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Fw: Panic Selling on the Bourse?…as NSEASI now at 7-day low

Sent from my Blog http://naijagoogleblogger.blogspot.com/

From: Meristem Research <research@meristemng.com>
Date: Wed, 10 Apr 2013 16:29:37 +0100
To: NULL<asegbolu@yahoo.com>
Subject: Panic Selling on the Bourse?…as NSEASI now at 7-day low

..  

Equity Market Update

  • Activities on the local bourse followed the previous day's massive sell - off . Investors remain skeptical about expected corporate actions of the companies that are yet to release the 2012FY results as they followed bandwagon to depress the prices of counters. Except DANGCEM that gained  1.02% to close at NGN157.02,all that heavy capitalized stocks lost. 
  • The market breadth  at 0.28x was the second lowest this year. About 43 stocks declined in prices while only 12 counters appreciated. OKOMUOIL, despite general negative market sentiment, continued ito generate attraction as the counter recorded 9.28% upside and closed at NGN106.00. 
  • On the sectoral decomposition, all the NSE sectoral benchmarks lost with the banking index losing the highest: -2.70% while  its insurance counterpart pared the least: -0.85%. Within  the MERI-sectoral benchmarks,  MERI-AGRIC, MERI-CMG and MERI-PENNY 20 are the leaders while other benchmarks trailed the NSEASI for the day.
  • 574 million units valued at NGN5.85bn were traded today. These were  41% and 27% respectively higher  than the previous day activities. The market capital and the NSEASI settle at NGN10.775trn and 33,665.57pts, while YtD return stays at 19.9%.



Fixed Income Update

  • Yields across t-bills save for the 12M bill trended southward today owing to  increased demand pressure though the CBN offered NGN183.65bn  to mop up the excess liquidity  in the system. 
  • We expect T-Bills rates to relatively remain at current levels  though investors' increased interest in the instruments may  induce a decline. NIBOR  however maintained its upward movement across tenors gaining within the range of 0.72% to 0.88%.
  • The Naira gained against the USD closing at NGN157.40 vs. NGN157.65 yesterday as the CBN's FX auction possibly reduced the downward pressure on the naira.

Kindly find attached for more information

--------------------------------------------------------------------------------
MERISTEM SECURITIES LTD.
124 Norman Williams Street, 
South West, Ikoyi, Lagos. 
P.O Box 51585 Falomo, Ikoyi, Lagos. 
Phone:234-1-2717350-5; Fax: 234-1-2717356, 2690118. 
Website:www.meristemng.com E-mail:research@meristemng.com
 
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Fw: Panic Selling on the Bourse?…as NSEASI now at 7-day low

Sent from my Blog http://naijagoogleblogger.blogspot.com/

From: Meristem Research <research@meristemng.com>
Date: Wed, 10 Apr 2013 16:29:37 +0100
To: NULL<asegbolu@yahoo.com>
Subject: Panic Selling on the Bourse?…as NSEASI now at 7-day low

..  

Equity Market Update

  • Activities on the local bourse followed the previous day's massive sell - off . Investors remain skeptical about expected corporate actions of the companies that are yet to release the 2012FY results as they followed bandwagon to depress the prices of counters. Except DANGCEM that gained  1.02% to close at NGN157.02,all that heavy capitalized stocks lost. 
  • The market breadth  at 0.28x was the second lowest this year. About 43 stocks declined in prices while only 12 counters appreciated. OKOMUOIL, despite general negative market sentiment, continued ito generate attraction as the counter recorded 9.28% upside and closed at NGN106.00. 
  • On the sectoral decomposition, all the NSE sectoral benchmarks lost with the banking index losing the highest: -2.70% while  its insurance counterpart pared the least: -0.85%. Within  the MERI-sectoral benchmarks,  MERI-AGRIC, MERI-CMG and MERI-PENNY 20 are the leaders while other benchmarks trailed the NSEASI for the day.
  • 574 million units valued at NGN5.85bn were traded today. These were  41% and 27% respectively higher  than the previous day activities. The market capital and the NSEASI settle at NGN10.775trn and 33,665.57pts, while YtD return stays at 19.9%.



Fixed Income Update

  • Yields across t-bills save for the 12M bill trended southward today owing to  increased demand pressure though the CBN offered NGN183.65bn  to mop up the excess liquidity  in the system. 
  • We expect T-Bills rates to relatively remain at current levels  though investors' increased interest in the instruments may  induce a decline. NIBOR  however maintained its upward movement across tenors gaining within the range of 0.72% to 0.88%.
  • The Naira gained against the USD closing at NGN157.40 vs. NGN157.65 yesterday as the CBN's FX auction possibly reduced the downward pressure on the naira.

Kindly find attached for more information

--------------------------------------------------------------------------------
MERISTEM SECURITIES LTD.
124 Norman Williams Street, 
South West, Ikoyi, Lagos. 
P.O Box 51585 Falomo, Ikoyi, Lagos. 
Phone:234-1-2717350-5; Fax: 234-1-2717356, 2690118. 
Website:www.meristemng.com E-mail:research@meristemng.com
 
Untitled document
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