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Experts highlight market data as critical to navigating shocks in the Capital Market

Equities market recorded negative performance in the first quarter of the year, with the ASI posting a quarterly return of -20.65% in Q1’2020.

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Globally, there is an increasing reliance on market data as a fundamental tool for making sound financial decisions and the Nigerian case is no different.

This was highlighted at The Nigerian Stock Exchange (NSE or The Exchange) 5th Market Data Workshop 2020 hosted in collaboration with InfoWARE Limited.

The event, which held virtually on Friday, 13 November 2020, was themed, “Handling Shocks in the Capital Market: A Quantitative Risk Management Approach Using Market Data.”

READ: NG Clearing gets SEC’s approval to launch Central Counterparty Clearing House

Speaking at the event, the Chief Executive Officer, NSE, Mr. Oscar N. Onyema, said, “In Nigeria, the equities market recorded negative performance in the first quarter of the year, with the NSE All Share Index (“ASI”) posting a quarterly return of -20.65 percent in Q1’2020.

However, the market saw an upswing since April 2020, and has so far gained +31.67% as at 12 November. This feat – particularly during the COVID-19 pandemic – can be attributed to smart investors bargain hunting and the release of positive year-end financial results of several listed companies, coupled with improved dividend declarations.

READ: Microsoft shares fall, despite impressive Q2 2020

It demonstrates the opportunities that abound in the market for discerning investors, even in a time of crisis, and underscores the importance of quality market data for investment decision-making.”

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The first panel session of the event featured Felix Egbon, Group Head, Risk Management, Zenith Bank Plc; Tapa Das, Chief Executive Officer (CEO), NG Clearing Limited; Oladipupo Oyefuga, Head, Risk, Stanbic IBTC Bank; and Dr. Olaoluwa Simon Yaya, Sub Dean, Faculty of Science, University of Ibadan.

READ: 82% of Ethereum investors are in profit

This panel session, which was moderated by Olufemi Balogun, Head, Market Services, NSE, highlighted the importance of building financial or investment models that can be tested with real-life situations.

Panellists agreed that the unprecedented happenings of 2020 have proven that reliable real-time and historical data that can easily be understood is critical to building these models.

READ: WHO to secure initial COVID-19 vaccine for 20% of Africans

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In addressing the topic, Adopting a Data Driven Culture: The Key to Innovation, the second panel session addressed changes in business operations occasioned by the COVID-19 pandemic and how the timeliness, accuracy and availability of data has been critical in shaping how they interact with stakeholders.

The panel session featured Uwa Agbonile, CEO and Chief Software Architect, Infoware Limited; Lilian Olubi, CEO, EFG-Hermes; Saheed Bashir, CEO, Meristem Stockbrokers Limited; Carl Larry, Principal Consultant, Oil Outlooks and Opinions LLC; and was moderated by Dr. Ogho Okiti, Managing Director, BusinessDay Media Limited.

READ: NSE promotes investment diversification, as it holds 4th Market Data Workshop 

During the workshop, Ms. Anita Gopaldas, Market Data Officer, Market Services, NSE, gave a presentation which highlighted The Exchange’s wide range of reliable, accurate and timely market information services and data solutions across all asset classes and data products to market participants locally and internationally.

Some of these provisions include the NSE API which ensures the dissemination of real-time data to stakeholders; FIX Order Management System which allows trade information to be transmitted from anywhere to The Exchange; and the recently upgraded X-DataPortal, which serves as a consolidated, streamlined platform for market participants to access quality and timely data at an affordable rate.

READ: 98% of Bitcoin wallets in profit, hit 2-year high

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Other presentations at the workshop were delivered by Olufemi Balogun, Head, Market Services, NSE; Uwa Agbonile, CEO, Infoware Limited; and Benedict Whittam Smith, CEO, Deontic Data.

From their presentations, it was made clear that quality, accessible data is critical not only to dealing with the problems of today, but in mitigating the crises of the future.

Other sponsors of the 2020 NSE Market Data Workshop were Zenith Bank, EFG-Hermes, WCM Capital, Apel Asset Limited, Investor Hangout, Cordros Capital, CSL Stockbrokers, NG Clearing Limited and Meristem.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Currencies

Naira appreciates at NAFEX as Nigeria’s external reserve is set to get a boost

Naira gained against the US Dollar at the NAFEX window on Friday to close at N409/$1.

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Naira falls across forex markets as businesses resume after public holidays

Friday, 9th April 2021: The exchange rate between Naira and the US Dollar closed at N409/1$ in the Importers and Exporters window, where forex is traded officially.

Naira gained against the US Dollar at the NAFEX window on Friday to close at N409/$1. This represents a 0.16% gain when compared to N409.65/$1 recorded on Thursday, as the country’s external reserve is set to receive a boost with the planned issuance of $500 million Eurobonds.

Meanwhile, the naira maintained stability at the parallel market on Friday, 9th April, 2021 to close at N485 to a dollar, the same rate as maintained since last week.

Trading at the official NAFEX window

Naira appreciated against the US Dollar at the Investors and Exporters window on Friday to close at N409 to a dollar. This represents a 65 kobo gain when compared to N409.65/$1 recorded on Thursday, 8th April 2021.

  • The opening indicative rate closed at N409.79 to a dollar on Friday. This represents a 71 kobo gain when compared to N410.50/$1 recorded on Thursday.
  • Also, an exchange rate of N420 to a dollar was the highest rate recorded during intra-day trading before it closed at N409/$1. It also sold for as low as N395/$1 during intra-day trading.
  • Forex turnover at the Investor and Exporters (I&E) window dropped by 41.1% on Friday, 9th April 2021.
  • A cursory look at the data tracked by Nairametrics from FMDQ showed that forex turnover declined from $93.69 million recorded on Thursday, April 8, 2021, to $55.21 million on Friday, April 9, 2021.

Cryptocurrency watch

The world’s most popular digital currency, bitcoin recorded a 3.05% increase in value on Saturday evening, 10th April 2021.

  • Bitcoin went up by 3.05% to trade at $59,907 on Saturday evening, compared to $58,135 recorded at the close of trade on Friday.
  • This is coming after it had risen to $61,222.22 on Saturday, its highest in nearly a month, propelled by talks of constrained new supplies against evidence of wider adoption.
  • Bitcoin (BTC) is up 116% from the year’s low of $27,734 on January 4. It crossed the $60,000 mark for the first time on March 13, hitting a record $61,781.83 on Bitstamp exchange, just after U.S. President Joe Biden signed his $1.9 trillion fiscal stimulus package into law.
  • The digital currency has been widely adopted by many, replacing gold as the global digital-reserve asset.

Oil price gain

Brent crude oil price declined on Sunday evening as it closed at $63.02 per barrel, indicating a 0.28% drop compared to $63.2 recorded at the close of trade on Friday.

  • This is as the fall in oil prices especially towards the end of last week can be attributed to demand concerns and Covid-19 lockdowns in some major economies, due to a spike in infections.
  • The Russian government has said that the coronavirus pandemic could continue to impact on global oil demand until 2024.
  • Crude oil prices had recorded a marginal increase during the week despite the decision of the OPEC+ to ease production cuts in the coming months. However, US Shale Giant has commended the OPEC+ group for bringing supply and demand back to balance.
  • Brent Crude closed at $63.02 (+0.11%), WTI Crude closed at $59.39 indicating 0.12% gain, Bonny Light, $61.55 (+0.46%), OPEC Basket (+0.89%) to close at $61.22 while Natural gas gained 0.67% to close at $2.543.

External reserve

Nigeria’s external reserve gained $29 million on Thursday, 8th April 2021 to close at $35.006 billion, being the highest external reserve position recorded in over a month.

  • This indicates a 0.08% increase when compared to $34.977 billion recorded on Wednesday, 7th April 2021.
  • It also represents an increase in the country’s external reserve position for the 13th consecutive day, having endured a significant downturn earlier in the year. Nigeria’s reserve has added a total of about $590 million in 13 days.
  • This recent increase in Nigeria’s external reserve could however be attributed to the increase in crude oil prices recorded earlier in March before the recent bearish trade in the crude market.
  • It could be attributed to the possible increase in diaspora remittance as the CBN offers incentives for every unit of a dollar received in Nigeria from diaspora remittance.
  • The external reserve is likely to get further boost as the Federal Government recently announced plans to issue $500 million Eurobonds for 2021.

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Cryptocurrency

Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark

The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.

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$700 million worth of Bitcoin moved by an unknown identity

Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.

Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688.

Whale alert! 🐋 Someone (possibly http://coinbase.com) moved 11,901 BTC $714 million in block 678,688

The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.

Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.

At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.

During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.

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Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.

However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.

A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.

 

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