54 Eterna buy 0% volume index 3.42 MFI 31.47 Fbnh buy 💯 MFI 48.70 Fcmb buy 💯 MFI 63.89 Fidelity buy 💯 MFI 27.50 Fmn buy 💯 volume index 0.77 MFI 40.80 GT buy 💯 MFI 38.52 Jaiz buy 0% volume index 2.56 MFI 29.66 JBerger buy 0% volume index 2.46 Lasaco buy 💯 MFI 51.50 Oando buy 0% MFI 87.16 Prestige buy 0% volume index 1.46 MFI 58.17 Sterling buy 0% MFI 64.63 Transcorp buy 50% sell 50% volume index 1.66 MFI 19.90 Uba buy 💯 MFI 34.04 Ucap buy 0% volume index 1.23 MFI 48.49 Wema buy 0% volume index 1.11 MFI 33.85 Zenith buy 60% sell 40% volume index 13.51 MFI 93.54

The changing political landscape at a time of dwindling economic fundamentals pose recurring challenges to Nigeria’s equity market since the last pre-election year in 2014, due to policy instability and implementation style of government’s economic policies. The table below shows that the NSE All-Share index closed negative in the pre-election year that ushered in the fourth republic democracy (in 1999), as a result of the lack of confidence, of amidst doubts about there will truly be handover to civilian government. The years after have however closed positive as confidence was restored, political stability, improved liquidity and confidence that had supported the market during the period. But in 2014, despite the seeming strong economy, the heightened political risk, insecurity, division in political parties led to massive defections that deflated investor confidence, as many sought solace in safe havens. This trend has resurfaced in 2018 due to many factors ranging from the

NSEASI buy 9% sell 91% volume index 1.00 MFI 30.28 Access buy 11% sell 89% MFI 20.68 Afrprud buy 12% sell 88% volume index 0.79 MFI 45.94 Aglev buy 0% volume index 1.40 MFI 14.49 Aiico buy 💯 MFI 61.53 Cadbury buy 0% volume index 1.20 MFI 30.52 Cap buy 💯 MFI 63.84 Caverton buy 0% MFI 40.10 CCNN buy 0% MFI 21.48 Dangcem buy 0% MFI 31.50 Dangflour buy 80% sell 20% volume index 2.35 MFI 44.77 Dangsugar buy 💯 MFI 44.66 Diamond buy 💯 volume index 2.69 MFI 37.68 Eterna buy 0% MFI 64.39 ETI buy 50% sell 50% volume index 0.75 MFI 6.93 Fbnh buy 71% sell 29% MFI 44.73 Fcmb buy 60% sell 40% MFI 37.19 Fidelity buy 88% sell 12% MFI 60.92 Fmn buy 75% sell 25% MFI 58.29 FO buy 69% sell 31% MFI 35.52 Glaxo buy 💯 volume index 0.93 MFI 63.39 GT buy 52% sell 48% MFI 61.46 Hony flour buy 77% sell 23% volume index 1.01 MFI 16.14 Jaiz buy 0% MFI 38.86 Japaul buy 0% MFI 27.16 JBerger buy 0% volume index 1.30 MFI 47.23 Lasaco buy 💯 MFI 25.18 Mobil buy 💯 MFI 26.72 Nem buy

Market Update for November 19 Monday’s trading on the Nigerian Stock Exchange (NSE) closed higher, consolidating previous day’s positive sentiments as buying interest among market players continued to look up, despite the low traded volume, as portfolio rebalancing continues, amidst fresh position taking on the strength of low entry prices ahead of year-end rally. The fact that the Nigerian market is resisting further decline at this point should send a signal to investors and traders that the current low valuation of stocks on the bourse will not last for too long any more, hence the need to take advantage of the positive market breadth. Investors and traders are also on the look-out for the all-important October inflation reports and outcome of the year’s final Monetary Policy Committee meeting for the year, where members would most likely retain the monetary policy rate at 14%. This is also as the anticipated impact of the 2018 budget implementation and electioneering campa

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) rose from its 121st and final two-day meeting for 2018 on Thursday, with all 11 members voting to hold the benchmark Monetary Policy Rate at 14% for the umpteenth time. The committee, according to the communiqué at the end of the meeting, signed by Godwin Emefiele, CBN Governor and chairman, members projected a 1.85% aggregate GDP for 2018, while welcoming the new minimum wage being canvassed by the labour unions, which they noted, may not spike inflation as being feared in some quarters, after all. This, the committee argued, follows the negative output gap, which is why the proposed increase in the national minimum wage would rather “stimulate output growth due to prolonged weak aggregate demand arising from salary arrears and contractor debt. “Consequently, its impact on the aggregate price level would be largely muted, given that the monetary aggregates have largely underperformed in fiscal 2018.In

The Central Bank of Nigeria (CBN), on Wednesday assured that it is not prepared to abandon one of its core functions of ensuring a stable exchange rate for the Naira. The assurance is coming amidst apprehension amongst many analysts and observers over the sustained decline in Nigeria’s foreign reserves since attaining its peak on May 11, 2018. Many are worried that the decline is coming at a time when the price of crude oil, the nation’s biggest revenue earner has remained well above the budget benchmark, just as the peace in the oil rich Niger Delta region has meant the country’s oil production remains robust. A statement by the apex bank, on Wednesday quoted Isaac Okorafor, Director of Corporate Communication at the CBN as stressing the apex bank’s determination to achieve its objective of exchange rate stability, hence the continued injection in the foreign exchange market. The statement followed the CBN’s intervention in the interbank foreign exchange market on Wednesda

Market Update for November 21 Midweek’s trading activities on the Nigerian Stock Exchange after Tuesday’s ay public holiday, was volatile closing with a big loss that reversed Monday’s gain on improved volume that was driven by selloffs in banking and industrial goods stocks. The NSE’s composite All-Share index started the day trading with a gap up which was extended to mid-morning before pulling back at the midday to afternoon session as blue-chip stocks depreciated in value, owing to bargain hunting from the few days rally. The index however touched an intraday high of 32,357,22 basis points, from a low of 31,968.13bps before finishing the session below the 32,000 psychological line on a high volume and negative market breadth. MACD on daily time frame is signaling bearish crossover of the signal line which supports continuation of trend, as RSI pulled back to read 41.20. Meanwhile, the National Bureau of Statistics (NBS), on Wednesday published the October 2018 inflation

NSEASI buy 0% volume index 0.98 MFI 48.89 Access buy 0% MFI 63.76 Afrprud buy 0% volume index 1.75 MFI 19.22 Aiico buy 0% MFI 29.44 Cadbury buy 0% volume index 3.58 MFI 17.63 Dangcem buy 0% volume index 0.82 MFI 77.27 Dangsugar buy 50% sell 50% volume index 1.61 MFI 35.04 Diamond buy 25% sell 75% MFI 3.15 Fbnh buy 💯 volume index 0.80 MFI 46.23 Fcmb buy 0% MFI 79.46 Fidelity buy 86% sell 14% volume index 1.66 MFI 24.69 Fmn buy 💯 MFI 38.86 GT buy 6% sell 94% volume index 0.87 MFI 58.10 Hony flour buy 0% MFI 58.49 PZ buy 0% volume index 1.50 MFI 22.17 Stanbic buy 0% volume index 5.30 MFI 82.60 Sterling buy 💯 MFI 57.86 Transcorp buy 0% MFI 19.90 Uba buy 67% sell 33% volume index 0.93 MFI 34.04 Ucap buy 60% sell 40% volume index 1.79 MFI 43.41 Unity buy 💯 MFI 61.23 Wapco buy 0% volume index 2.64 MFI 28.72 Wema buy 0% MFI 36.94 Zenith buy 0% volume index 0.97 MFI 79.29

Market Update for November 19 Monday’s trading on the Nigerian Stock Exchange (NSE) closed higher, consolidating previous day’s positive sentiments as buying interest among market players continued to look up, despite the low traded volume, as portfolio rebalancing continues, amidst fresh position taking on the strength of low entry prices ahead of year-end rally. The fact that the Nigerian market is resisting further decline at this point should send a signal to investors and traders that the current low valuation of stocks on the bourse will not last for too long any more, hence the need to take advantage of the positive market breadth. Investors and traders are also on the look-out for the all-important October inflation reports and outcome of the year’s final Monetary Policy Committee meeting for the year, where members would most likely retain the monetary policy rate at 14%. This is also as the anticipated impact of the 2018 budget implementation and electioneering campa

NSEASI buy 98% sell 2% MFI 49.20 Access buy 0% MFI 64.39 Dangflour buy 💯 MFI 38.40 Dangsugar buy 💯 volume index 💯 volume index 1.07 MFI 38.30 Diamond buy 75% sell 25% volume index 0.99 MFI 4.89 Fbnh buy 67% sell 33% MFI 45.54 Fcmb buy 0% MFI 79.42 Fidelity buy 💯 volume index 1.20 MFI 24.79 Fmn buy 💯 volume index 0.97 MFI 34.71 FO buy 44% sell 56% volume index 2.59 MFI 46.33 Glaxo buy 💯 volume index 1.73 MFI 51.83 GT buy 78% sell 22% MFI 53.56 Hony flour buy 23% sell 77% volume index 1.83 MFI 40.17 Jaiz buy 💯 MFI 60.13 Japaul buy 💯 MFI 42.99 Oando buy 💯 Volume index 12.06 MFI 72.80 Prestige buy 💯 volume index 1.80 MFI 42.12 Regalins buy 💯 MFI 40.69 Sterling buy 💯 volume index 0.73 MFI 57.16 Total buy 💯 volume index 1.62 MFI 84.12 Transcorp buy 0% volume index 0.87 MFI 18.88 Uba buy 💯 volume index 1.35 MFI 26.42 Uniondac buy 0% volume index 5.41 MFI 5.46 Zenith buy 67% sell 33% MFI 78.42

NSEASI buy 98% sell 2% MFI 49.20 Access buy 0% MFI 64.39 Dangflour buy 💯 MFI 38.40 Dangsugar buy 💯 volume index 💯 volume index 1.07 MFI 38.30 Diamond buy 75% sell 25% volume index 0.99 MFI 4.89 Fbnh buy 67% sell 33% MFI 45.54 Fcmb buy 0% MFI 79.42 Fidelity buy 💯 volume index 1.20 MFI 24.79 Fmn buy 💯 volume index 0.97 MFI 34.71 FO buy 44% sell 56% volume index 2.59 MFI 46.33 Glaxo buy 💯 volume index 1.73 MFI 51.83 GT buy 78% sell 22% MFI 53.56 Hony flour buy 23% sell 77% volume index 1.83 MFI 40.17 Jaiz buy 💯 MFI 60.13 Japaul buy 💯 MFI 42.99 Oando buy 💯 Volume index 12.06 MFI 72.80 Prestige buy 💯 volume index 1.80 MFI 42.12 Regalins buy 💯 MFI 40.69 Sterling buy 💯 volume index 0.73 MFI 57.16 Total buy 💯 volume index 1.62 MFI 84.12 Transcorp buy 0% volume index 0.87 MFI 18.88 Uba buy 💯 volume index 1.35 MFI 26.42 Uniondac buy 0% volume index 5.41 MFI 5.46 Zenith buy 67% sell 33% MFI 78.42