May Market Review

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The investment climate is gradually becoming bearish as the election approached. The All Share Index of the Nigerian Stock Exchange fell 7.7% between April and May as caustic political soundbites and violence intensified in different parts of the country.

Oil price moderated its aggressive momentum in the international market, stabilizing around the $75/77 mark as uncertainties crystalized around the new US protectionist policies. Trade spats became more likely when President Donald Trump slammed 25% and 10% tariffs on steel and aluminium imports from Mexico, Canada some EU countries, a situation which depressed the Dow Jones Industrial Average and the S & P 500, the major indicators of the direction of the US stock market.

At the short of the Nigerian market, rates stabilized around the same threshold as they were in the previous month as strong oil price fundamentals enabled continuing CBN’s active interventions in the FX market.

 

1.0 NIGERIAN CAPITAL MARKET
31/5/2018 30/4/2018 29/12/2017 Month on Month Change % Change YTD Change % Change
Stocks
Dangote Cement (N) 242.5 246 230 -3.5 -1.42 12.5 5.08
Nigerian Breweries (N) 110 129.9 134.9 -19.9 -15.32 -24.9 -19.17
Guaranty Trust Bank (N) 41 45 40.75 -4 -8.89 0.25 0.56
Nestle Plc (N) 1540 1599 1,555.99 -59 -3.69 – 15.99 -1.00
Zenith Bank (N) 25.6 27.45 25.64 -1.85 -6.74 – 0.04 -0.15
WAPCO (N) 36.6 42 44.89 -5.40 -12.86 – 8.29 -19.74
Seplat (N) 734.7 765 626.22 -30.30 -3.96 108.48 14.18
ETI (N) 20.05 20.1 17 -0.05 -0.25 3.05 15.17
Unilever Plc (N) 49 54.9 41 -5.90 -10.75 8 14.57
Stanbic IBTC (N) 47.5 49.5 41.5 -2.00 -4.04 6 12.12
Access Bank Plc (N) 10.9 11.20 10.45 -0.30 -2.68 0.45 4.02
Forte Oil (N) 40.7 45.2 43.48 -4.50 -9.96 – 2.78 -6.15
UBA (N) 10.6 11.55 10.3 -0.95 -8.23 0.3 2.60
Guinness Plc (N) 100 103 94 -3.00 -2.91 6 5.83
Total (N) 212 222.2 229.95 -10.20 -4.59 – 17.95 -8.08
First Bank (N) 9.6 12.5 8.8 -2.90 -23.20 0.8 6.4
Union Bank (N) 5.8 6.25 7.8 -0.45 -7.20 -2 -32.00
Dangote Sugar (N) 17 20.5 20 -3.50 -17.07 -3 -14.63
PZ (N) 21.85 22.5 20.6 -0.65 -2.89 1.25 5.56
Equity Market Capitalization (N) 13,802,609,527,466.50 14,948,513,604,332.30 13,609,474,245,109.40 -1145904076865.80 -7.67 193,135,282,357.10 1.29
Bond Market Capitalization (N) 9,914,029,313,543.11 10,110,821,580,087.50 9,291,305,749,245.00 -196792266544.39 -1.95 232,753,524,098.56 2.45
All Share Index 38,104.54 41,268.01 38,243.19 -3163.47 -7.67 -138.65 -0.34
2.0 NIGERIAN MONEY MARKET
CBN Exchange Rates (USD to Naira) 305.45 305.2 305 0.25 0.08 0.45 0.15
CBN Exchange Rates (Pound to Naira) 407.6536 419.01 410.5 -11.3564 -2.71 -2.8464 -0.68
CBN Exchange Rates (Euro to Naira) 357.3765 368.53 364.74 -11.1535 -3.03 -7.3635 -2.00
CBN Exchange Rates (Yuan to Naira) 47.6606 48.18 46.73 -0.5194 -1.08 0.9306 1.93
Interbank Exchange Rates (USD to Naira) 305.95 305.7 306.05 0.25 0.08 -0.1 -0.03
Interbank Exchange Rates (Pound to Naira) 408.3209 419.7 411.18 -11.38 -2.71 -2.86 -0.68
Interbank Exchange Rates (Euro to Naira) 357.9615 369.13 365.33 -11.17 -3.03 -7.37 -2.00
Interbank Exchange Rates (Yuan to Naira) 47.739 48.26 46.81 -0.52 -1.08 0.93 1.92
Parallel Market Exchange Rates (USD to Naira) 363 362 363 1 0.28 0 0.00
Parallel Market Exchange Rates (Pound to Naira) 495 505 483 -10 -1.98 12 2.38
Parallel Market Exchange Rates (Euro to Naira) 425 442 425 -17 -3.85 0 0.00
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 (%) 1.97 1.4 1.4 0.57 40.71 0.57 40.71
Unemployment Rate (%) 15 18.8 18.8 -3.80 -20.21 – 3.80 – 20.21
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 ($) 77.70 76.64 60.09 1.06 1.38 17.61 22.98
5.0 International Capital Market
Dow Jones Industrial Average (DJIA) 24163.15 24,719.22 – 24,163.15 – 100.00 -24719.22 -102.30
S & P 500 2,648.05 2,673.61 – 2,648.05 – 100.00 -2673.61 -100.97
FTSE 7678.20 7,509.30 7,687.77 168.90 2.25 -9.57 -0.13
CAC40 5398.40 5,520.50 5,312.56 -122.10 -2.21 85.84 1.55
Dax 12,604.89 12,612.11 12,917.64 -7.22 -0.06 -312.75 -2.48
Nikkei 22,499.32 22,764.94 – 22,499.32 – 100.00 -22764.94 -101.18
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