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Top Gainers and Losers: A red month ends on a green note

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Gainers and Losers, Niger Insurance Plc

The Nigerian Stock Exchange ended the week on a positive note as the All Share Index closed at 32,766.37 basis points, up 0.71%.

The index also closed the month, in the red down 5.97%. Year to date, the market is in the negative down 14.32%.

28 equities appreciated in price during the week, lower than 50 in the previous week. 41 equities depreciated in price, higher than 25 equities of the previous week, while 100 equities remained unchanged higher than 94 equities recorded in the preceding week.

Top Gainers

Niger Insurance Plc

Niger Insurance was the best performing stock today. The stock opened at N0.31 and closed at N0.37, up N0.06 or 19.35%. Year to date, the stock is down 26%.

Veritas Kapital Assurance Plc

Veritas Kapital gained 15.38% during the week. The stock opened at N0.26 and closed at N0.30, up N0.04. Year to date, the stock is 40%.

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UACN Property Development Company

UACN Property Development Company appreciated by 14.71%. The stock opened at N1.70 and closed at N1.95, up N0.25. Year to date, the stock is down 30.11%.

First Aluminium Plc

First Aluminium opened at N0.37 and closed at N0.41, up N0.04 or 10.81%. Year to date, the stock is down 18%.

The company had earlier this week held its Annual General Meeting, during which retail shareholders protested its plans to voluntarily delist from the Nigerian Stock Exchange (NSE).

Stanbic IBTC Holdings

Stanbic IBTC Holdings appreciated by 9.52% this week. The stock opened at N42 and closed at N46, up N4. Year to date, the stock is up 10.41%.

Linkage Assurance Plc

Linkage Assurance Plc opened at N0.64 and closed at N0.70, up N0.06 or 9.37%. Year to date, the stock is up 6.06%.

University Press Plc

University Press Plc appreciated by 7.33% during the week. The stock opened at N1.91 and closed at N2.05, up N0.14. Year to date, the stock is down 10.09%.

Cement Company of Northern Nigeria Plc

Cement Company of Northern Nigeria (also known as Sokoto Cement) opened at N23.70 and closed at N25.30, up N1.60 or 6.75%. Year to date, the stock is up 166.32% and is the best performing stock on the NSE, year to date.

Neimeth International Pharmaceuticals

Neimeth International Pharmaceuticals opened at N0.62 and closed at N0.66, up N0.04. or 6.45%. Year to date, the stock is down 12%.

Vitafoam Plc

Vitafoam Plc rounds up the list of top 10 gainers. The stock appreciated by 6.06%, opening at N3.30 and closing at N3.50, up N0.20. Year to date, the stock is up 16.67%.

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Losers

Union Bank Plc

Union Bank was the worst performing stock this week. The stock opened at N5.80 and closed at N5.10, down N0.70 or 12.07%. Year to date, the stock is down 34.62%.

Union Diagnostic and Clinical Services Plc

Union Diagnostic and Clinical Services Plc declined by 10.53% during the week. The stock opened at N0.38 and closed at N0.34, down N0.04. Year to date, the stock is down 32%.

Livestock Feeds Plc

Livestock Feeds Plc opened at N0.63 and closed at N0.57, down N0.06 or 9.52%. Year to date, the stock is down 31.33%.

Unity Bank Plc

Unity Bank Plc shed 9.38% this week. The stock opened at N0.96 and closed at N0.87, down N0.09. Year to date, the stock is up 64.15% and is the best performing bank stock.

UAC of Nigeria Plc

UAC of Nigeria Plc opened at N11.80 and closed at N10.70, down N1.10 or 9.32%. Year to date, the stock is down 36.69%.

Nigerian Aviation Handling Company Plc (NAHCO) Aviance

NAHCO Aviance opened at N3.60 and closed at N3.27, down N0.33 or 9.17%. Year to date, the stock is down 17.84%.

ABC Transport Plc

ABC Transport Plc opened at N0.33 and closed at N0.30, down N0.03 or 9.09%.  Year to date, the stock is down 40%.

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Guinness Nigeria Plc

Guinness Nigeria Plc also shed 9.09% this week. The stock opened at N88 and closed at N80, down N8. Year to date, the stock is down 14.89%.

Berger Paints Plc

Berger Paints Plc opened at N6.90 and closed at N6.30 down N0.60 or 8.70%. Year to date, the stock is down 25.80%.

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Japaul Oil and Maritime Services Plc

Japaul Oil and Maritime Services Plc opened at N0.24 and closed at N0.22, down N0.02 or 8.33%. Year to date, the stock is down 56%.

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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Currencies

Investors flock to US dollar, as Gold, Bitcoin, Global Stocks record heavy sell-offs

The US dollar is stronger this morning on the back of a marked drop in risk appetite in European and US markets.

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Investors flock to US dollar, Gold, Bitcoin, as Global Stocks record heavy sell-offs, Twitter Poll: Bitcoin price expected to reach $100,000 by 2021, cybercriminals, What it will take Bitcoin to hit $100,000?

The U.S dollar closed high on Monday, hitting a six-week high, as currency traders and global investors rushed into the safe-haven currency.

This is coming on growing COVID-19 fears and worries over the U.S. Congress’ stimulus impasse drove a heavy sell-off in almost all other assets that include gold, Bitcoin, and Stocks.

What we now; At the time this report was drafted, Bitcoin traded at $10,463.98 with a daily trading volume of $23,554,819,012. BTC price is down -4.6% in the last 24 hours.

READ: U.S dollar drops lower, as U.S Federal Reserve plans on boosting inflation

Overnight on Wall Street, the Dow Jones Industrial Average fell 1.84%, the S&P 500 lost 1.16%, and the Nasdaq Composite dropped 0.13%.

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Gold spot lost about 2.1% to trade at $1,909.05 per ounce on Monday, after falling as much as 3.4% earlier in the session, its lowest since Aug. 12. U.S. gold futures settled down 2.6% at 1,910.60.

Australia’s S&P/ASX 200 dropped 0.7% pressured by miners and energy stocks, while China’s blue-chip index shed 0.1% and Hong Kong’s Hang Seng index was down 0.5%. Japanese markets were closed for a public holiday

READ: U.S stock futures trade flat, Apple regains $2 trillion market value

However, at the time this report was drafted, U.S. Dollar Index, which tracks the greenback against a basket of other currencies, dropped some gains to trade at 93.608

Quick fact: The U.S. Dollar Index tracks the greenback against a basket of major global currencies such as the Japanese yen, British pound sterling, Swedish Krona, Euro, etc. Individuals hoping to meet foreign exchange payment obligations via dollar transactions to countries like Europe, and Japan, would need to pay more dollars in fulfilling such payment obligations.

READ: FIRS generates N490 billion tax revenue in July, collects 89% from non-oil sector

Stephen Innes, Chief Global Market Strategist at AxiCorp in a note to Nairametrics gave vital insights on the safe-haven currency, saying:

“The US dollar is stronger this morning on the back of a marked drop in risk appetite in European and US markets, but off overnight highs, as US stocks are rebounding in good order.

“Two factors explain much of the risk aversion. Banking shares are sharply lower following the International Consortium of Investigative Journalists report examining bank behavior in the context of Suspicious Activity Reports. Travel and leisure names are weaker in Europe on the back of continued angst around the rising COVID-19 case count in the Eurozone and the UK.

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“The fickle nature of currency trading these days suggests that as US stocks fall, the USD rises, reflecting the USD’s dominance in demand when there are big down moves in risk sentiment.”

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Cryptocurrency

U.S Banks now permitted to hold Tether, Circle

The OOC has insisted that national banks and federal savings associations may hold “reserves” on behalf of customers who issue stablecoins.

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Tether expected to surpass Ethereum, based on strength of the U.S dollar, ther mints 80,000,000 USDT to unknown wallets within 24 hours, Tether mints over a billion dollars’ worth of USDT, Tether mints over a billion dollars’ worth of USDT

These are surely good times for Stabelcoins. The world’s largest economy’s banking regulator.

In a detailed letter released yesterday, permitted national banks to hold reserve currencies for stablecoins (Tether, Circle). The letter which was released by the Office of the Comptroller of the Currency (OCC) responds to questions regarding the application of stablecoin-related bank activities. It concludes that national banks and federal savings associations may hold “reserves” on behalf of customers who issue stablecoins, in situations where the coins are held in hosted wallets.

“National banks and federal savings associations currently engage in stable coin-related activities involving billions of dollars each day,” Acting Comptroller of the Currency, Brian P. Brooks, said. “This opinion provides greater regulatory certainty for banks within the federal banking system to provide those client services in a safe and sound manner.”

READ: GTBank, Access Bank, 11 others pay workers N271.64 billion in H1 2020

The letter addresses the use of stablecoins backed by a single fiat currency on a one-to-one basis, where the bank verifies at least daily that reserve account balances meet or exceed the number of the issuer’s outstanding stablecoins.

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What are Stablecoins?

Stablecoins are cryptocurrencies created to minimize the price swings that occur in a crypto asset. They are usually pegged to fiat currencies and often exchange-traded commodities.

Stablecoins give owners a sense of security as users can store their assets whenever there is high volatility in the crypto-verse or other financial markets.

Consumers can also with great ease convert from unpegged cryptocurrencies to stablecoins when they are worried about where the markets are heading next, eliminating the need to return to a fiat currency.

READ: CBN allows banks to pay winnings, salaries for 7 banned betting & gaming companies

These conversions can also be less expensive than when switching between crypto and fiat, as it takes the transaction fees of payment processing providers and banks out of the equation.

Global Investors and traders are using it to give their investment portfolios exposure to the US Dollar during these times when uncertainty is high, as a result of the worst pandemic (COVID-19) known to man.

READ: Jaiz Bank: First shared-profit bank in Nigeria approaches 10 years

Sequel to this landmark statement, Nairametrics about a month ago, detailed the importance of stablecoins in modern-day finance.

Stablecoins like Tether are particularly useful for capital flight, as their USD-pegged value means users selling off large amounts in exchange for their fiat currency of choice can rest assured that it’s unlikely to lose its value as they seek a buyer,” Chainalysis said in the report.

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Commodities

Crude oil prices drop again after losing 4% on Monday

Oil benchmarks fell around 4% on Monday following rising concerns of increased coronavirus cases.

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Oil price hits 21-year low as demand and storage crisis persists, Crude oil prices drop as investors assess demand recovery amid supply glut

Crude oil prices drifted lower at the later part of Asia’s trading session on Tuesday, as Tropical Storm Beta in the Gulf of Mexico weakened.

What we know: Brent oil futures were down by 0.31% to $41.31 at the time this report was drafted, and WTI futures fell by 0.23% to $39.22.

Both oil benchmarks fell around 4% on Monday, hit by rising concerns that an increase in coronavirus cases in major markets could spur fresh lockdowns and hurt demand.

READ: Chevron Nigeria invests $1.45 billion in local content development

Oil prices are falling again amid Tropical Storm Beta reduced in power in the Gulf of Mexico, allaying fears of an extended shutdown that began in the previous week with Hurricane Sally.

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In a note to Nairametrics, Stephen Innes, Chief Global Market Strategist at AxiCorp, spoke on the macros disrupting the price of hydrocarbon.

READ: Soybean Futures reach 2-year high, following U.S sales to China 

“In line with broader markets, oil prices were hammered lower overnight as the growth assets buckled amid lockdown fears in Europe and the UK.

There continues to be concern around the effects on demand of the resurgence in Covid-19 cases globally as countries have to counterbalance the economic and health issues in getting back to work. The second half of 2020 was always going to reflect this price see-saw.

While mother nature is doing its part as traders focus on the hurricane season in the US, OPEC+ cuts seem to be tightening the market.”

READ: The implications of India’s recent ban of its seafarers off Nigeria’s waters

However, the COVID-19 crisis continues to deepen with growing concerns about global energy demand arising from the latest data on the spread of the virus in major world economies such as the U.K.

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