Equities Market

  • The Nigerian equities market continued on a downward slide at the end of the day’s trading activity, as both NSE ASI and market capitalization decreased by 0.09% respectively, as they both closed at 32,423.57points and N11,838tr respectively. Year-to-Date ASI is at a negative of 15.27%.
  • Volume and Value of trades both increased by 10.69%, 7.82% to N151.347M, 1,542.64B, while No of trades decreased by 15.89% to 2,356 respectively.
  • CUTIX topped the gainers’ table with percentage price change of 10.00%, while OKOMUOIL led the losers’ chart with percentage change of 4.94%
  • Market breadth was POSITIVE with Nineteen (19) gainers against Eighteen (18) price losers.

Money and Fixed Income Market

  • The OBB and OVN rate closed at 11.67% and 12.58%, as system liquidity witnessed a tightening from CBN OMO mop up.
  • The Bond Market witness yield contraction by about 1bp, as buying interest in the market sphere declined, while long tenured bond yield had significant market sentiment.
  • The T-bills market witnessed OMO auction, as CBN mop up excess inflows from maturating bills, as Yield inched higher by about 10bps.

Foreign News
JP Morgan downgrades China stocks, predicts ‘full-blown trade war’ with US
J.P. Morgan is getting less optimistic about the trade conflict between the U.S. and China. The firm lowered its rating for Chinese equities to neutral from overweight, predicting that the escalating trade war between the countries will affect China’s economy next year. As analyst, anticipate a negative 1 percentage point impact on China’s GDP growth from the latest announced tariffs, if no countermeasures is taken. As higher tariffs are squeezing Chinese manufacturing’s profit margin, reducing the investment incentive and hiring, which would then drag on consumption via reduced income. As a result, J.P. Morgan reduced its year-end price target for the MSCI China index to 85 from 95, representing 9 percent upside to Wednesday’s close.
Foreign Exchange Market

  • The NGN/USD exchange rate appreciated marginally to N363.58 at the I & E FX Window. While parallel market remained stable at N360/$ and the CBN Official rate also remained stable at N306.40. Read more: