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Market Update for February 27 Stocks on the Nigerian Stock Exchange (NSE) closed lower at the midweek as negative sentiment extended into the second trading session on a high selling volume and declining money flow index. The index reveals the direction of smart money and institutional players at any given time. Trading opened on the downside in the morning, a situation that was sustained throughout; on day when umpire, the Independent National Electoral Commission (INEC) declared incumbent President Muhammadu Buhari of the ruling All Progressives Congress (APC) winner of the presidential poll. Buhari, according to INEC, defeated his closest rival- Atiku Abubakar of the Peoples Democratic Party (PDP) and was handed the certificate of return. The seeming flight for safety impacted the NSE All-Share index negatively as it it touched intraday lows of 32,185.34 basis point, from highs of 32,521.74bps, before retracing up slightly, finishing the day at 32,244.24bps amidst selling pr...

The Central Bank of Nigeria (CBN) again at the weekend intervened in the Retail Secondary Market Intervention Sales (SMIS) with $325.64m, to meet requests in the agricultural, airlines, petroleum products and raw materials and machinery sectors. According to Acting Director in charge of Corporate Communications at the CBN, Isaac Okorafor, the continued intervention were in line with the assurances made by the Governor, Godwin Emefiele, to sustain market liquidity in order to boost production and trade. According to Okorafor, the feedback from the wholesale and retail segments of the Nigerian Forex markets showed that customers were satisfied with their level of access to foreign exchange. He said the degree of optimism displayed by all players underscored the fact that everyone was happy with the level of transparency in the market. Speaking further, Okorafor assured that, with the recession now over and foreign reserves now standing at $42 billion, the CBN had enough in its ...

The nation’s equity market in the last three weeks has recorded a mixed performance after rallying for four consecutive months to a five-year high at 45,092.83 basis in January 19, 2018 due to impressive Q3 numbers released in October. The numbers were considered good enough to reverse the two previous months of pullback, helped also be the influx of positive economic data, increasing foreign inflows and supporting activities in the last quarter of 2017 all of which boosted market and economic recovery that overflowed into 2018. So strong was the positive momentum that it wiped away what has come to be known as the January effect (when the market always closed red) for the first time in 15 years. The NSE recorded all of 15% growth in January. It is therefore not unexpected, just as in any stock market of across the globe that profit taking would happen, leading naturally to panic selling that became the order of the day. This pulled down the market in the last trading week of J...