NIGERIA STOCK MARKET GENERAL COMMENT /MSCI POSITION (NSE STOCK MARKET

WEATHER REPORT) - FOR 12 APRIL 2019

MSCI Nigeria on 11 April 2019 was jumped headlong into the market buying a number of
shares across the market, bulk of the purchases were banking stocks Sterling, GTB, Zenith
bank etc. Access bank as usual was sold. No big surprise, as anticipated rising oil price will
draw attention of big money to oil producing companies, thus the minor bull likely to
continue for some few days.
Wednesday was a bullish day, 15 gainers and 7 losers, index closed at 29,347.62 bringing the
index movement for 2019 to -6.63%. What was good about the bulls is that it consists of
many NSE30 equities, which mean the probability of the carry over to today is high.

For Friday 12 April 2019, projection for the Nigeria All Share Index, projection for the Nigeria
All Share Index, expected High is 292406.04 Low 29230.77, Pivot for the day 29,289.20. Yes
the market is getting better looking at the closing figures for yesterday against our projections.
Friday is likely to continue on the bullish side. We expect those who have stayed away from the
market to start coming back.

Some results still expected: WAPIC, FBNH, NAHCO , Interbrew, etc. The analyses of the quarterly results
are shown below/likely released dates. Part of the way we can use the report is that is a company
declare lower results for 3 quarters consecutively, it is better to sell that stock and look for better
equity. Equally we try to avoid buying a stock at least 2 to 1 week prior to release of result
Caution: This is for information purpose only. Data used are assumed to be correct. However, you may
want to verify the data from an appropriate source. Also, Institutions can afford to suffer big losses
without going burst compared with an individual, you cannot follow them blindly (you need to at least
have some knowledge/your own plan). This document remains the personal property of Target
technical analysis and is not to be distributed without our authorization.

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