DAILY MARKET REPORT 10TH OCTOBER 2018

Equities Market

  • The Nigerian equities market closed the day trade on a decline at the end of the day’s trading activity, as both NSE ASI and market capitalization decreased by 0.11% respectively, as they both closed at 32,382.58points and N11,822.14tr respectively. Year-to-Date ASI is at a negative of 15.37%.
  • Volume of trades and No of trades both decreased by 61.50%, 2.54% to N134.569M, 2,760, while value of trades increased by 32.23% to 1,935.75B respectively.
  • CAP topped the gainers’ table with percentage price change of 10.00%, while TRANSCOHOT led the losers’ chart with percentage change of 9.63%
  • Market breadth was POSITIVE with Twenty One (21) gainers against Eighteen (18) price losers.

Money and Fixed Income Market

  • The OBB and OVN rate closed at 9.67% and 10.17%, given positive robust system liquidity which is around N190b.
  • The bond Market was relative inactive as the short tenured bond witnessed a slight interest among market participant, however market had relative sentiment towards 2025 tenured bond. The yield for the market declined to around 1bps.
  • The T-bills market recorded bullish sentiment on the short tenured bond, while cherry pickers active was dominant on the long end of the curve.

Foreign News

World's top traders divided on oil outlook as Iran sanctions loom

The world’s biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic. The range of views illustrates deep uncertainty among top industry players over the outlook, given the re-imposition of sanctions on Iran and forecasts of slowing economies and energy demand in 2019, potentially leading to choppy trading. Some of the traders said, however, they expected some demand destruction in emerging economies to help cap prices. The 2019, forecasters such as the International Energy Agency say emerging-market crises and trade disputes could dent global demand while rising production from outside the Organization of the Petroleum Exporting Countries adds to supply.

Foreign Exchange Market

  • The NGN/USD exchange rate remained stable at N364.27 at the I & E FX Window. While parallel market remained stable at N360/$ and the CBN Official rate also remained stable at N306.45. Read more: