Market Update For November 28
The nation’s stock market, on Monday, had a mixed sentiment, slowing down the positive momentum, following which the benchmark NGX All-Share index closed negative to start the week ahead of month end. Transaction volume and very high, market breadth was slightly negative, just as the top chart pattern formation signaled profit taking that resurfaced during the session, halting the previous day positive sentiment.
Despite the profit taking in highly priced stocks and blue chip companies, the market’s strong momentum remained intact as players continued to digest the mixed macroeconomic data and reposition their portfolio in the midst year end seasonality and corporate actions in 2023. Major sectors of the market, especially energy, insurance, consumer and others witnessed a buying sentiment in the face of slowdown in the markup phase of the market.
Also, Investors are viewing all the developments against the backdrop of the rampaging inflation as they hedge against the rising inflation in some stocks with high dividend yields and strong earnings to support higher payout as financial year end of many companies draw closer.
The high traded volume in the face of flat breadth signals the activities of speculators, and bargain hunters, given that institutional investors are still standing on the fence as revealed by transactions on the exchange. The mixed sentiment points to buying interests and profit taking among undervalued companies and stocks that recently rallied.
We also note the fact that many players, including the institutional investors are still holding cash to confirm market direction, especially given the anticipated financial market reset in 2023, and beyond expected to create wealth for action takers.
To navigate the rest of the year profitably using fundamental and technical analysis to run, join investdata live sessions at noon every trading day “and also get investdata technical toolbox to play the current state of the market do suggest that discerning investors are gradually becoming greedy, while others are fearful, as seen in the recent range market. Despite the low volume of transaction witnessed, it is time to go shopping for undervalued stocks, sectors and the next insider playing opportunity.”
Oil price oscillation continued, rebounding to trade at $85.16, as pushback on gas price caped in EU energy crisis in the midst of Saudi cutting production, Covid 19 cases in China, geopolitical tension and fear of recession as a result of high interest rate and inflation across the globe. Also supply tighten due to the Russia-Ukraine war that has been lingering. The up and down movement of oil price also continues to drive volatility.
Meanwhile, Monday’s trading opened slightly in the red, which was sustained on profit taking and selloffs in industrial goods stocks and others, a situation that pushed the NGX’s index to an intraday low of 47,389.79bps from its highs of 47,576.08bps before closing below its opening level at 47,436.45bps.
Market technicals were negative and mixed, with high volume of trade than the previous session in the midst of breadth that favored the bears on selling sentiment as revealed by Investdata’s Sentiments Report showing 25% buy position and 75% sell volume. The total transaction volume index stood at 1.50 points, just as momentum behind the day’s performance was strong as Money Flow Index was looking up at 82.97 pts, from the previous day’s 72.36pts, indicating that funds entered in the market.
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Index and Market Caps
At the end of the day’s trading, the benchmark NGXASI shed 117.89 basis points, closing at 47,436.45 basis points, after opening at 47,554.34bps, representing a 0.25% decline, just as market capitalization fell by N64.21bn, closing at N25.83tr from the previous day’s N25.90tr, which also represented a 0.25% value loss.
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Monday downturn was driven by profit taking in the shares of BUA Cement, Beta Glass, UCap and Jaiz Bank, among others, which impacted negatively on Year-To-Date gain, reducing it to 11.05%. Market capitalization gain YTD stood at N3.01tr, representing a 15.75% rise over the opening level for the year.
Mixed Sector Indices
Sectorial performance indexes were mixed, as the NGX Industrial goods and Banking closed 1.31% and 0.22% lower respectively, while the NGX Insurance index led the advancers after gaining 1.49% followed by Energy and Consumer goods with 0.09 and 0.02% respectively.
Market breadth was slightly negative, as losers outnumbered gainers in the ratio of 16:15; just as activities in volume and value were mixed as investors exchanged 279.28m shares worth N1.56bn. Volume was driven by trades in Regency Insurance, Jaiz Bank, UBA, Fidelity Bank and FBNH.
Prestige Assurance and NEM Insurance were the best performing stocks after gaining 9.30% and 9.22%, closing at N0.47 and N4.50per share respectively on market forces. On the flip side, BetaGlass and SCOA lost 9.90% and 9.40% respectively, closing at N39.60 and N1.06 per share, purely on selloffs and profit taking
Market Outlook
We expect mixed sentiment and trend on profit taking and portfolio reshuffling ahead of year end seasonality in the face of election uncertainty, as investors are taking advantage of the low prices ahead of year end seasonality.
Invest 2023 Traders & Investors’ Summit
Theme: Preparing For Financial Market Reset In 2023 & Beyond
Sub-Topics
1, Budget 2023, Economic Headwinds & The Stock Market: Are Market Players Prepared? Mr Olatunde Amolegbe, CEO, Arthur Steven Asset Management Ltd & Immediate Past President of CIS
- Comprehensive & Complete Wealth Building Actionable Strategies for 2023 Mr Oladipo Ajayi Head of Fixed Income at Chapel Hill Denham
- 2023 Stock Market Outlook And Identifying Great Value Stocks For Santa Claus & Post-Election Rally Alhaji Garba Kurfi MD/CEO APT Securities & Funds Ltd)
- The Power of Technical Tools In Today’s Volatile Market Mr Rotimi Olubi. MD ARM Securities Ltd
- Building Recession-Resistant Portfolios In A Financial Reset Mr Muktar Mohammed, MD Muktar Finance Ltd
- The Role of Commodity Trading In Wealth Creation, Agricultural Development
- Fixed Income Market Slice & Dice In A Changing Interest Rates, Inflationary Environment Mr Teriba Adeboye, MD/CEO, Qualinvest Capital ltd
8, Four Steps To Simplify Your Day Trading & Understanding the power of Breakout Trades Mr Abdul-Rasheed Oshoma Momoh, Head Capital Market at, TRW Stockbrokers Ltd
9, 10 Golden Stocks for 2023, Mr Ambrose Omordion, CRO. Investdata Consulting Ltd.
Investdata Consulting Ltd will hold the 11th edition of its annual Investment conference tagged Invest 2023 Traders & Investors Summit, which has over the years remained a game changer for market players. This edition is aimed at helping stakeholders prepare for the financial market reset expected to happen next year by identifying opportunities and bringing tradable ideas for profitable investment as we enter election year. This one-day event is yet “Another wealth transfers for the prepared as the bull is underway after this correction “
Are you prepare to move cash to profitable assets ahead of year-end and the 2023 general elections, Invest 2023 is a don’t miss summit that is capable of completely changing your view about wealth creation in a disconnect system where the economy and stock market are headed and when you should fully plunge in or hold cash. Join equity market experts and other experienced professionals as they discuss a “Big Picture Perspective” of where the stock market and other investment windows are today, and what signs to watch for in the coming months. Don’t miss this summit.
This annual summit offers you, whether an investor, or trader an insight, perspective and expectation in the new year. This edition is exceptional, given the increasing headwinds across the globe and locally, ranging from the aggressive rate hikes, soaring inflation, geopolitical tensions, and uncertainties surround the 2023 general election like others before it. There will also analyses on the status of different investment windows and opportunities ranging from the economy, equity, bond, commodity markets, using fundamental and technical tools.
Looking at history, there is no doubt that a correction or rebound is on the cards at some stage over the coming months. However, this big questions on everybody’s lips include when this will occur and whether it will end this bull-run or market recovery. Whatever happens, what is the best way to Prepare rather than trying to Predict? This and more, are what Invest 2023 Summit will address.
What to expect at this Summit?
A. How to take advantage of the correction for huge profit
B. Strategies to stay in profit, overcome market correction/pullbacks
C. How to hedge against inflation and preserve your portfolio
D. Understanding the power of liquidity and circular flow of funds in financial markets
E. Risk/return from Bonds to stocks right now.
F. Commodity trading as another investment window to boost return
- The exact sectors and tickers you should be looking at this volatile market
- Market events and others you can use to trade in any market situatio
Benefits of attending
- 10 Golden Stocks for 2023
ii. Admission to Investdata Buy & Sell WhatsApp Platform
iii. Among others
“Invest 2023 – Connects you to new trade opportunities and ideas to enhance your trading returns
Don’t miss this summit, if you have any exposure to the stock market, either directly or indirectly via managed funds of any kind……
Date: December 3, 2023
Time: 9am
Fee: N30,000
Venue: Zoom
If you want to reset your profit by taking advantage of opportunities in financial market and assets repricing in 2023? Send Yes to 08028164085, 08179547605 now.
Ambrose Omordion
CRO|Investdata Consulting Ltd
ambrose.o@investdataonline.com
Tel: 08028164085, 08179547605
