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Market Update for June 27 Thursday’s session on the Nigerian Stock Exchange (NSE) was ‘supper’ volatile and mixed, with the benchmark All share index gyrating seemingly to music audible only to the initiated. The index, which was 1.14% down minutes to the end of the session closed higher on positive sentiments for highly capitalized stocks, halting three trading days of bear run. Despite the dwindling confidence, the index broke down another major support level of 29, 609,00 basis points. It tested the lower second support level of 29,224.23bps, before rebounding to take off the first support level that became resistant, as the industrial goods and oil sectors gave it a push to the upside, helping it resist another decline. Nevertheless, the seeming rebound was driven by market forces, as players and bargain hunters took advantage of the persistent low valuation of listed equities to reposition their portfolios for Q2 earnings reporting season and second half of the year. The ma

Market Update for June 26 The bear run and volatility on the Nigerian Stock Exchange (NSE) persisted at the midweek as its benchmark All-Share index extended its three consecutive sessions of negative outing on a low volume indicative of a level of support test for reversal or breakdown of the 29,600 mark. The early warning about the economy sliding into yet another round of recession and the five-year blueprint by released Monday by Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) as part of helping the nation stave off the expected depression while propelling productivity activities that will support the possible double-digit growth is a welcome development. But then, serious action must be taken by the fiscal authorities to support the CBN’s efforts immediately, if only to avoid the mistake that led to 2016 recession. The telltale signs are already steering us in the face as a nation, the stock market index is down, Purchasing Manager Index has been mixed for th

The Nigerian Stock Exchange (NSE) on Wednesday commenced a three-day enlightenment campaign to increase investors’ awareness of Exchange Traded Funds (ETFs) market. As part of the campaign, which runs till Friday, June 28, 2019, the Exchange plans to engage investors through social media outlets, radio, email and in-house workshop, on the benefits of ETFs as a transparent and low-cost investment option. A statement by the NSE quoted Jude Chiemeka, Divisional Head, Trading Business Division at the NSE, saying the campaign “is in line with the NSE’s strategic objective of providing new and accessible opportunities for citizens to create durable wealth.” The exchange, he added, “continues to showcase the benefits of ETFs as a sound and viable investment option to tap into the capital markets,” expressing pleasure at “efforts made by ETF providers and advisers to create and introduce more ETFs that align with the needs of institutional and retail investors thereby deepening the ETF

Market Update for June 24 Trading on the Nigerian Stock Exchange on Monday was once again very volatile and mixed, reversing Friday’s gain with the composite All-Share index beginning the week bearish, amidst a high traded volume. The increasing volume traded and bulk buying in the market in recent times signals accumulation and imminent reversal of the downtrend as risk-to-reward remains low. This is given the volume and price action patterns as market dynamics continue changing ahead of the coming Q2 earnings season that could close the market performance index above it 50-Day Moving Average. That notwithstanding, however, liquidity levels have remained low. Investors continue to position ahead of the Q2 numbers of companies on the NSE, just as the market may leverage on the possible announcement of President Muhammadu Buhari’s new cabinet, if those nominated for clearance by the Senate meet popular expectation of those who are seen capable of changing the present narrative o

The Permanent Secretary Federal Ministry of Finance, Mahmood Isa-Dutse, who, in the absence of a substantive Minister currently oversees the office of the Minister of Finance, on Monday in Abuja inaugurated a new board for the Securities and Exchange Commission (SEC), four years after the last one led by ex-Anambra State Governor, Peter Obi, was prematurely sacked. The new board is chaired by Olufemi Lijadu, a lawyer (READ MORE). Performing the inauguration, Isa-Dutse, charged listed companies to imbibe good corporate governance and accountability so as to accelerate the growth of the Nigerian capital market, thereby helping to increase both domestic and foreign investor participation in the capital market. There is a need, he said, to grow and sustain the Nigerian capital market and help it evolve and eventually transform to world-class status, a journey for which transparency and investor confidence is key. Like every world-class market, he stressed the need for the Nigerian

‘Why Banking Sector Recapitalisation Inevitable’ Governor of the Central Bank of Nigeria (CBN), on Monday, unveiled his plans for his second five-term, even as he reeled out achievements between 2014 and 2019, including a reduction in the ratio of Non-Performing Loans of banks from 15% in May 2017 to 9% last month. Addressing a press conference on the 5-year Policy Thrust of the CBN under his watch, Emefiele also spoke on “a programme of recapitalizing the Banking Industry so as to position Nigerian banks among the top 500 in the world.” He promised closer collaboration with the Federal Government to enable the country to achieve double-digit growth by the next five years. The CBN, he continued, is committed “to working assiduously to bringing down inflation to single digit; while accelerating the rate of employment. In summary, he continued, priorities of the CBN in his second term will be preservation of “domestic macroeconomic and financial stability; Second, foster the d

A civic organization that facilitates societal change through technology, BudgIT, on Tuesday lamented the continued budget secrecy by state governments in Nigeria, by failing to publish their 2019 spending plans. So far, 12 Nigerian state governments, including Lagos, the country’s commercial capital, BudgIT said, is yet to make its budget public, despite the $750m incentive provided by the World Bank to encourage public finance transparency in the country. Others yet to publish details of their 2019 budget online, as of June 3, 2019, according to Shakir Akorede, Communications Associate at BudgIT, are: Cross River, Akwa Ibom, Bayelsa, Ebonyi, Imo, Nasarawa, Oyo, Rivers, Sokoto and Zamfara, while Kwara State’s budget “went missing on its website immediately after the recent transition. Following eight months of painstaking research, BudgIT said the assessment of the availability of public finance documents in state government domains reveals that only 25 states’ approved budgets

Market Update for June 20 The prevailing lull on the Nigerian Stock Exchange continued on Thursday as stocks closed lower continuing its losing streak, although marginal and around a major support level in the midst of positive market breadth and mixed sentiments. Thursday’s sustained cautious trading on the bourse was due to lack of immediate external and internal catalysts to drive the market and economy as delay in appointment of the economic management team have slowed down implementation of the 2019 budget, while many investors wait on the sidelines, watching to see the government’s plan to activate the economy. We note that President Muhammadu Buhari inaugurated the National Economic Council on Thursday, challenging State Governments to each increase their internally generated revenue base to which groups in the nation’s manufacturing industry have likened to a call to embark on multiple taxes and the likes at the time powering the manufacturing plants of these companies,

NSEASI buy 99% sell 1% MFI 5.45 Access buy 86% sell 14% volume index 1.62 MFI 67.37 Cadbury buy 0% volume index 4.42 MFI 52.85 Ccnn buy 💯 volume index 13.35 MFI 65.95 Chams buy 0% MFI 25.46 Dangcem buy 💯 volume index 2.09 MFI 13.77 Dangflour buy 50% sell 50% volume index 0.79 MFI 74.00 Eti buy 14% sell 86% volume index 2.90 MFI 24.10 Fbnh buy 25% sell 75% volume index 2.39 MFI 34.00 Fcmb buy 12% sell 88% MFI 58.75 Fidelity buy 17% sell 83% volume index 1.11 MFI 63.06 Fmn buy 💯 volume index 1.71 MFI 26.14 GT buy 60% sell 40% volume index 1.10 MFI 70.83 Nestle buy 💯 volume index 3.75 MFI 57.56 Oando buy 67% sell 33% volume index 1.93 MFI 43.30 Seplat buy 💯 volume index 2.30 MFI 62.24 Sterling buy 35% sell 65% volume index 1.52 MFI 61.20 Transcorp buy 55% sell 45% volume index 3.79 MFI 17.72 Uacp buy 0% volume index 16.55 MFI 27.58 Uacn buy 0% MFI 42.88 Uba buy 0% volume index 0.89 MFI 23.22 Ucap buy 0% MFI 47.60 Unilever buy 💯 MFI 94.34 Wapco buy 43% sell

The bear run and volatility on the Nigerian Stock Exchange (NSE) persisted at the midweek as its benchmark All-Share index extended its three consecutive sessions of negative outing on a low volume indicative of a level of support test for reversal or breakdown of the 29,600 mark. The early warning about the economy sliding into yet another round of recession and the five-year blueprint by released Monday by Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) as part of helping the nation stave off the expected depression while propelling productivity activities that will support the possible double-digit growth is a welcome development. But then, serious action must be taken by the fiscal authorities to support the CBN’s efforts immediately, if only to avoid the mistake that led to 2016 recession. The telltale signs are already steering us in the face as a nation, the stock market index is down, Purchasing Manager Index has been mixed for the months of April,

Market Update for June 25 Tuesday’s was another volatile and choppy session on the Nigerian Stock Exchange (NSE) with the benchmark All-Share index extending its bear=run on a high selling pressure and low traded volume that revealed cautious trading as investors continue to digest the five-year blueprint released on Monday by Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN) and its likely impact on the market and economy in general. One interesting and major highlight of his five-plan for the market is the proposed banking sector recapitalization, which is coming 15 years after a similar exercise by Prof. Chukwuma Soludo, then CBN governor 15 years ago in 2004. Graciously, he also noted the effects of the Naira devaluation over the period on the capital of the banking industry. The recapitalization plan may not have come entirely as a surprise, especially as many market players had adopted the wait-and-see strategy as the market is about to breakdown a majo

Market Update for June 24 Trading on the Nigerian Stock Exchange on Monday was once again very volatile and mixed, reversing Friday’s gain with the composite All-Share index beginning the week bearish, amidst a high traded volume. The increasing volume traded and bulk buying in the market in recent times signals accumulation and imminent reversal of the downtrend as risk-to-reward remains low. This is given the volume and price action patterns as market dynamics continue changing ahead of the coming Q2 earnings season that could close the market performance index above it 50-Day Moving Average. That notwithstanding, however, liquidity levels have remained low. Investors continue to position ahead of the Q2 numbers of companies on the NSE, just as the market may leverage on the possible announcement of President Muhammadu Buhari’s new cabinet, if those nominated for clearance by the Senate meet popular expectation of those who are seen capable of changing the present narrative o

NSEASI buy 19% sell 81% volume index 0.87 MFI 5.50 Access buy 80% sell 20% volume index 0.72 MFI 63.41 Aiico buy 💯 volume index 0.95 MFI 57.98 Ccnn buy 0% volume index 7.31 MFI 11.62 Chams buy 0% volume index 2.47 MFI 25.10 Chi buy 💯 volume index 1.44 MFI 35.13 CIleasing buy 0% volume index 26.00 MFI 91.13 Eti buy 45% sell 55% volume index 1.03 MFI 30.34 Fbnh buy 0% volume index 1.49 MFI 40.15 Fcmb buy 0% MFI 57.23 Fmn 💯 volume index 6.50 MFI 22.54 GT buy 0% volume index 0.73 MFI 55.41 Oando buy 💯 volume index 0.75 MFI 43.98 Seplat buy 💯 volume index 5.97 MFI 61.61 Sterling buy 0% MFI 65.92 Transcorp buy 💯 MFI 38.56 Uacn buy 💯 volume index 0.73 MFI 40.81 Uba buy 50% sell 50% MFI 16.01 Ucap buy 46% sell 54% MFI 51.01 Wapco buy 💯 MFI 91.28 Wema buy 💯 volume index 1.09 MFI 51.35 Zenith buy 75% sell 25% MFI 40.96

NSEASI buy 59% sell 41% volume index 1.38 MFI 5.60 Access buy 0% volume index 1.70 MFI 70.03 Ccnn buy 0% volume index 3.53 MFI 47.24 Chams buy 💯 MFI 36.46 Chi buy 💯 volume index 1.34 MFI 22.66 Dangflour buy 75% sell 25% volume index 1.50 MFI 65.64 Dangsugar buy 0% MFI 33.29 Eti buy 0% volume index 1.24 MFI 22.81 Fbnh buy 50% sell 50% MFI 44.13 Fcmb buy 0% volume index 1.17 MFI 82.95 Fidelity buy 0% MFI 51.60 Fo buy 💯 volume index 2.30 MFI 46.33 GT buy 11% sell 89% volume index 0.97 MFI 56.66 Japaul buy 0% volume index 1.23 MFI 5.34 Lasaco buy 💯 volume index 6.29 MFI 62.25 Nestle buy 💯 volume index 2.88 MFI 37.86 Npf buy 12% sell 88% volume index 4.95 MFI 9.22 Oando buy 💯 MFI 20.94 Pz buy 0% volume index 3.27 MFI 47.76 Sovereins buy 0% MFI 16.22 Sterling buy 💯 MFI 70.98 Transcorp buy 💯 MFI 38.80 Uacn buy 50% sell 50% MFI 11.76 Uba buy 💯 MFI 16.78 Ucap buy 0% MFI 54.49 Wapco buy 36% sell 64% volume index 9.18 MFI 93.72 Wema buy 💯 MFI 53.34 Zenith b

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Market Update for the week ended June 21 and Outlook for June 24-28 The Nigerian Stock Exchange (NSE), ended three consecutive weeks of pullbacks last week, despite Friday’s seeming upmarket, after attempting a rebound in the month of May on the strength of the listing of MTN Nigeria and hope that the Federal Government will hit the ground running after the inauguration of President Muhammadu Buhari for the second four-year term, which has not happened. The week’s benchmark NSE All-Share index, however, closed lower on the strength of a huge volume traded as stock prices resisted further decline during the last two trading sessions on seemingly improved buying interest and market breadth. The huge volume seen during the week was last witnessed during the market’s January 2018 peak which ushered in the current prolonged downtrend that has lasted 17 months. During the week also, Nigeria’s National Bureau of Statistics (NBS) published the Consumer Price Index (CPI) for May 2019 sh