NSE Market Cap Dips to N13.23 Trillion from N13.40 Trillion Week-on-Week

L-R: Shows Kobby Bentsi Enchill, Managing Director, Stanbic IBTC Capital; Oscar Onyema,CEO, The Nigerian Stock Exchange (NSE); Ms Patience Oniha, Director General, Debt Management Office (DMO); Ms Hamda Ambah, Managing Director, FSDH Merchant Bank; Oladele Afolabi, Director, Portfolio Management Department, DMO; Monday Usiade, Head Market Development Department, DMO during the closing gong ceremony to commemorate the listing of the FGN Eurobond on Friday at the Exchange

14/6/2019/InvestmentOne Report 

 

Please click to download the Weekly Report for the week ending Friday 14th June 2019

 

Global Economy

·         Just as oil was set for yet another weekly decline, an oil tanker attack in the middle east swooped in to provide a small boost to oil prices that have been dampened by an intensifying trade war and swelling U.S. stockpiles. Over in the U.K, the race to replace outgoing Prime Minister Theresa May kicked off. 

Nigerian Economy

·         It was a relatively quiet week in the local scene. Major concerns have been expressed towards declining oil price and its negative effect on the country’s revenue. Raising concerns further are the shutdowns in some oil terminals that has limited production capacity to a level below the 2019 Budget benchmark. Nonetheless, President Muhammed Buhari, on Democracy day, announced that the economy is supposedly expected to grow by 2.7% in 2019. 

Equities Market

·         In the outgone week, there were four trading sessions due to the holiday declared by the FG in commemoration of Democracy day. The market lost three out of four trading sessions and consequently closed negative 1.27%, week-on-week to close at 30,046.70pts. Similarly, market capitalization decreased to N13.23 trillion from N13.40trillion in the  previous week. 

Money Market

·         Money market rates decreased in the outgone week as Overnight rate and Open-Buy Back dropped to 5.71% and 5.29% from 11.43% and 10.86% respectively. The decline in rates may be due to the absence of OMO auctions as well as the maturity of OMO bills on Thursday which may have eased in system liquidity.

Bond Market

·         The bond market was negative in the outgone week as yields increased across most maturities. 

Foreign Exchange Market

·         At the interbank market, the Naira  depreciated by 0.02% to close at N307.00 against the USD as it continues to see support from CBN’s  intervention sales. 

The Week Ahead

Nigeria

  • The Inflation report for May 2019 will be released on the 17th of June 2019.

United States

  • The Fed Interest Rate Decision will be announced on the 19th of June 2019.
  • The Markit Composite PMI report for the month of June 2019 will be released on June 21 2019.

Eurozone

  • The Balance of Trade report for April 2019 will be released on 18th June 2019.
  • The Inflation report for May 2019 will be released on the 18th of June 2019.

Russia

  • GDP report for May 2019 will be released on the 20th of June 2019.
  • Unemployment Rate for May 2019 will be released on the 20th of June 2019.

United Kingdom

  • The Inflation report for May 2019 will be released on the 19th of June 2019.
  • The BoE Interest Rate Decision will be announced on the 20th of June 2019.

Germany

  • The Markit Composite PMI report for the month of June 2019 will be released on June 21 2019.

France

  • The Markit Composite PMI report for the month of June 2019 will be released on June 21 2019.

Japan

  • The Balance of Trade report for May 2019 will be released on 18th June 2019.
  • The Inflation report for May 2019 will be released on the 20th of June 2019.

Canada

  • The Inflation report for May 2019 will be released on the 19th of June 2019.

 

 

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