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Markets

Stocks to watch out for in this week’s trading session

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Mobolaji Balogun

The Nigerian Stock Exchange (NSE) closed at 6.38% last week, beginning the month of June in a bearish manner. Year to date, the index has slipped into negative territory at 3.73%

Here is a run down of stocks that are on our watch list this week. The stocks to watch list comprises the top gainers and losers of the previous week, companies having corporate actions, as well as news surrounding them.

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Conoil Plc

Conoil Plc makes our watchlist by virtue of its releasing its results late on friday. Though the company’s profit declined, it has proposed a dividend of N2 per share.

Investors tend to flock into stocks that have declared dividends. Conoil is also the best performing stock in the oil and gas sector year to date.

May & Baker Nigeria Plc

May and Baker last week obtained shareholders’ approval to raise additional capital. The company also plans to sell some of its properties in Lagos.  

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The stock could witness a slight uptick in a run up to its technical suspension for the rights issue. Chairman of the pharmaceutical giant, Theophilus Danjuma, had hinted that the rights issue would take place soon.

Eterna Plc

Eterna Oil Plc was the top gainer last week, adding 20.11%, hence a place on our watchlist  

CCNN Plc

Cement Company of Northern Nigeria (CCNN) Plc was the second biggest gainer last week, with a 16.46% gain. Year to date, the stock is up 194.21%, making it the biggest gainer on the NSE.

The company last month announced the completion of a 1.5 million tonne line at the plant.

International Breweries Plc

International Breweries is on our watch list this week by virtue of being the biggest loser last week. The stock dipped by 22.39% to close at N40.20 per share. Year to date, the stock is down 26.24%.

Bearish market sentiments mean that the stock could witness further decline in price.

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Lafarge Plc

Lafarge Plc dropped 16.05% last week, making it the second worst performing stock. Year to date the stock is down 24.26%

Lafarge has struggled to catch up with its peers and the bearish sentiments on the stock mean it the downward trend could continue.

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BOC Gases

BOC Gases will be closing its shareholders register from the 4th of June to 11th of June 2018. Shareholders who owned the stock before this date, would be entitled to dividends.

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Berger Paints

Berger Paints will be holding its Annual General Meeting (AGM) on the 7th of June. AGMs are a key source of information about the company’s plans for the financial year.

Dividend payment, if approved  will take place on the next day, 8th of June, 2018.

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Julius Berger

Construction giant, Julius Berger, will be closing its shareholders register from Monday the 4th of June to Wednesday the 6th of June 2018.

NEM Insurance Plc

NEM Insurance will be closing its shareholders register from Monday the 4th of June to Friday the 8th of June.

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LASACO Assurance Plc

LASACO Assurance will be closing its shareholders from Monday the 4th of June to Friday the 8th of June.

 

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Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via [email protected]

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Cryptocurrency

CHAINLINK now sixth most valuable crypto, keeps setting new highs

Chainlink presently stands as the sixth most valuable crypto asset valued at $4.65 billion dollars.

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100% of Chainlink (LINK) wallets are now in profit

Chainlink (LINK) price continues to set new records as the DeFi-related token reaches a new all-time high close to the $13.5

Over the last 24-hours, LINK has surged as high as $13.46 on a leading crypto analytic tracker, Coingecko.

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Chainlink presently stands as the sixth most valuable crypto asset valued at $4.65 billion dollars.

Recall that Nairametrics had previously given  an in-depth insight on how Chainlink (LINK), against all odds, joined the top 10 most valuable cryptocurrencies by market capitalization. This followed heightened interest by crypto traders and investors for the digital coin over the last several weeks.

Time to sell?

A renowned crypto trader, Benjamin Blunts, posted on Twitter saying he would rather prefer to wait for LINK’s price to go up a bit higher before considering selling. He said:

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“I actually would be inclined to start looking for shorts soon, however, it seems my entire feed is doing the same. so I will wait for another push higher I think, not really interested in standing in front of the strongest, fastest horse right now.”

Quick fact: Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs. Since blockchains by principle can’t have access to data outside their paths or networks, a defi instrument is needed to facilitate data feeds in smart contracts, and Chainlink helps to solve such needs.

It should also be noted that about a year ago, Chainlink announced that Google was integrating Chainlink into their approach to smart contract adoption on how users could use Chainlink to connect to BigQuery, one of Google’s most popular cloud services.

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Cryptocurrency

BAND, fastest growing crypto gains 5,620% in 7 months

BAND Protocol is backed by Sequoia Capital and Binance.

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BAND, fastest growing crypto gains 5,620% in 7 months

Band Protocol (BAND), an arch-rival blockchain network to Chainlink (LINK) has just hit an all-time high. Data from Coinmarketcap showed BAND growing from $0.2 on Jan 05, 2020, to $11.24, at the time this report was written, showing an impressive gain of 5,620%, recording a new high.

READ ALSO: ChainLink’s digital coin skyrockets 388% in 130 days, still soaring

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Fundamental analysis of BAND

Despite BAND’s significant re-rating year to date, it is worth noting that its market capitalization is still only 5% of LINK.

This is fair, currently given BAND’s nascent stage but Nairametrics expects the valuation gap will continue to close in the next 12 months as BAND scales.

READ ALSO: Bitcoin surges pass $11,500, BTC wallets activity hit 2.5 year high

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In the coming months, BAND will be announcing a number of partnerships that will show how far along they have come. This will dispel the misinformation that some rivals have tried to spread much better.

The 2nd phase of BAND’s re-rating continues. Given its partnership pipeline and impending exchange listings, I would be disappointed if the BAND’s market capitalization is not at least 10-20% of LINK’s within the next 12 months.

READ MORE: Ripple has released 1 billion XRP; here’s what this means

Quick Fact; BAND Protocol is a cross-chain data oracle network that aggregates and connects real-world data and APIs to smart contracts. Blockchains enable immutable storage and deterministic, verifiable computations — however; they cannot securely access data available outside the blockchain networks.

BAND Protocol is backed by Sequoia Capital and Binance.

Band Protocol enables smart contract applications such as DeFi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle.

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Commodities

Crude oil prices settle almost 2% lower amid growing geopolitical risks

The surge in recent days in Covid-19 caseloads remains a great concern for oil traders.

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Oil prices, OPEC crude oil production drops to its lowest in nearly 30 years

Crude oil prices settled almost 2% lower at the last trading session of the week, dropping for the second time in five days amid growing fears that global energy demand could plummet to record lows.

U.S. West Texas Intermediate futures closed lower, having shed 1.74% to trade at $41.22 per barrel. Brent, the world’s barometer for crude, also lost about 1.53% to close at $43.30.

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READ MORE: Why Nigerians should consider investing in Commodities

Why crude oil traders are concerned

The recent surge in COVID-19 caseloads remains a great concern for oil traders. Cases in the world’s largest economy are still rising, while India recently reported a record daily rise in COVID-19 caseloads. More than 700,000 people have died because of the COVID-19 pandemic.

Stephen Innes, Chief Global Market Strategist at AxiCorp, in a note to Nairametrics, explained the geopolitical risks facing the energy market. He said:

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“By the shift in lower oil prices today, it confirms that when it comes to geopolitical risk, Asia oil traders (and most for that fact) have an unfortunate predisposition to heightened US-China tensions as oil reverses lower at midday.

“The executive orders (signed by President Trump) leveled on TikTok, and the scrutiny over WeChat has opened up a most unwelcome can of worms, especially ahead of the August 15th trade meeting.”

READ ALSO: Exxon Mobil, Chevron record their worst losses in history

Crude oil traders closed some of their long positions at the last trading week remembering the invisible enemy, COVID-19.

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