MARKET REVIEW

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The market is gradually becoming a bit stable as the equity market capitalization and all share index grew slightly by 0.46% against the month of May. The stability in the market and economy in general could be as a result of the stable growth in prices of crude oil which is now $79.44 in the international market; the 2.24% increase in price of crude oil against the month of May has helped stabilize the economy as the Naira gained slightly in the FX market due to CBN’s intervention and our strong reserve.

The drama (Trade war) in the international scene is not looking to come to an end soon; this decision by the World leaders i.e US, China, EU, Canada and the rest has sent investors into a panic mode, as investors are not ready to wait until the Trade war would be sorted out amongst the leaders.

The European market was the worst performer in the first half of the year; while the United States raised its Interest rate to 2%.

 The world awaits the drama ahead.

1.0 NIGERIAN CAPITAL MARKET
29/6/2018 31/5/2018 29/12/2017 Month on Month Change % Change YTD Change % Change
Stocks
Dangote Cement (N) 229 242.5 230 -13.5 -5.57 -1 -0.41
Nigerian Breweries (N) 114.2 110 134.9 4.2 3.82 -20.7 -18.82
Guaranty Trust Bank (N) 40.5 41 40.75 -0.5 -1.22 – 0.25 -0.61
Nestle Plc (N) 1,575.00 1,540.00 1,555.99 35.00 2.27 19.01 1.23
Zenith Bank (N) 25 25.6 25.64 -0.60 -2.34 – 0.64 -2.50
WAPCO (N) 40.95 36.6 44.89 4.35 11.89 – 3.94 -10.77
Seplat (N) 650 734.7 626.22 -84.70 -11.53 23.78 3.24
ETI (N) 20 20.05 17 -0.05 -0.25 3 14.96
Unilever Plc (N) 52.5 49 41 3.50 7.14 11.5 23.47
Stanbic IBTC (N) 52 47.5 41.5 4.50 9.47 10.5 22.11
Access Bank Plc (N) 10.35 10.9 10.45 -0.55 -5.05 – 0.10 -0.92
Forte Oil (N) 32.85 40.7 43.48 -7.85 -19.29 – 10.63 -26.12
UBA (N) 10.5 10.6 10.3 -0.10 -0.94 0.2 1.89
Guinness Plc (N) 97.75 100 94 -2.25 -2.25 3.75 3.75
Total (N) 210 212 229.95 -2.00 -0.94 – 19.95 -9.41
First Bank (N) 10.6 9.6 8.8 1.00 10.42 1.8 18.75
Union Bank (N) 6.1 5.8 7.8 0.30 5.17 -1.7 -29.31
Dangote Sugar (N) 19 17 20 2.00 11.76 -1 -5.88
PZ (N) 20.70 22.5 20.6 -1.80 -8.00 0.10 0.44
Equity Market Capitalization (N) 13,866,424,680,580.20 13,802,609,527,466.50 13,609,474,245,109.40 63815153113.70 0.46 256,950,435,470.80 1.86
Bond Market Capitalization (N) 10,109,372,295,224.90 9,914,029,313,543.11 9,291,305,749,245.00 195342981681.79 1.97 232,753,524,098.56 2.45
All Share Index 38,278.55 38,104.54 38,243.19 174.01 0.46 35.36 0.09
2.0 NIGERIAN MONEY MARKET
CBN Exchange Rates (USD to Naira) 305.3 305.45 305 -0.15 -0.05 0.3 0.10
CBN Exchange Rates (Pound to Naira) 404.4004 407.6536 410.5 -3.2532 -0.80 -6.0996 -1.50
CBN Exchange Rates (Euro to Naira) 356.4683 357.3765 364.74 -0.9082 -0.25 -8.2717 -2.31
CBN Exchange Rates (Yuan to Naira) 46.3907 47.6606 46.73 -1.2699 -2.66 -0.3393 -0.71
Interbank Exchange Rates (USD to Naira) 305.8 305.95 306.05 -0.15 -0.05 -0.25 -0.08
Interbank Exchange Rates (Pound to Naira) 405.0627 408.3209 411.18 -3.26 -0.80 -6.12 -1.50
Interbank Exchange Rates (Euro to Naira) 357.0521 357.9615 365.33 -0.91 -0.25 -8.28 -2.31
Interbank Exchange Rates (Yuan to Naira) 46.4671 47.739 46.81 -1.27 -2.66 -0.34 -0.72
Parallel Market Exchange Rates (USD to Naira) 362 363 363 -1 -0.28 -1 -0.28
Parallel Market Exchange Rates (Pound to Naira) 485 495 483 -10 -2.02 2 0.40
Parallel Market Exchange Rates (Euro to Naira) 420 425 425 -5 -1.18 -5 -1.18
3.0 CBN POLICY RATES
Monetary Policy Rate (%) 14 14 14
Liquidity Ratio (%) 30 30 30
Cash Requirement Ratio (%) 22.5 22.5 22.5
4.0 Macro Variables
GDP Growth Rate (%) 1.76 1.97 1.4 -0.21 -10.66 0.36 18.27
Unemployment Rate (%) 18.8 15 18.8 3.80 25.33
PMS Price (N) 145 145 145
Diesel Price (N) 205 205 195 0 0 10 4.88
Kerosene Price (N) 210 215 240 -5 -2.33 -30 -13.95
Oil Price Per Barrel ($) 79.44 77.70 60.09 1.74 2.24 19.35 24.90
5.0 International Capital Market
Dow Jones Industrial Average (DJIA) 24,271.41 24,542.09 24,719.22 -270.68 -1.10 -447.81 -1.82
S & P 500 2,718.37 2,705.55 2,673.61 12.82 0.47 44.76 1.65
FTSE 7,636.93 7,678.20 7,687.77 -41.27 -0.54 -50.84 -0.66
CAC40 5,323.53 5,398.40 5,312.56 -74.87 -1.39 10.97 0.20
Dax 12,306.00 12,604.89 12,917.64 -298.89 -2.37 -611.64 -4.85
Nikkei 22,304.51 22,207.32 22,764.94 97.19 0.44 -460.43 -2.07
6.0 International Money Market
% % %
LIBOR Rate 1night -0.439 -0.44043 0.47235 0.00143 -0.32 -0.91 -193.44
7days -0.42486 -0.42171 0.47975 -0.00315 0.75 -0.90461 214.51
30days -0.394 -0.40086 0.49306 0.00686 -1.71 -0.88706 221.29
90days -0.35714 -0.35571 0.52125 -0.00143 0.40 -0.87839 246.94
365days -0.23071 -0.244 0.76725 0.01329 -5.45 -0.99796 409.00
Federal Reserve Bank Rate 2 1.75 1.5 0.25 14.29 0.50 28.57
European Central Bank Rate -0.40 -0.4 -0.4 0.00 0 0.00 0
7.0 Cross Rates
USD to Pound Sterling 0.7571 0.7624 1.3503 – 0.0053 -0.70 -0.59 -77.81
USD to Euro 0.8559 0.8548 1.2003 0.0011 0.13 -0.34 -40.29
Pound to Euro 1.1684 1.1405 0.1537 0.0279 2.45 1.01 88.97
Euro to Pound 0.8846 0.8768 0.8889 0.0078 0.89 0.00 -0.49