The Market Context layer (formerly called "Bayesian signals") combines four factors - recent price history, NGX filings activity, NGN/USD correlation, and market breadth - into a composite score for each stock. A higher score means more of those factors are aligned in the same direction for that stock recently. It is a descriptive summary of recent history, not a prediction.
Some stocks also show a "Directionally significant" badge. This means the stock's daily up/down pattern over its recent liquid trading days passed a real statistical test (an exact binomial test against a coin-flip null hypothesis, corrected for testing many stocks at once) - not just that its score happened to be high. A stock without the badge either wasn't significant or didn't yet have enough real trading days to test; both are shown honestly, never guessed at.
The z-score measures how unusual today's price move is relative to that stock's own recent history. A z-score above 2 means the move is more than two standard deviations from the stock's 30-day average. That is statistically uncommon for that stock specifically.
It does not tell you why the move happened or what will happen next. It tells you the move is unusual and worth investigating.
FX sensitivity shows how correlated a stock's daily returns have been with NGN/USD moves over the past 30 trading days. A high positive sensitivity means the stock has historically moved with NGN weakness. That pattern is typical of exporters or companies with USD-denominated revenue. A high negative sensitivity means the stock has historically moved against NGN weakness. That pattern is typical of importers with dollar-cost inputs.
This is a historical correlation, not a forecast. It will update as more price history accumulates.
When a stock's daily move is both statistically unusual (z-score at or above 2.0) and materially large (absolute change at or above 2%), AfriTerminal flags it with an UNUSUAL MOVE DETECTED card. The card shows the z-score, the 30-day mean and standard deviation for that stock, and the number of trading days used in the calculation.
The flag is a prompt to investigate, not a recommendation to act.
Every AI-generated intelligence narrative includes a WATCH FOR condition. It names the specific metric, threshold, and consequence that would change the narrative's conclusion. For example: "Watch for USDNGN moving past ₦1,600, which would compress margins for any issuer with unhedged dollar input costs."
WATCH FOR gives analysts a specific forward trigger to monitor. It is not a prediction.
Every factual claim in the intelligence layer is sourced from data files AfriTerminal scraped that day: NGX prices, filings, FX rates, macro indicators. The AI is instructed never to invent figures and to cite every number to its source. If data is unavailable, it says so rather than estimating.
AI summaries can misread context or miss something a human analyst would catch. Verify against the primary source before using in formal work. Every intelligence card carries this note.
Every fundamental figure (PAT, EPS, revenue, dividends) is extracted from the company's own filed documents: annual reports and results announcements from NGX Group's document library. News articles are never used as a source. Each figure is verified against the literal text printed in the source PDF and passes arithmetic and scale checks before it can be stored. Figures that fail verification are withheld and sent to manual review, not published.
Where a displayed figure carries less than full extraction confidence, a visible badge marks it. All displayed comparisons use full-year figures only; interim periods are never mixed in.
It multiplies the stock's statistically projected EPS (bear, base, and bull scenarios built from its own filing history) by the median trailing P/E of its sector peers. The result shows what projected earnings would be worth at peer-median multiples. It is a data comparison between two datasets AfriTerminal maintains, not a price target.
When the implied figure sits far from the current market price (beyond 3x in either direction), it is shown with an explicit out-of-band note and Low confidence rather than hidden. A gap that wide historically reflects either a projection built from a short earnings history or a market price that has not tracked reported earnings. Worth investigating, never a signal on its own.
No. AfriTerminal is a data aggregation and intelligence platform. It does not make buy, sell, or hold recommendations. It does not manage portfolios. It is not a regulated financial service.
All data, prices, AI narratives, signals, and reports are for informational and analytical purposes only. Any investment decision made using AfriTerminal data is entirely the user's own responsibility.
AfriTerminal is the intelligence layer for African capital markets professionals. It aggregates NGX equities data, corporate filings, FX rates, macro indicators, and global markets. It then applies AI to explain what moved, why it moved based on the data, and what conditions would change that view.
It is built for analysts who need to understand what happened in a session and write about it, not just read a price list.
AfriTerminal is built for Nigerian capital markets professionals: sell-side analysts, research teams at stockbroking firms, fund managers, and investment banking teams who work with NGX equities daily.
It is most useful to people who write formal investment notes, morning briefs, or portfolio commentary and need a fast, citable source of NGX market context.
The NGX website shows you prices. Bloomberg shows you global data at a cost most Nigerian firms cannot justify for NGX-specific work. AfriTerminal does something neither does: it tells you what the data means in the context of the Nigerian market.
Every trading morning by 7:00am WAT, AfriTerminal generates AI narratives that explain the previous session: which stocks moved, why they likely moved based on filings and macro context, and what specific conditions would change that view. The narratives are grounded in local market knowledge, including CBN MPR dynamics, USDNGN as a leading NGX indicator, and PFA mandate constraints.
AfriTerminal's primary focus is Nigeria (NGX): 141 equities with live pricing, filings intelligence, anomaly detection, and daily AI briefings.
The platform also covers Ghana (GSE), Kenya (NSE), South Africa (JSE), and Egypt (EGX) for pricing and macro context, plus 9 global indices, FX rates for 8 focus African currencies, African sovereign bond yields, and commodity prices including Brent crude.
All data sources are cited on every card in the platform. The primary sources are:
Full methodology documentation is at methodology.html.
Yes. You can record positions (ticker, shares, buy price) in the Portfolio view. AfriTerminal computes concentration, FX sensitivity, benchmark-relative return against the NGX ASI, and a correlation matrix across your holdings, all from live market data plus what you entered.
Yes. You can send a connection request to another analyst in the directory; once they accept, you can message each other 1:1. A message is visible only to you and the other participant. You can block another user at any time, which is silent and stops all new contact from them.
Messages that read as investment direction ("buy", "sell", "hold") are blocked automatically before sending, the same rule that applies to everything else AfriTerminal generates - see Terms of Use, Section 7.
Where available to your tier, yes. Generate an API key from the dashboard and use it to query financial_history (full-year figures, same confidence-verified data shown elsewhere on the platform) via Power Query or any HTTP client. Each key has a daily request quota; requests over the quota are rejected. You can revoke a key at any time, and up to 5 active keys per account are allowed.
It shows which NGX names are most and least covered across all analysts using AfriTerminal, relative to their liquidity, and how that has shifted quarter over quarter. Individual analysts' coverage is never revealed - a ticker's count only ever displays once at least 5 analysts cover it; below that it shows only as "<5," including in quarter-on-quarter comparisons.
Yes. AfriTerminal is currently free to use. Create an account and you have full access to the platform: NGX equities, daily intelligence briefings, filings, macro data, FX, and global markets.
Yes. Paid plans are coming. AfriTerminal will offer a Pro tier for individual analysts and a Team tier for research teams and asset managers. Pricing and feature differences will be announced before any feature is locked. No feature will be gated without notice.
Pro is planned at ₦5,000 per month (₦45,000 annually). Team is planned at ₦50,000 per month for up to 5 seats. These prices may change before launch. Registered users will be notified before any change takes effect.
The End of Day Report is a professional PDF briefing generated after every NGX trading session. It covers the full session in one document: market summary, sectoral performance, top gainers and losers, notable trades, AI signal commentary on flagged stocks, corporate filings intelligence, macro reference table, and a Tomorrow's Watch forward signal.
It is modelled on Nigerian sell-side research output. It is designed to be the basis of a morning brief or client note, not a supplement to one.
The report is designed to generate and email at 5:00pm WAT on NGX trading days (Monday to Friday, excluding Nigerian public holidays). Automated delivery is not yet generally available; it is being validated before rollout. This page updates when delivery goes live.
The report is delivered as a PDF attachment named AfriTerminal_EOD_YYYY-MM-DD.pdf. It is formatted for A4 printing and designed to be forwarded to clients or attached to internal notes without modification.
Yes. You can set a personal coverage universe of up to 20 NGX stocks. The report's signal intelligence and coverage summary sections are personalised to those stocks. An analyst covering banking receives a different report than one covering consumer goods.
Coverage universe selection is available from the END OF DAY REPORT tab in the dashboard.
Yes. The last 30 daily reports are available for download from the END OF DAY REPORT tab in the dashboard.
Still have a question? Write to info@afriterminal.com. We read everything.