₦airaland Forum

Mixed Trend May Linger On NGSE, Amidst Policy Inconsistencies

Market Update for July 2

Trading on the Nigerian Stock Exchange (NSE) extended its distribution phase on Thursday, wiping away gains of the previous session while confirming a bearish breakdown of the composite All-Share index which closed lower on a less than average traded volume.

Wild volatility is likely to continue as the market attempts to establish a new trend with the index set to breakdown the 50 Day Moving Average.

The selloffs and profit booking witnessed during the session were across all the sectors and ahead of the Q2 earnings reporting season, as portfolio repositioning and balancing continue at a time the government and its economic managers have demonstrated a lack of coordination in policy articulation, formulation, and direction.

The suspended hike in electricity tariff and the recent increase in the pump price of premium motor spirit (petrol) to N143.80 per liter, are clear indications that monetary and fiscal authorities are still not complementing each other to mitigate the effects of the Coronavirus (COVID-19) pandemic on the economy. It is said that this same government that recently announced an N2.3tr stimulus package to ease the pains of the pandemic on the people, and the continued rise in inflationary pressure is raising fuel price, a situation that is likely to result in an increase in the prices of goods and services.

We have before now, continually advised investors to take short-term risks in the stock market through our daily research and analysis throughout the month of June because we have seen different economic data pointing to various directions, reflecting the impact of the COVID-19 pandemic on the economy.

As we have always noted also, in any market situation there are opportunities, especially with the earnings season around the corner to change market momentum and action. You don’t have to be smart to make money in the stock market because the way it moves is always changing. As such, what you need is to think differently and educate yourself, using home study packs and videos, especially mastering the earnings season for profitable trading and investing in any market situation/cycle. That means we do not equate an “up” market with a “good” market and vice–versa. Markets present different opportunities to make money at different times.

Thursday’s trading started on the downside and was sustained throughout the session, despite oscillating on a sell down that pushed the benchmark index to an intra-day low of 24,357.75 basis points, from a high of 24,612.25bps, before closing the session lower at 24,374.40bps on a negative breadth.

The daily market technicals were negative and weak as volume traded was lower than the previous session’s, and breadth favored the bears on selling pressure as revealed by Investdata’s Daily Sentiment Report, showing a ‘sell’ position of 93% and buy a volume of 7%. Total daily transaction volume index stood at 0.69, just as the impetus behind the day’s performance stayed weak, while Money Flow Index read 25.13 points, up from the previous 23.63ps, indicating that funds left some stocks and the market.

Index and Market Caps

At the end of Thursday’s trading, NSEASI shed 220.65 basis points, closing at 24,374.40bps from the previous day’s 24,595.05bps, representing a 0.90% decline, just as market capitalization felled by N115.07bn, closing at N12.72tr from an opening value of N12.83tr, also representing a 0-90% value drop.

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Thursday’s downturn was driven by selloffs in Guaranty Trust Bank, Zenith Bank, Lafarge Africa, Access Bank, Cadbury, FBNH, Flourmills, UBN, and Unilever, a situation that impacted negatively on the NSE’s benchmark index, increasing its Year-To-Date loss to 9.19%. Market capitalization YTD gain dropped to a mere N13.08bn, representing a 0.08% up from the year’s opening level.

Bearish Sector indices

Performance indexes across the sectors were down, led by the NSE Banking index’s 4.58% slide, followed by the Insurance index which shed 1.02%, while the NSE Consumer Goods Oil/Gas and Industrial Goods indexes closed 0.93%, 0.30% and 0.02% down respectively.

Market breadth was negative as decliners outnumbered advancers in the ratio of 26:7, while activity in volume and value terms were mixed as volume dropped by 9.03% to 180.12m from the previous day’s 198.01m, with value appreciating by 77.88% to N1.85bn, from the previous day’s N1.04bn. The day’s volume was boosted by trades in UBA, FBNH, Guaranty Trust Bank, Transcorp and UBA.

Neimeth Pharm and Jaiz Bank were the best-performing stocks of the day, after gaining 9.40% and 7.27%, and closing at N1.63 and N0.59 per share respectively on positive sentiment and market forces. On the flip side, Capital Hotel and GSK lost 10% each, closing at N2.43 and N4.95per share respectively on selloffs.

Market Outlook

We expect the continuation of a mixed trend, as the market reacts to the declining Treasury Bills’ yield which is down to 3.38%, with the Naira deprecating to an all-time low against the US$ at the black market, and investors react to government’s reversal of the pump price of fuel. There are also the wobbling macroeconomic data and expected disappointing Q2 corporate earnings to be factored into the mix. This is likely to support the bearish wave and further pullbacks that would create new entering opportunities, as the Money Flow Index continues its up and down movement. It is also evident that smart money is exiting the market, despite flowing from one sector to the other, seeking value in terms of low prices with high upside potentials.

These are just as economic recovery is expected to come fast on the back of the stimulus packages by government and the Central Bank of Nigeria (CBN), ahead of the Q2 earnings reports, which implies that opportunities are still available as sectoral rotation continues. Also, sectors that have suffered oversold, so far, offer attractive risk-reward buy-opportunities and outlook for considerable short, medium and long term investment.

For immediate liquidity or cash, investors and traders are advised to trade low priced stocks with serious caution and in the process avoid being trapped. However, the market’s high dividend yield continues to attract buying interests, as few audited and unaudited corporate earnings will hit the market, going forward, despite the likely continuation of selloffs. Investors are buying to increase their positions in undervalued stocks ahead of Q2 numbers. This is also against the backdrop of the fact that the capital wave in the financial markets may persist in the midst of relatively low-interest rates in the money market, high inflation, and unstable economic outlook for 2020.

Again, the current undervalued state of the market offers opportunities to position for the short, medium and long-term, which is why investors should target fundamentally sound, and dividend-paying stocks for possible capital appreciation going forward. Also, traders and investors need to change their strategies, because of the NSE’s pricing methodology, the CBN directives, and their impact on the economy in the nearest future.

Ambrose Omordion

CRO|Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
amberose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467
https://investdata.com.ng/mixed-trend-may-linger-on-ngse-amidst-policy-inconsistencies/

Market Review for the week ended June 26 and outlook for June 29




https://www.youtube.com/watch?v=MHEHA8_hI0E&feature=youtu.be

COVID-19: Nigeria Must Readjust Economy, Slash Governance Costs- MPC Members


Flag 26% Exposure By Banks To Oil Sector

Members of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) say the nation’s fiscal and monetary authorities must utilize this period of the Coronavirus (COVID-19) pandemic outbreak to recalibrate economic policies, including protecting foreign reserves.

At the MPC meeting, members voted by majority decision cut the benchmark Monetary Policy Rate (MPR) by 100 basis points to 12.5%, while retaining all other rates.

In their personal statements during the meeting held on May 25, 2020, members noted the need for a realistic and stable exchange rate that protects foreign reserves and support investors’ confidence in the economy.

According to Prof. Festus Adenikinju in his own statement, there is need for the fiscal authority (government) to see this as an opportunity to “significantly cut down on the costs of governance at all levels; permanently remove the oil subsidy and develop a framework for phased removal of electricity subsidy; passage of PIB (Petroleum Industry Bill) and similar legislations that will unlock productivity and growth across the economy; implement alternative financing framework other than the budget to fund infrastructural projects; expand tax coverage to enhance non-oil revenue; (and) sales of abandoned government properties across the country.”

Adenikinju also sought special incentives for companies “that do not lay off their employees as a result of Covid19 (which effects) will be with us for a long term. While most countries are slowly getting back to work, what is still not clear to most analysts is the nature of economic recovery: will it be a ‘V-shaped’, ‘U-Shaped’ or ‘W-shaped.”

In his own personal statement at the meeting, Edward Adamu, a member and CBN deputy governor agreed with Adenikinju on the need “to sustain and deepen extant foreign exchange management policies including strategic interventions in all segments of the FX market to ensure adequate liquidity, incentivizing autonomous inflows and prioritizing supply for imports of end products and intermediates that cannot be sourced locally.”

Consequently he said, there should be a periodic review of the list of items that are valid for official market funding, expressing optimism that with the right policies options, Nigeria’s economy may not go into a recession as a result of COVID-19.

Adamu, however, warned that increased uncertainty in the global economy could considerably shrink “external credit lines to corporates and banks in emerging markets and developing economies in the near-term.

“Capital reversals have already begun in many of these countries including Nigeria and stock markets could crash unless monetary authorities take deliberate steps to ease liquidity in domestic markets,” he added.

In crafting the desired monetary policies, the CBN deputy governor warned that thre is need to consider some other vulnerabilities and threats that the economy currently bears must be considered at this time.

One of these, he noted, is the price of crude oil, Nigeria’s most important export, whose crash forced immediate adjustments to the 2020 budget, even as he stressed the heavy exposure of the Nigerian banking system to the oil and gas sector.

“In April 2020, credit to the oil and gas sector accounted for about 26% of the industry’s total loans and advances, making the sector the single most important in terms of credit exposure of the banking system.”

Given the significant drop in oil price, Prof. Mike Obadan, in his own personal comment, argued that in the face of government’s challenging fiscal operations arising from the weakening of revenue generating capacity induced by COVID-19 pandemic, it is plagued by revenue shortage and the resultant increased fiscal deficits. This has resulted in “increased domestic and external borrowing and public debt build-up.

“As at March 2020, the Federal Government’s fiscal deficit stood at N1.392tr. With domestic borrowing through bonds,” Obadan noted.

Aishah Ahmad, another deputy governor and member of the MPC assured that the Nigerian “financial system remains a bright spot of the economy and is well positioned to support domestic output growth, and stimulate economic recovery.”

She assured that the CBN continues to monitor potential risks to financial stability, just as the financial soundness indicators remain strong, “despite the headwinds and rapid expansion of credit (gross credit increased by N3tr between end-May 2019 and end-April 2020), driven by the Loan to Deposit Ratio (LDR) policy.”

Another indicator of the soundness of the banking system, she noted, is the Non-performing loans (NPLs) ratio at 6.6% at end April 2020, compared with 11% at end April 2019, besides other prudential ratios that remain robust.

This resilience notwithstanding, she admitted that the industry remains exposed to shocks from spillover effects of the pandemic on macroeconomic conditions, which underscores the importance of regulatory measures to mitigate effects of the crisis. These include, according to her, “granting forbearance to banks to temporarily restructure loans for businesses and households most affected by Covid-19 and the Global Standing Instruction policy to limit NPLs.”

So far, Ahmad continued, “17 banks submitted requests to restructure over 32 thousand loans for individuals and businesses impacted by the pandemic, representing 32.94% of total industry loan portfolio, with the manufacturing and general commerce sectors constituting the bulk of the restructured facilities.”

To preserve these gains and forestall a recession, she submitted further, “domestic productivity must be accelerated immediately, particularly as a number of countries contemplate broad export restrictions. Thus, stimulating the manufacturing sector is mission critical to support local consumption needs and reduce output gap to stem price developments.”

She praised the implementation of various CBN interventions earlier introduced to mitigate adverse effects of these shocks, including disbursements of N10.15bn from the N100bn health sector intervention fund, and N93.2bn under the N1tr Real Sector Support Fund to boost local manufacturing. Also, over 14,331 beneficiaries, she stressed, have received N10.9bn out of the N50bn Targeted Credit Facility for households and SMEs, which in addition to prior monetary and fiscal reforms, “have kept the domestic economy resilient, blunting the effects of the coronavirus on economic activity as reflected in a higher than anticipated Q12020 real GDP growth of 1.87% (year-on-year).”

https://investdata.com.ng/covid-19-nigeria-must-readjust-economy-slash-governance-costs-mpc-members/

Nigeria’s Banking Sector Systematically Fragile- Fitch


Forecast 2.5% Loan Book Contraction

Global rating agency- Fitch, says Nigeria’s banking industry is among those it described as “the most systematically fragile,” ranking 117th of 121 countries assessed as shown in its Banking Industry Risk Indicator (BIRI) with a score of 12.14%.

The ranking, Fitch noted in its Banking & Financial Services Report Q3 2020, reflects the high risk occasioned by the country’s “weak economic growth in the wake of the 2016 recession and declines in oil sector revenue, alongside a weak regulatory environment and poor living standards.”

This weakness of the Nigerian banking industry, it warned, poses significant risks to the nation’s macro financial stability, despite the somewhat improvement in the structural backdrop of the sector.

“However, the latest score remains below the historical average of 21.72,” it noted further, even as the nation recorded 46.84 Financial component in Q120, reflecting a moderate improvement from a 23.38 in 2017Q4.

This was helped by the stronger asset quality, after the ratio of Non-Performing Loans to Gross Loans dropped from 14.81% in Q417 to 6.03% in Q120, while Bank Credit To GDP ratio fell from 13.36% in Q417 to 11.03% in Q120.

Nigeria, according to the Fitch report, scored a low 24.41 in the Government Finance component in Q120, as against 58.28 in Q414; while Government Debt as a percentage of GDP ballooned from 13.10% in Q414 to 30.19%. Government’s Interest Payments as a percentage of revenue also soared from 8.82% to 27.97% over the same period.

The report also flagged Nigeria’s regulatory quality and environment, where the country scored 17.25, in what implies “significant risk,” after ranking poorly in the World Bank’s Ease Of Doing Business Index, placing 131st out of 190 global markets.

This, it stressed, is an indication of “a less attractive operating environment compared with regional peers.”

It also noted “concerns about the influence the government holds over central bank policymaking.”

Fitch announced a downward revision of its growth forecast for the Nigerian banking industry with customer loan size at N14.9tr in 2020 amidst business uncertainty, contracting by 2.5%, from 14% in 2019. The report forecast a 4.3% growth in 2021 as the economy begins to recover.

The report expressed optimism that the reduced minimum loan requirement would “help drive client loan growth over the medium term.”

The agency also revised its forecast for the country’s total banking asset growth to N44.2trn, up by 5.3%, due to what it termed economic headwinds caused by the coronavirus pandemic; just as average annual asset growth is projected at 12.0% to N63.8trn by 2024.

Asset quality in the country, Fitch noted, has improved, with non-performing loans (NPLs) ratio tied to the oil sector declining by 40.7% between Q418 and Q419, as oil exports rose by 16.1% in 2019. Total NPL ratio fell therefore from 11.7% to 6.0% over this period.

“However, due to the combined economic impact of the Covid-19 pandemic and lower oil price, we expect asset quality to deteriorate this year, making banks more cautious about lending.”

Due the lockdown induced by the pandemic, leading to lower consumer spending and economic activity, Fitch revised the Nigeria’s economic outlook, forecasting a contraction of 3.9% in 2020, a very modest rate, compared to 5.4% contraction projected by the International Monetary Fund (IMF) in its World Economic Oulook.

The recession, it noted, will be caused by weaker oil prices due to slower global activity that will also weigh in on Nigeria’s economic expansion during this year.

https://investdata.com.ng/nigerias-banking-sector-among-worlds-riskiest-fitch/#more

Cautious Trading On NGSE, Amidst Assets Revaluation, Impending Economic Recession

Market Update For Week Ended June 26, & Outlook for June 29—July 3

It was another week of distribution and volatility on the Nigerian Stock Exchange (NSE), with the All-Share Index closing marginally higher. This followed last-minute ‘buy’ interests in high priced stocks like Airtel Africa and Nestle Nigeria, as investors and traders positioned ahead of their dividend qualification date, and Annual General Meeting respectively on Friday. The situation halted the bearish mood of the market on a seemingly improved buying sentiment.

It was also a week of disappointing news, including the release of troubling economic data with the World Bank projecting that Nigeria’s economy will contract by as much as 5.4% in 2020. The nation continued to record a significant increase in the number of novel Coronavirus (COVID-19) pandemic cases, occasioned by the nation’s increased testing capacity. The Federal Government, also during the week, announced the approval of N2.3tr economic stimulus package, that complement the Central Bank of Nigeria’s efforts at reducing the impact of the global economic crisis.

The shaky macroeconomic indices are indicating that all is not well with the domestic economy in the face of ravaging pandemic, which has exposed Nigeria’s economic vulnerability pushing it into what has been described as the worst recession in all of 40 years, expected to be confirmed by the Q2 GDP data. Already, key data like the manufacturing sector’s Purchasing Managers Index (PMI) released by the CBN showed a further decline in the month of June to 41.1 points, down from 42.1 and 51.1 points in May and March 2020 respectively. This reflects the sustained contraction and rising level of unemployment, with many experts calling for a total overhaul of Nigeria’s socio-political and even economic superstructure.

Ahead of Q2 earnings reports, funds are still leaving the nation’s equity market for safer investments window, and from one sector to sector as investors aligned their portfolios towards companies expected to benefit from the ongoing pandemic. These are companies whose earnings are expected to beat market expectations for the good of investors.

As we have always noted, in any market situation there are opportunities, especially with the earnings season around the corner to change the market momentum and action. You don’t have to be smart before you can make money in the stock market because the way it moves is always changing. As such, what you need is to think differently and educate yourself, using home study packsand videos, especially mastering the earnings season for profitable trading andinvesting in any market situation/cycle. That means we do not equate an “up” market with a “good” market and vice–versa. Markets present different opportunities to make money at differenttimes.

The global stock market, in the period under review, was mixed amidst investor concerns about tariffs and trade relations, the oscillating oil prices and the COVID-19 resurgence, which are among factors propelling fears around the globe, even as governments of various countries are going into deep debt to curtail the crisis.

Movement Of NSEASI

As a result of the week’s bear dominance, there were four straight trading sessions of down markets, beginning on Monday when the composite ASI closed 0.29% down on extended profit taking from the previous week. The trend was sustained until Thursday when it shed 0.02%, 0.38% 0.12% respectively bowing to selloffs. There was respite on Friday with the 0.84% rebound which was enough to close the week slightly up.

This brought the week’s cumulative gain to 0.01% against the previous week lost position of 1.41%, to remain in the correction mood.

Consequently, the benchmark index NSEASI crawled 2.27 basis points up, after opening at 24,826.75bps, touching an intra-week high of 24,877.30bps, from its low of 24,551.35bps on profit booking and selloffs. With the market at its distribution phrase, it seriously calls for cautious trading and the need to hold cash, because a selloff is underway ahead of the Q2 corporate earnings. This is because most companies are likely to post disappointing numbers in the absence of positive economic fundamental or information capable of triggering positive sentiments at the moment. Friday’s gain reduced the losing momentum as the market closed above its opening level at 24,829.02ps, compared to previous week’s close, and below the 25,000 mark.

Similarly, market capitalization gained N1.16bn during the week, closing at N12.95tr, from the previous weekend’s N12.95tr, representing a 0.01% flat position in investors’ portfolio, after the share prices of Prestige Assurance, Dangote Sugar and GSK were adjusted for script and cash dividends of two for 11 bonus shares, N1.10 and 0.55 kobo respectively.

Within the period under consideration, nine companies released their corporate earnings reports comprising one 2019 audited results from e-Transzact International, and mixed quarterly earnings from Jaiz Bank, Mutual Benefits Assurance, Ekocorp, Morrsion Industry, Aribco, ABC Transport, Studio press and others

The top advancers log for the week were mixed, despite the fact that decliners were more in the ratio of 43:18, while energy behind the week’s performance was relatively strong, as the Money Flow Index read 58.77bps, compared to 53.18bps in the previous week, despite the selloffs.

The NSE’s index action has side trended into the distribution stage on a daily time frame. The weekly range, as revealed by the chart above supports pullbacks, considering the decline in daily traded volume which peaked at 581.61m shares on May 27, 2020, which is a strong sign of weakness, despite the weekly bullish MACD which has crossed over the signal line. The index traded slightly above the 20-Day Moving Average, within the long bearish channel, just as buy volume stood at 85%, and the money flow index up at 58.77 points.

On a weekly time frame, Relative Strength Index has remained flat to side trend, reading 47.76 just as momentum behind the market’s recovery has started to regain strength. This despite the continued profit taking ahead of Q2 economic and earnings data, as portfolio repositioning continues at a time of global economic reset and fear of coming global recession.

The strength behind the NSE’s index movement on a daily and weekly chart have been weakened with the ADX reads 20.48 points from last week 21.78points, on positive sentiments as revealed by Investdata’s Sentiment Report for the week, showing 85% ‘buy’ volume and sell position of 15% with the transaction volume index at 0.49.

Bearish Sectoral Indices

All the sectoral performance indexes were down except for the NSE Consumer Goods index that closed flat, while the NSE Oil/Gas led the decliners after losing 4.84%, followed by the NSE Industrial Goods and Insurance that closed 2.03% and 1.57% south respectively. Last week also, the NSE Banking index dropped by 0.52%.

The week’s transaction in terms of volume and value were down by 29.52% and 15.5% respectively, as investors traded 739.38m shares worth N8.56bn, down from the previous week 1.05bn units valued at N10.13bn. The week’s volume was boosted by trades in financial services, consumer goods and oil/gas stocks, especially FBN Holdings, Guaranty Trust Bank, Nestle and Seplat.

After a long time, Airtel Africa featured on the Advancers’ table along with ABC Transport as best performing stocks for the period, gaining 9.92% and 9.80% respectively, closing at N328.70 and N0.56 per unit on positive market sentiment ahead of dividend qualification dates. On the flip side, PZ Cussons and GSK lost 21.43% and 17.61% respectively, closing at N3.85and N5.85 per share on selloffs and price adjustments for cash dividend of 55kobo.

Market Outlook

The benchmark index’s candlestick formation supports reversal but looks somewhat as the expectedly Q2 earnings decline are being factored into the ongoing asset revaluation by fund managers and individual investors after three weeks sideways trend to enter distribution and correction as profit taking gains momentum.

We cannot also rule out investors pricing in the recently wobbling economic data from May Inflation rate of 12.4% and PMI of 41.1 points which thrown returns on most investment classes into a negative with yields below the level which showed that inflation has risen close to the Central Bank of Nigeria’s benchmark Monetary Policy Rate (MPR) at 12.5%. Declining industrial productivity that points to recession.

The sectoral rotational wave will help investors to cash in on low cap stocks and sectors that have suffered huge losses before now. Already investors are looking the way of healthcare, Airline services providers, among sectors likely to be impacted positively in the much anticipated global and domestic economic reset.

Also, the possibility of continued funds inflow to the low priced stocks is high, due to the higher yields and upside potentials, considering the low rates on offer in the money and bond markets. In the meantime, investors should also look out for developments around the implementation of the CBN’s funding plan for small and medium scale businesses.

Already, we notice that investors are taking position in healthcare and other defensive stocks likely to survive this meltdown, as seen in the increased trading in them, even as the global markets continue on the recovery path, with the gradual easing of the lockdown.

While discerning investors should prepare to take advantage of stocks revaluation to position for the medium to long-term, it is noteworthy that the Nigerian equity market is selling at a discount and therefore offers high upside potential.

Expect a pullback that will support the upside potential, especially with many fundamentally sound stocks remaining underpriced, and the dividend yield of major blue-chips continuing to look attractive in recent weeks, we expect speculative trading to shape the market’s direction, despite the seeming mixed outlook.

To position for the short to long-term, investors should target fundamentally sound, dividend-paying stocks, for possible capital appreciation in the coming months. Also, traders and investors need to change their strategies, because of the NSE’s pricing methodology, the CBN directives, and their impact on the economy in the nearest future.

Ambrose Omordion

CRO|Investdata Consulting Ltd

https://investdata.com.ng/cautious-trading-on-ngse-amidst-assets-revaluation-impending-economic-recession/#more

Investdata Weekly Sentiment Report for the Week Ended 27 June, 2020

NSEASI buy 85% sell 15% MFI 57.41
Abc buy � volume index 1.72 MFI 100.00
Access buy 25% sell 75% MFI 63.83
Afrprud buy 0% MFI 58.60
Aiico buy 56% sell 44% volume index 1.29 MFI 73.93
Airtel buy � volume index 3.90 MFI 100.00
Bua buy � MFI 66.81
Cadbury buy 0% MFI 46.61
Caverton buy 89% sell 11% volume index 1.73 MFI 23.59
Chams buy 25% sell 75% volume index 1.98 MFI 66.67
Custodian buy 0% MFI 30.79
Dangcem buy 0% MFI 58.67
Dangsugar buy 0% volume index 1.66 MFI 67.94
Eterna buy � MFI 27.46
Eti buy � volume index 1.14 MFI 73.65
Fbnh buy 0% MFI 73.75
Fcmb buy � MFI 42.68
Fidelity buy 62% sell 38% MFI 62.95
Fidson buy 0% volume index 0.75 MFI 79.69
Fmn buy 72% sell 28% volume index 1.25 MFI 33.14
Glaxo buy 0% volume index 0.73 MFI 63.47
GT buy 25% sell 75% MFI 61.54
Honyflour buy � MFI 66.24
Jaiz buy � MFI 53.29
Japaul buy 60% sell 40% volume index 3.48 MFI 64.69
Lasaco buy 67% sell 33% volume index 0.76 MFI 61.86
Lawunion buy 0% MFI 45.06
Linkass buy 0% volume index 1.55 MFI 51.53
Lvstk buy 71% sell 29% MFI 53.03
Mansard buy 0% MFI 57.16
M&B buy � volume index 1.31 MFI 58.89
Mben buy 67% sell 33% volume index 1.48 MFI 78.61
Mtnn buy 74% sell 26% MFI 66.22
Nahco buy 85% sell 15% volume index 1.86 MFI 56.03
Neimeth buy 85% sell 15% volume index 4.95 MFI 69.03
Nestle buy � MFI 70.11
Npf buy 0% MFI 64.02
Oando buy 0% MFI 50.01
Prestige buy 29% sell 71% volume index 0.74 MFI 53.35
Pz buy 0% volume index 1.53 MFI 47.64
Red buy 7% sell 93% MFI 59.14
Regalins buy 0% volume index 1.95 MFI 61.64
Royalex buy 0% volume index 3.37 MFI 40.18
Seplat buy 0% volume index 0.86 MFI 0.49
Sterling buy � MFI 28.25
Transcorp buy 25% sell 75% volume index 0.73 MFI 44.40
Uacp buy � MFI 81.31
Uacn buy � MFI 25.25
Uba buy � MFI 67.30
Ubn buy 83% sell 17% volume index 1.07 MFI 58.77
Ucap buy � MFI 68.94
Uniondac buy 0% MFI 67.96
Unity buy 30% sell 70% volume index 0.83 MFI 80.50
Vitafoam buy 45% sell 55% MFI 77.05
Wapco buy 0% MFI 68.04
Wapic buy 0% MFI 70.42
Wema buy � MFI 74.97
Zenith buy 33% sell 67% MFI 58.97

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Conditions To ATTACK Is Now

Ambrose Here,

It is not the strongest or the most intelligent who will survive but those who can best manage change. Leon C. Megginson

Recently, I turned to the box office to watch a movie Red Cliff- The movie gives you a massive insight into how indecision can change the cause of history and destiny.

General Cao Cao, the Prime Minister of the Han Dynasty, coaxes Emperor Han to wage a war against two kingdoms in order to unite China. However, the two regions formed an alliance to defend themselves.

On the final showdown which took place on the sea, General Cao Cao lost the battle because he wanted to drink tea with a newly found maiden.

His men screamed, shouted begged for permission to attack the enemy while the wind was still in their favor but unfortunately, he was distracted, he procrastinated and as a result, got defeated.

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Ambrose Omordion

Sustained Selloffs Yet, As Investors Position In Undervalued Stocks

Market Update for June 25

Selling pressure on the Nigerian Stock Exchange (NSE) continued Thursday, but at a reduced momentum amidst indecision and negative sentiments arising from the fear of Coronavirus (COVID-19) resurgence. This has been made worse by the political crisis that has engulfed Nigeria’s ruling All Progressives Congress (APC); the nation’s wobbling economic data, oscillating oil prices threatens recovery, all of which are keeping the composite All-Share Index south for the sixth successive session on a low traded volume.

The decline in market activity and the continued negative trend reflect cautious trading among investors with the Bollinger bands becoming narrower than normal to suggest low volatility when compared to the active trading sessions and range. As mentioned in our previous market updates, investors are already factoring in the expected Q2 earnings reports which are likely to be disappointing as a result of the virus-induced economic downturn and lockdown.

As we have always noted also, in any market situation there are opportunities, especially with the earnings season around the corner to change market momentum and action. You don’t have to be smart to make money in the stock market because the way it moves is always changing. As such, what you need is to think differently and educate yourself, using home study packs and videos, especially mastering the earnings season for profitable trading and investing in any market situation/cycle. That means we do not equate an “up” market with a “good” market and vice–versa. Markets present different opportunities to make money at different times.

Thursday’s trading started on the downside and sustained it throughout the session with only two of the five major sectors active and down whereas others recorded flat activities. Profit-taking pushed the NSE index to an intra-day low of 24,619.84 basis points, from its high of 24,662.27bps, before closing the day lower at 24,625.17bps on flat breadth.

Market technicals were mixed and weak as volume traded was lower than the previous session, in the midst of positive breadth and high-selling pressure as revealed by Investdata’s Daily Sentiment Report, showing a ‘sell’ position of 87% and buy the volume of 13%. Total daily transaction volume index stood at 0.49, just as the energy behind the day's performance stayed weak, with Money Flow Index reading 22.66points, up from the previous 21.61ps, indicating that funds entered some stocks despite the down market.

Index and Market Caps

The All Share index at the close of Thursday’s trading fell by 29.75 basis points, closing at 24,625.17ps from the 24,654.99bps, representing a 0.12% drop, while market capitalization lost N15.55bn, closing at N12.85tr from an opening value of N12.86tr which represented a 0.12% value depreciation.

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Thursday’s downturn was due to selloffs in stocks like MTNN, Zenith Bank, FBNH, Nahco, and livestock feeds, which impacted mildly on the NSE’s benchmark index, increasing its Year-To-Date loss to 8.32%, as market capitalization YTD loss increased to N112.4bn, representing a 0.87% drop from the year’s opening level.

Mixed Sector indices

The sectorial performance indexes were mixed as the NSE Insurance and Banking indexes lost 0.34% and 0.18% respectively, while the NSE Industrial Goods, Consumer Goods, and Oil/Gas indexes closed flat. Market breadth was positive and flat as advancers outnumbered decliners in the ratio of 9:8, while transactions in volume and value terms dropped by 31.16% and 15.24% respectively to 130.28m shares worth N1.62bn, from midweek’s 189.25m units, valued at N1.92bn. Volume was boosted by trades in Zenith Bank, Transcorp, FBNH, Mutual Benefits Assurance, and Guinness Nigeria.

Neimeth Pharm and Wema Bank were the best performings for the day, after gaining 9.65% and 9.09%, and closing at N1.25 and N0.60 per share respectively on market sentiment and forces. On the flip side, Linkage Assurance and Japaul Oil lost 9.43% and 7.69% respectively, closing at N0.48 and N0.24 per share respectively on selloffs and profit-taking.

Market Outlook

Being the last trading day of the week, we expected the market to sustain this trend amidst of indecision and unwillingness by traders to buy at this current market value, the bearish wave will persist on pullbacks, creating new entering positions at the end of Q2 earnings season, as the Money Flow Index continues its downward slant. This has revealed that smart money is exiting the market, despite flowing from one sector to another seeking value in term of low prices with high upside potentials. This is just as economic recovery is expected to come fast on government and the Central Bank of Nigeria (CBN) interventions, ahead of the Q2earnings reports, implying yet that opportunities are still available as sectorial rotation continues. Also, sectors that have suffered oversold, so far, offer attractive risk-reward buy-opportunities and outlook for considerable short, medium, and long term investment.

For immediate liquidity or cash let us trade low priced stocks with serious caution to avoid being trapped. However, the market’s high dividend yield continues to attract buying interests, as few audited and unaudited corporate earnings will hit the market, going forward, despite the likely continuation of selloffs. Investors are buying to increase their positions in undervalued stocks ahead of Q2 numbers. This is also against the backdrop of the fact that the capital wave in the financial markets may persist in the midst of relatively low-interest rates in the money market, high inflation, and unstable economic outlook for 2020. Also, investors and traders are positioning amidst the changing sentiments in the hope of improved liquidity and positive economic indices that may reverse the current trend. We see investors focusing on the upcoming full-year earnings season, targeting companies with strong potentials to grow their dividend on the strength of their earnings capacity.

Again, the current undervalued state of the market offers opportunities to position for the short, medium and long-term, which is why investors should target fundamentally sound, and dividend-paying stocks for possible capital appreciation going forward. Also, traders and investors need to change their strategies, because of the NSE’s pricing methodology, the CBN directives, and their impact on the economy in the nearest future.

NB: The home study packs of our Invest 2020 Opportunities and Trade Ideas Summit, containing different Stocks for various investment objectives in 2020 and beyond, How to invest or trade profitably in changing market dynamics and recession and mastering earnings season for profitable investment are available. To obtain your pack send ‘Yes’ or ‘Stock’ to 08028164085, 08032055467, 08111811223 now.

Ambrose Omordion

CRO|Investdata Consulting Ltd
info@investdataonline.com
info@investdata.com.ng
amberose.o@investdataonline.com
ambroseconsultants@yahoo.com
Tel: 08028164085, 08032055467
https://investdata.com.ng/sustained-selloffs-yet-as-investors-position-in-undervalued-stocks/#more

Investdata Daily Sentiment Report as of 26 June, 2020

NSEASI buy 13% sell 87% MFI 22.66
Chams buy 50% sell 50% volume index 1.27 MFI 24.08
Eti buy � volume index 1.93 MFI 33.16
Fbnh buy 0% MFI 41.22
Fcmb buy � MFI 68.07
Fidelity buy � MFI 23.58
GT buy 75% sell 25% MFI 61.61
Japaul buy 0% MFI 42.13
Linkass buy 0% volume index 6.58 MFI 58.52
Lvstk buy � volume index 0.73 MFI 0.02
Mben buy 0% MFI 76.04
Mtnn buy 0% volume index 2.43 MFI 51.53
Nahco buy 0% MFI 30.09
Regalins buy 0% MFI 80.76
Transcorp buy 0% volume index 2.14 MFI 60.20
Uba buy 0% MFI 46.56
Ucap buy 0% MFI 43.57
Wema buy � MFI 50.55
Zenith buy 17% sell 83% volume index 0.73 MFI 39.24

https://investdataltd..com/2020/06/investdata-daily-sentiment-report-as-of_26.html

Good News

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What is Your Take on This?

Ambrose Here Again,

Everyone has the ability to build a financial ark to survive and flourish in the future. But you must first invest time in your financial education to build an ark with a solid foundation. Robert Kiyosaki

Recently, I went through a material that was done by different financial experts and they took their time to explain the different concepts. In fact, like Robert, they made a lot of emphasis on Asset and Liability.

However, I believe we all know this but for the sake of emphasis, Asset is what brings in income while liability is what takes cash away from you. Then they went further to talk about the cash flow quadrant and its practical applicability.

Moreover, I will not be discussing that here because it is not the real reason why I am sending you this post.

Frankly, just as education is very key so is financial knowledge especially now there is global and domestic economic reset, coupled with the second-quarter earnings reports that are already around the corner.

Unfortunately, we always take it for granted because there is no tiger or lion chasing you, unlike university or professional certificate.

In addition, According to Aristotle, man is by nature a social animal; an individual who is unsocial naturally and not accidentally is either beneath our notice or more than human. That is, we cannot do things in isolation. Even the NSGE is a sum total of over 180 million conscious minds making decisions every day. So, why isolate yourself.

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Dedicated to your Financial Success
Ambrose Omordion

P.S. Stock Market Education is just like our school education, needs repetition. Unfortunately, as adults, we take it for granted. So, don’t leave your investment to chance.

https://investdataltd..com/2020/06/what-is-your-take-on-this.html

Good News

As a smart investor, what are your plans, what is your strategy? However, you cannot strategize without having a full background, a solid foundation of how earnings work, what to do with company results, how to trade with earnings, and how to profit from the market.

As a result of this, I hereby announce the launch of the earnings Video titled Mastering Earnings Season for profitable trading and investing

In this 10 powerful video, you will discover,

Video 1. What is Earnings, Importance of Company Numbers, Purpose of Earnings and Quality of Earnings
Video 2 What is Earnings Season? When is Earnings Season? And Earnings Classification
Video 3 Why you should care about Earnings Season
Video 4 How to find out when a company reports Earnings
Video 5 Earnings report releases & conference calls
Video 6, How to find earnings analysis and projections
Video 7 How earnings reports affect stock prices
Video 8, How to trade earnings season
Video 9 Trading earnings season
Video 10 Conclusion and what to focus on when trading earnings season.

The training Video is for Novice, Beginner, Intermediate, and advanced investors and traders. That is, it can be used irrespective of your experience in the stock market.

Call 08032055467 08028164085 to get started immediately at a launch Price of N10350 before the price goes up on 11:59 pm 30th June 2020.

Good News

As a smart investor, what are your plans, what is your strategy? However, you cannot strategize without having a full background, a solid foundation of how earnings work, what to do with company results, how to trade with earnings, and how to profit from the market.

As a result of this, I hereby announce the launch of the earnings Video titled Mastering Earnings Season for profitable trading and investing

In this 10 powerful video, you will discover,

Video 1. What is Earnings, Importance of Company Numbers, Purpose of Earnings and Quality of Earnings
Video 2 What is Earnings Season? When is Earnings Season? And Earnings Classification
Video 3 Why you should care about Earnings Season
Video 4 How to find out when a company reports Earnings
Video 5 Earnings report releases & conference calls
Video 6, How to find earnings analysis and projections
Video 7 How earnings reports affect stock prices
Video 8, How to trade earnings season
Video 9 Trading earnings season
Video 10 Conclusion and what to focus on when trading earnings season.

The training Video is for Novice, Beginner, Intermediate, and advanced investors and traders. That is, it can be used irrespective of your experience in the stock market.

Call 08032055467 08028164085 to get started immediately at a launch Price of N10350 before the price goes up on 11:59 pm 30th June 2020.

Good News

As a smart investor, what are your plans, what is your strategy? However, you cannot strategize without having a full background, a solid foundation of how earnings work, what to do with company results, how to trade with earnings, and how to profit from the market.

As a result of this, I hereby announce the launch of the earnings Video titled Mastering Earnings Season for profitable trading and investing

In this 10 powerful video, you will discover,

Video 1. What is Earnings, Importance of Company Numbers, Purpose of Earnings and Quality of Earnings
Video 2 What is Earnings Season? When is Earnings Season? And Earnings Classification
Video 3 Why you should care about Earnings Season
Video 4 How to find out when a company reports Earnings
Video 5 Earnings report releases & conference calls
Video 6, How to find earnings analysis and projections
Video 7 How earnings reports affect stock prices
Video 8, How to trade earnings season
Video 9 Trading earnings season
Video 10 Conclusion and what to focus on when trading earnings season.

The training Video is for Novice, Beginner, Intermediate, and advanced investors and traders. That is, it can be used irrespective of your experience in the stock market.

Call 08032055467 08028164085 to get started immediately at a launch Price of N10350 before the price goes up on 11:59 pm 30th June 2020.

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QUALITY THREADS FOR SALE

Product Details
PACKAGE:
1kg, 3kg

Our thread was passed the tests by SGS under the requests from FDA requirements.
Our threads are Durable and quite suitable for high-speed bag packing systems such as NEWLONG, UNION-SPECIAL, etc.

We are strongly committed to the sustenance of the flour milling, feed milling, rice milling, cassava milling, sugar and salt refining, and all Allied industries with our machines, spares, and services. This we do by maintaining prompt and constant delivery to uphold our cordial relationship and the confidence reposed in us.

Akan Udofia
Ovara Konstant Business Ltd
Tel: 08057933767, 08134781303
Lagos Address: 33 Adele Road, Apapa, Lagos.
Email: akan.u@ovarakonstant.com
Website: http://www.ovarakonstant.com/

QUALITY THREADS FOR SALE

Product Details
PACKAGE:
1kg, 3kg

Our thread was passed the tests by SGS under the requests from FDA requirements.
Our threads are Durable and quite suitable for high-speed bag packing systems such as NEWLONG, UNION-SPECIAL, etc.

We are strongly committed to the sustenance of the flour milling, feed milling, rice milling, cassava milling, sugar and salt refining, and all Allied industries with our machines, spares, and services. This we do by maintaining prompt and constant delivery to uphold our cordial relationship and the confidence reposed in us.

Akan Udofia
Ovara Konstant Business Ltd
Tel: 08057933767, 08134781303
Lagos Address: 33 Adele Road, Apapa, Lagos.
Email: akan.u@ovarakonstant.com
Website: http://www.ovarakonstant.com/

QUALITY THREADS FOR SALE

Product Details
PACKAGE:
1kg, 3kg

Our thread was passed the tests by SGS under the requests from FDA requirements.
Our threads are Durable and quite suitable for high-speed bag packing systems such as NEWLONG, UNION-SPECIAL, etc.

We are strongly committed to the sustenance of the flour milling, feed milling, rice milling, cassava milling, sugar and salt refining, and all Allied industries with our machines, spares, and services. This we do by maintaining prompt and constant delivery to uphold our cordial relationship and the confidence reposed in us.

Akan Udofia
Ovara Konstant Business Ltd
Tel: 08057933767, 08134781303
Lagos Address: 33 Adele Road, Apapa, Lagos.
Email: akan.u@ovarakonstant.com
Website: http://www.ovarakonstant.com/

Corporate Actions As of Friday, June 19, 2020

https://investdata.com.ng/corporate-actions-as-of-friday-june-19-2020/#more

Investdata Price, Earnings Tracking For Week Ended June 19, 2020

https://investdata.com.ng/investdata-price-earnings-tracking-for-week-ended-june-19-2020/

HAPPY FATHER'S DAY

Hello father's in the house, today is your day, and everyone here at INVESTDATA is thankful for dads everywhere that teach and inspire us.

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History is good but Nigerians are not learning from all these experiences, considering today to project for the future.

History is good but Nigerians are not learning from all these experiences, considering today to project for the future.