Expect Reactions To Accesscorp H1 Earnings, Cautious Trading Ahead Of Expected Inflation Data

Market Update for September 14

The nation’s equity market at the midweek reversed to a loss position with the benchmark NGX All-Share index closing lower, on a less than average traded volume amidst the negative market breadth and low liquidity. Selling sentiments across major sectors dragged the market down, especially with selloffs witnessed in banking and insurance stocks ahead of major macroeconomic report today. All eyes are inflation report and coming Monetary Policy Committee meeting, even as the financial markets have generally remained calm in recent days. At the Treasury Bills Auction, we noticed a marginal decline in long tenored instruments to 9.75%, from the previous rate of 10%, while the others tenors were mixed.

The continued low liquidity in the equity space is due to increase in fixed income yields. But in hedging against inflation that is reading 19.64%, some sectors and individual equities remain the best bet for capital preservation and growth in this changing environment.  Just go defensive in those sectors and individual stocks with higher earnings powers and positive technicals position.

At the midweek also, Accesscorp Holding Plc released its half-year audited to the market in line with its projection, with positive top line but flat earnings, with gross earnings rising by 31% to N591.80bn, compared to previous half-year’s N450.30bn, just as profit after tax inched up nu a marginal 2.21% from N86.82bn in 2021 to N88.74bn. The net earnings translated to N2.52 Earnings Per Share, against N2.48 in 2021, with the board offering an interim dividend of 20 kobo per share, lower than the 30 kobo paid in the comparable period of last year. Investors are expected to react to this numbers as trading opens Thursday.

With the ranging market, the internals are revealing the hidden forces that work for both short and long-term traders to get into the best position and allow you to stay in them for maximum profit. The market’s internals measure the forces behind the advancers and associated volume of the uptick or downtick. These two ratios tell you everything you need to know to predict future price movement. So, the volume pattern and index structure in recent days show position taking, while funds enter some stocks as revealed by the volume traded and money flow index which need to be confirmed, especially as mixed sentiment recorded on Tuesday signals a change in trend, ahead of the above mentioned events in the month.

My answer regarding what to do under the current phase or market mood, whether regarding an individual stocks or an index, especially when to buy or sell, is always based on price actions and the money flow direction which combines price and volume. We only want to hold stocks that are increasing, or at least retaining their value, while avoiding equities that are on the decline, and the toolset to evaluate price action is technical analysis.

The contemporary technical analysis that works in the changing volatile market, is what you should adopt. That is why it’s never been more important to join me at the upcoming Q4 Master Class in October, the largest quarterly traders summit in Nigeria. I will be sharing new actionable strategies and real trading education that will arm you with the tools that will help you meet your financial goals for the rest of the year 2022 and beyond.

To navigate this month 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 mixed sentiment witnessed, it is time to go shopping for undervalued stocks, sectors and the next insider playing opportunity.”

Oil prices pulled back to trade at $93.85 as US inflation data beat projection to increase fear of recession as CPI report support rate hike from Fed next meeting in the face of China battling with Covid 19 lockdown. The continued oscillation in oil price also continues to drive volatility in the face of rising interest rates and inflation. Despite the bailout package of the Chinese government to simulate economic activates and stable employment, as well as that of Germany aimed at managing the energy crisis.

Meanwhile, Wednesday’s trading started slightly in the downside and oscillated for the rest of the session on selloffs in some blue-chips stocks, a situation that pushed the NGX’s index to an intraday low of 49,573.60bps from its highs of 49,637.12.40ps, before closing below its opening figure at 49,576.05bps.

Market technicals were weak and mixed, with higher volume of shares traded than the previous day in the midst of negative breadth and selling sentiment as revealed by Investdata’s Sentiments Report showing 96% sell position and 4% buy volume. The total transaction volume index stood at 1.05points, just as momentum behind the day’s performance was relatively strong as Money Flow Index is looking down at 56.04pts, from the previous day’s 63.51pts, indicating that funds left the market.

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 Index and Market Caps

The NGX All Share index, at the end of trading shed 56.07bps, closing at 49,575.93bps, after opening at 49,627.72bps, representing a 0.10% drop, just as market capitalization fell by N28 billion, closing at N26.74tr, from the previous day’s N26.77tr, which also represented a 0.10% value loss.

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Midweek downturn was driven by selloffs in Zenith Bank, UBN, Cutix, NGXGroup, UPDC, FTN Cocoa, and Chams, among others, which impacted mildly on Year-To-Date gain, which reduced to 16.06%. Market capitalization gain YTD also rose to N3.20tr YTD, representing a 19.93% rise over the opening level for the year.

 Bearish Sector Indices

The sectorial indexes were in red, except for the NGX Oil/Gas that closed flat, while the NGX Banking index led the decliners after losing 5.08%, followed by Insurance, Industrial and Consumer goods with 1.95%, 0.14% and 0.14% respectively.

Market breadth remained negative, as losers outnumbered gainers in the ratio of 18:14; just as transactions in volume and value were up, after players exchanged 197.46m shares worth N2.94bn, with volume driven by trades in Courtville Business Solution, Zenith Bank, GTCO, Conerstone Insurance and Sterling Bank.

Regency Insurance and ABC Transport were the best-performing stocks, gaining 8% and 7.14% respectively, closing at N0.27and N0.30per share respectively on market forces. On the flip side, FTNCocoa and Chams lost 9.38% and 9.09% respectively, closing at NO.29 and N0.30 per share, purely on selloffs and profit taking.

Market Outlook

We expect a mixed trend on cautious trading as investors look to consumer price index report today, amidst reactions to Accesscorp’s mixed results with lower interim dividend payout of 20 kobo and next MPC meeting, while portfolio rebalancing continues on bargain hunting in the midst of the worsening sovereign risks.

We note also the flow of funds into the fixed income segment on the rate hike by the CBN, as sector rotation persists. Analysts are also focused on the lookout for August CPI and flow of funds amid oil prices oscillation.


Theme   New Actionable & Technical Strategies For Profitable Trades In Changing Market Environment.


  1. Equity Investing in changing volatile Market: Two Sides Of The Coin, Mr Rotimi Olubi. MD ARM Securities Ltd
  2. Arbitrage Trading & Other New Strategies To Hedge Against Stagflation, Mr Abiola Rasaq , CSCS
  3. Mastering Contemporary Technical Tools For Wealth Building In Uncertain Environment, Mr Abdul-Rasheed Momoh, Head Capital Market, Trw Stockbrokers Ltd
  4. Time & Price Analysis For Money Making In Uncertain Market, Mr Ambrose Omordion, CRO. Investdata Consulting Ltd.

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  4. How classical technical analysis had failed many traders in this high volatile market
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CRO|Investdata Consulting Ltd




Tel: 08028164085, 08179547605