Mixed Sentiments Still, On Reactions To Earnings Inflow, Amid Expected Macroeconomic Data

Market Update for November 2

Trading activities on the Nigerian Exchange witnessed improved buying sentiments at midweek trading session after the month of October recorded the deepest monthly loss year-to-date, pushing the market to an extreme level of opposite trends due to price depreciations in highly capitalized stocks like Airtel, and Seplat, among others despite the inflow of impressive earnings during this season.

The NGX earnings reporting season officially closed Monday, October 31, 2022, with many listed companies presenting their actual performances for the July-September quarter and six or nine-month position as guide to investment decisions. This is especially true now that most stocks have touched their 52-week lows and some are tending towards their year low, creating more entry opportunities for discerning investors.

Investing in the stock market requires deliberate efforts, if you must be on the winning side of the market at the right time, because it pays to take the opposite side of trade when bull or bear sentiments among market players hits an extreme level. This is called contrarian investing, which has been behind the famous quote by Warren Buffett: “be fearful when others are greedy and be greedy when others are fearful.” It is important for investors to know what to do per time, relative to the state of the market and happenings in the area of market fundamentals and economy at large.

Despite, the prolonged mixed investor sentiments that recently reached its lowest level due to selloffs and profit-taking resulting from low liquidity and confidence ahead of 2023 general election and other factors. But for discerning traders and investors, this provides huge rally opportunities for the market is imminent, as the NGX seems to rebound and signal lower highs at the end of midweek’s trading.

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

The oscillation in oil price continued as it trades at $95.67, in the midst of another rate hike and Saudi intelligence warming of an imminent Iranian attack.  Also, the continued fear of global recession and supply tighten due to Russia Ukraine war that are getting worst. Coupled with the impact of hawkish monetary policy by central banks, just as China COVID-19 lockdown come to an end. The up and down movement of 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, midweek’s trading started in the red, and this was sustained till early afternoon before rebounding on buying interests in highly priced stocks and other blue chip companies, a situation that pushed the NGX’s index to an intraday high of 44,283.02bps from its lows of 43,626.57bps before closing above its opening level at 44,283.02bps.

Market technicals were positive and mixed, with lower volume of trade than the previous session in the midst of breadth favoring bears on a buying sentiment as revealed by Investdata’s Sentiments Report showing 100% buy position and 0% sell volume. The total transaction volume index stood at 1.01points, just as momentum behind the day’s performance was weak as Money Flow Index is looking up at 32.62pts, from the previous day’s 26.27pts, indicating that funds entered the market.

For you to successfully invest and trade in this volatile market, order for Investdata’s video on Buy & Sell Technical Analysis Toolbox to navigate the volatile market profitably, enhance trading decisions and boost your bottom line. Also, to up your game in stock trading and investing, understanding the key to trading price and index action will go a long way to make the difference in your trading results, check out the video materials below.

Index and Market Caps

The benchmark NGX All-Share Index, at the close of Wednesday’s trading, gained a robust 537.29bps, closing at 44,283.02 basis points, after opening at 43,745.73bps, representing a 1.23% recovery, just as market capitalization rose  by N292.65bn, closing at N24.12tr from the previous day’s N23.82tr, which also represented a 1.23% appreciation in  value.

Attention: If you have not signed up for INVESTDATA’s buy and sell signal setup, don’t delay, because the number of stocks entering their buying range has just increased to 24 as they build a new bullish base and positive chart patterns to be on our watchlist. These stocks have double the potentials to rally, considering their earnings prospects and the oscillating moves in a recovery market and economy.

To become a member, send ‘YES’ or ‘STOCKS’ to the phone numbers below. Take advantage of this service to buy right and sell right at the current oscillating market in the midst of earnings season, portfolio reshuffling, and repositioning as we await an economic reform policy that can stimulate and re-track the economy to the path of growth and development.

Midweek’s upturn was driven by position taking in the shares of Dangote Cement, Oando, Ecobank Transnational Incorporated, BUA Foods, FBNH, Unilever, and NGXGroup, among others, which impacted positively on Year-To-Date gain, raising it to 3.67%. Market capitalization gain YTD increased to N1.14tr, representing a 8.91% rise over the opening level for the year.

Mixed Sector Indices

Sectorial performance indexes were mixed as the NGX Industrial goods and Energy closed 3.98% and 0.21% higher respectively, while the NGX Insurance led the decliners after losing 1.08%, followed by Banking and Consumer goods with 0.90% and 0.18% respectively.

Market breadth was negative with losers and gainers in the ratio of 22:9; just as transactions in volume and value were down, with players exchanging 155.41m shares worth N1.53bn. Volume was driven by trades in Sterling Bank, Accesscorp, FBNH, GTCO and Fidelity Bank.

The best-performing stocks for the session were Dangote Cement and Chams which gained 8.84% and 4.35% each, closing at N240 and N0.24 per share respectively on low price attractions ahead of the share buyback and market forces. On the flip side, MRS Oil and Transnation wide Express lost 9.65% and 9.33%, closing at N11.70 and N0.68 per share, purely on profit taking and selloffs.

Market Outlook

We expect mixed sentiments to continue on reactions to corporate earnings and bargain hunting in the midst expected macroeconomic data and election uncertainty, as investors are taking advantage of the low prices to reposition ahead Q3 GDP report.

Invest 2023 Traders & Investors’ Summit

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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.

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Ambrose Omordion

CRO|Investdata Consulting Ltd




Tel: 08028164085, 08179547605

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