Monthly Market Review April

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The Nigerian stock market remained on keel as the equity Market Capitalization and All Share index remained almost on the same level with March. Market watchers had expected the deteriorating security situation in the country and the stalemate between the National Assembly and the executive arm of government (which has prevented the 2018 budget from being passed) to moderate investors’ appetite significantly. However, the rallying oil price which peaked at about $74 has continued to vitiate what would have been the rampaging effects of the bears in the market.

In the money market, key macro variables also maintained themselves around the March threshold as crude oil price bump continued to reinforce short term stability in the economy. The CBN’s continuing intervention in the foreign exchange market kept the naira stable around the N360 bandwidth. At the short end of the market, the rates on government securities remained on the same level as they were in March.

The markets around the world also recorded a moderate bump in April, compared to March, as the body language of Kim Jong Un suggests that the worst fears of a nuclear confrontation in the Korean Peninsula may not come to pass. The intervention of the trio of the United States, Britain and China in the Syrian crisis notwithstanding, markets remained calm in many parts of the world as investors foresaw moderate growth in global GDP in 2018.

1.0 NIGERIAN CAPITAL MARKET
30/4/2018 29/3/2018 29/12/2017 Month on Month Change % Change YTD Change % Change
Stocks
Dangote Cement (N) 246 260 230 -14 -5.38 16 6.15
Nigerian Breweries (N) 129.9 130 134.9 -0.1 -0.08 -5 -3.85
Guaranty Trust Bank (N) 45 44.7 40.75 0.3 0.67 4.25 9.51
Nestle Plc (N) 1599 1380 1,555.99 219 15.87 43.01 3.12
Zenith Bank (N) 27.45 29.3 25.64 -1.85 -6.31 1.81 6.18
WAPCO (N) 42 45.3 44.89 -3.30 -7.28 – 2.89 -6.38
Seplat (N) 765 665.1 626.22 99.90 15.02 138.78 20.87
ETI (N) 20.1 16.35 17 3.75 22.94 3.1 18.96
Unilever Plc (N) 54.9 55 41 -0.10 -0.18 13.9 25.27
Stanbic IBTC (N) 49.5 48.5 41.5 1.00 2.06 8 16.49
Access Bank Plc (N) 11.2 11.05 10.45 0.15 1.36 0.75 6.79
Forte Oil (N) 45.2 42 43.48 3.20 7.62 1.72 4.10
UBA (N) 11.55 11.75 10.3 -0.20 -1.70 1.25 10.64
Guinness Plc (N) 103 104 94 -1.00 -0.96 9 8.65
Total (N) 222.2 249 229.95 -26.80 -10.76 – 7.75 -3.11
First Bank (N) 12.5 12.5 8.8 0.00 0.00 3.7 29.6
Union Bank (N) 6.25 6.7 7.8 -0.45 -6.72 – 1.55 -23.13
Dangote Sugar (N) 20.5 21.8 20 -1.30 -5.96 0.5 2.29
PZ (N) 22.50 23.45 20.6 -0.95 -4.05 1.90 8.10
Equity Market Capitalization (N) 14,948,513,604,332.30 14,992,963,553,348.10 13,609,474,245,109.40 -44449949015.80 -0.30 1,339,039,359,222.90 8.93
Bond Market Capitalization (N) 10,110,821,580,087.50 9,858,903,094,871.72 9,291,305,749,245.00 251918485215.78 2.56 232,753,524,098.56 2.45
All Share Index 41,268.01 41,504.51 38,243.19 -236.50 -0.57 3,024.82 7.29
2.0 NIGERIAN MONEY MARKET
CBN Exchange Rates (USD to Naira) 305.2 305.15 305.00 0.05 0.02 0.20 0.07
CBN Exchange Rates (Pound to Naira) 419.01 429.53 410.50 -10.52 -2.45 8.51 1.98
CBN Exchange Rates (Euro to Naira) 368.53 375.94 364.74 -7.41 -1.97 3.79 1.01
CBN Exchange Rates (Yuan to Naira) 48.18 48.52 46.73 -0.34 -0.69 1.45 3.00
Interbank Exchange Rates (USD to Naira) 305.7 305.65 306.05 0.05 0.02 – 0.35 -0.11
Interbank Exchange Rates (Pound to Naira) 419.70 430.23 411.18 -10.53 -2.45 8.52 1.98
Interbank Exchange Rates (Euro to Naira) 369.13 376.56 365.33 -7.43 -1.97 3.80 1.01
Interbank Exchange Rates (Yuan to Naira) 48.26 48.6 46.81 -0.34 -0.69 1.45 2.99
Parallel Market Exchange Rates (USD to Naira) 362 362 363 0 0.00 -1 -0.28
Parallel Market Exchange Rates (Pound to Naira) 505 508 483 -3 -0.59 22 4.33
Parallel Market Exchange Rates (Euro to Naira) 442 443 425 -1 -0.23 17 3.84
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 (%) 1.4 1.4 1.4
Unemployment Rate (%) 18.8 18.8 18.8
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 ($) 76.64 69.1 60.09 7.54 10.91 16.55 23.95
5.0 International Capital Market
Dow Jones Industrial Average (DJIA) 24,163.15 24,147.00 24,719.22 16.15 0.07 -556.07 -2.30
S & P 500 2,648.05 2,643.00 2,673.61 5.05 0.19 -25.56 -0.97
FTSE 7509.3 6,993.50 7,687.77 515.80 7.38 -178.47 -2.55
CAC40 5520.5 5,167.30 5,312.56 353.20 6.84 207.94 4.02
Dax 12,612.11 12,096.73 12,917.64 515.38 4.26 -305.53 -2.53
Nikkei 22,499.32 21,460.00 22,764.94 1,039.32 4.84 -265.62 -1.24
6.0 International Money Market
% % %
LIBOR Rate 1night -0.44043 -0.43471 0.47235 -0.00572 1.32 -0.91 -193.44
7days -0.42171 -0.42343 0.47975
30days -0.40086 -0.40657 0.49306 0.00571 -1.40 -0.89392 219.87
90days -0.35571 -0.37071 0.52125 0.015 -4.05 -0.87696 236.56
365days -0.244 -0.24557 0.76725 0.00157 -0.64 -1.01125 411.80
Federal Reserve Bank Rate 1.75 1.75 1.5 0.00 0 0.25 14.29
European Central Bank Rate -0.4 -0.4 -0.4 0 0 0 0
7.0 Cross Rates
USD to Pound Sterling 1.3756 1.4015 1.3503 – 0.0259 -1.85 0.03 1.81
USD to Euro 1.2067 1.2324 1.2003 – 0.0257 -2.09 0.01 0.52
Pound to Euro 0.8772 0.8793 0.1537 – 0.0021 -0.24 0.72 82.28
Euro to Pound 1.14 1.1372 0.8889 0.0028 0.25 0.25 22.08