Daily Market Summary: Ikeja Hotel is the new money spinner for speculators

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Market breadth closes at 0.57x

• Following the sell-offs noted on several tickers, the NSEASI pared 43 basis points to close at 40,249.29 points.
• A total of 281.26 million (+3.68%) shares worth NGN4.09 billion (+77.68%), were exchanged in 4,304 (+6.22%) deals.
• IKEJAHOTEL+9.68% remained bullish, topping the gainers’ list to close at NGN2.04.
• Conversely, ETERNA-8.55% closed as the most bearish stock in the session.
• In line with our expectations, the Monetary Policy Committee (MPC) voted to maintain all policy parameters. Hence, the MPR, CRR and liquidity ratio were maintained at 14.00%, 22.50% and 30.00% respectively while the asymmetric window was retained at +200 and -500bps around the MPR.

Why stocks were down

• Stronger bearish sentiments championed by the oil and gas sector, overturned the positive market breadth observed in the last session.
• We note that there was no significant impact on the NSEASI as the investors awaited the decision of the Monetary Policy Committee today.

Oiland Gas Sector:Bearish Sentiments Prevail

The NSEOILG5 index closed lower by 79 basis points to 349.12 while its YtD return declined to +5.57%.

Four tickers closed lower, including MOBIL-4.70% and ETERNA-8.55% while an equal number traded flat.

At the close of trades, FO+0.12% was the only stock in the green zone.

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Contact Morgan Capital for more information. Email: [email protected]

www.morgancapitalgroup.com