Market Update for November 2

Nigeria’s stock market on Thursday had a mixed session to continue its volatility as it struggled to breakout the recent resistance level where it formed a double top as mentioned in our previous day’s review, but on intraday movement. It mildly broke out the level by touching a high of 36,912.54 before slightly closing below the level on a high volume as big cap stocks like Nigerian Breweries, Zenith Bank, Dangote Cement, as well as Unilever, PZ and International Brewery shed value amidst profit taking by traders from three trading sessions of bull-run to narrowly close lower on a positive market technicals.
The index started out the day with a move down just after the opening bells, and then rebounded between midday and midafternoon session, only to rollover in the last minutes as the blue chips listed above were negative. The index was negative by about 10.05 points. It was indeed a sloppy day for the sectorial indices and by the end of the day, the indexes finished mixed.
With the earnings reporting season successfully coming to an end amidst impressive numbers that will boost confidence as market fundamentals after being strengthened by these corporate earnings. The market between now and the next earnings season is likely to be on short term trading movement as year-end seasonal changes and festivities play out to influence the stock market. So let the strong numbers, trading pattern and market sentiment guide your portfolio rebalancing and positioning at this point and beyond.
The buy pressure is high, as revealed by the volume index of 1.19 for the day, and buying position at 85% and 15% selling volume of total transaction, but the three-day up market was halted by marginal pullbacks as a result of traders taking profit in some position.
Meanwhile, the benchmark Index lost 10.05 basis points to close at 36,877.15 from 36,887.20 points, which represented a 0.03% decline. Similarly, market capitalisation for the day moved down by N3.48bn to N12.76tr, representing 0.03% decline in value from previous session’s N12.77tr.
The downturn suffered by high cap stocks at the end of day impacted mildly on the All-Share index’s year-to-date return, leaving it at 37.22%, just as market capitalisation growth stood at N3.52tr within the same period, representing a 38.03% rise above the year’s opening value.
Market breadth for the day was positive as the number of advancers outpaced decliners in the ratio of 27:18 on a high traded volume that was higher than previous day’s level to short-live the bull run.
Market transaction, in terms of volume and value were mixed as volume was up by 27.59% to 318.15m shares from the previous day 249.35m units, while value was down by 24.09% to N3.95bn from the previous day N5.20bn.
Activities in the shares of FBNH, Union Diagnostic, UBA, Fidelity Bank and Zenith Bank topped the volume chart.
At the close of Thursday’s trading session, FBNH topped the advancers’ table, gaining 9.22% to close at N7.11 on the positive market sentiment and relative low price on seeming improvement in its Q3 numbers, followed by Flourmills with 4.92%, to close at N33.69 on stronger Q2 numbers.
On the flipside, Custodian & Allied Insurance, shed 5% to close at N3.80 on profit taking; followed by Trans-nationwide Express which lost 4.94% to close at N0.77per unit on market forces.

TODAY’S OUTLOOK
As the market opens this morning, expect volatility to continue due to portfolios rebalancing and repositioning by market players along the line of impressive earnings and surprising numbers ahead of year end, October PMI, Q3 GDP and the trading cycle.
Again, we advise that investors allow numbers to guide their decisions while repositioning for the rest of the year trading activities, especially now that prices of stocks are moving up and down amidst improving company, economic and market fundamentals.
It is time to combine fundamentals and technical tools to take decision by knowing the support and resistant level to reposition or exit any position. Market is in phases know the cycles in order to manage your trading and investing risk. For stocks that should be on your shopping list to buy in this seasonality changes as the year winds down, sign up to INVESTDATA BUY AND SELL signal setup by calling 08032055467.
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