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Diamond Bank rebounds after hitting 5 year low

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Gainers and Losers, Niger Insurance Plc

This week was a slightly bearish one on the Nigerian Stock Exchange, as the All Share Index closed at 30,866.82 basis points, down 0.02%.

30 equities appreciated in price during the week, higher than 25 in the previous week. 38 equities depreciated in price, lower than 41 of the previous week, while 101 equities remained unchanged, lower than 103 equities recorded in the preceding week.

Gainers

Diamond Bank Plc 

Diamond Bank was the best performing stock this week on the Nigerian Stock Exchange. The stock opened at N0.65 and closed at N1.02, up 56.92%. Year to date, the stock however remains in the red, down 32%.

Ikeja Hotels Plc

Ikeja Hotels came a distant second. The stock gained 11.31% this week, opening at N1.68 and closing at N1.97, up N0.19. Year to date, the stock is up 5.06%.

AIICO Insurance Plc 

AIICO Insurance appreciated by 11.11% this week. The stock opened at N0.63 and closed at N0.70. Year to date, the stock is up 34.62%.

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Jaiz Bank Plc

Jaiz Bank Plc opened at N0.40 and closed at N0.44, up N0.04 or 10%. Year to date, the stock is down 30.16%.

Champion Breweries Plc 

Champion Breweries gained 9.66% this week. The stock opened at N1.45 and closed at N1.59, up N0.14. Year to date, the stock is down 23.56%.

Oando Plc 

Oando Plc opened at N4.70 and closed at N5.15 up N0.45 or 9.57%. Year to date, the stock is down 14.02%

Learn Africa Plc

Learn Africa Plc opened at N1.16 and closed at N1.26, up N0.10 or 8.62%. Year to date, the stock is up 43.1%

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Cutix Plc 

Cutix Plc added 8.24% in this week’s trading. The stock opened at N1.82 and closed at N1.97, up N0.15. Year to date, the stock is down 1.99%.

Wema Bank Plc 

Tier two lender, Wema Bank, opened at N0.51 and closed at N0.55, up N0.04 or 7.84%. Year to date, the stock is up 5.77%.

FBN Holdings Plc 

FBN Holdings rounds up the top ten gainers for the week. The stock gained 7.04%, opening at N7.10 and closing at N7.60, up N0.50. Year to date, the stock is down 13.64%.

Losers

Continental Reinsurance Plc 

Continental Reinsurance Plc was the worst performing stock this week. The stock shed 12.50%, opening at N2 and closing at N1.75, down N0.25. Year to date the stock is up 25%.

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Trading in the stock has been volatile since a potential acquisition bid was announced.

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Prestige Assurance Plc 

Prestige Assurance Plc opened at N0.55 and closed at N0.49, down N0.06 or 10.1%. Year to date, the stock is down 2%.

Newrest ASL Nigeria Plc 

Newrest ASL declined by 10% this week. The stock opened at N7 and closed at N6.30, down N0.70.

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MRS Oil Nigeria

MRS Oil Nigeria opened at N38.55 and closed at N25.70, down N2.85 or 9.98%. MRS was Nairametrics’ stock pick for the week. Year to date, the stock is down 6.41%.

SCOA Nigeria Plc

The conglomerate opened at N3.25 and closed at N2.93, down N0.32 or 9.85%. Year to date, the stock is down 9.85%.

Northern Nigeria Flour Mills 

Northern Nigeria Flour Mills (a subsidiary of Flour Mills of Nigeria Plc) shed 9.43%. The stock opened at N5.30 and closed at N4.80, down N0.50. Year to date, the stock is down 15.79%

TransNationwide Express Plc

Trans-Nationwide Express declined by 9.23% this week. The stock opened at N0.65 and closed at N0.59, down N0.06 or 9.23%. Year to date, the stock is down 24.36%.

First Aluminum Nigeria Plc 

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

Niger Insurance Plc 

Niger Insurance declined by 9.09% this week. The stock opened at N0.22 and closed at N0.20, down N0.02. Year to date, the stock Is down 60%.

Cement Company of Northern Nigeria Plc

Cement Company of Northern Nigeria rounds up the top 10 losers for the week. The stock opened at N18 and closed at N16.50, down N1.50 or 8.33%. Year to date, the stock is up 73.68%. CC

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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

McCaleb, co-founder of Ripple sells 28.6 million XRP

McCaleb the co-founder of Ripple sold 28.6 million XRP — roughly $8.5 million

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XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Crypto analyst, Leonidas Hadjiloizou, recently revealed via his Twitter handle that McCaleb, the co-founder of Ripple, sold 28.6 million XRP — roughly $8.5 million at the time of drafting this report — following 25 days of no sale activity after news broke of the Ripple SEC lawsuit.

At the time of writing this report, XRP traded at  $0.288355 with a daily trading volume of $5.6 billion. XRP is down 1.09% for the day.

Recall that some days ago, Nairametrics revealed Ripple’s co-founder and one of the largest owners of XRP, Jed McCaleb, gained massively from selling XRP in 2020.

Despite Ripple’s legal troubles with the powerful American financial regulator, Jed McCaleb was able to gain $411 million in XRP sales throughout 2020, bringing his total gains from selling XRP to $546 million.

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  • It’s important to note that McCaleb left Ripple several years ago and went on to launch his own crypto company known as Stellar.
  • As of the start of Q3 2020, he was selling an average of 1.74 million XRP daily which, at that time, was estimated to be worth $547,438.
    According to Whale Alert’s research, the co-founder still owns 3.274 billion XRP.

Recently, XRP has been losing value at record levels since reports that the world’s most valuable crypto exchange, Coinbase, announced that it wouldn’t allow XRP trading, in response to the United States Securities and Exchange Commission taking legal action against Ripple.

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Commodities

Oil prices rally high on incoming COVID-19 relief program

Brent oil futures gained 0.68% to trade at $56.28 a barrel adding to yesterday’s 2.1% gain.

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global oil market, Bonny Light and Brent crude oil, Arthur Eze, Nigeria cuts crude oil production to 1.77mbpd, Nigeria wants international oil companies to pay up now , OPEC+ deal gets a boost as Russia and Saudi Arabia consider further output cut, 4 key reasons why Brent crude might slip back to $35 per barrel, How substantial is compliance for the Oil market?

Oil prices were all fired up at mid-week trading session in London.

Holding on to their previous gains on reports that the incoming Joe Biden administration will offer more quantitative easing programs, boosted hopes for energy demand

What you should know: At press time, Brent oil futures gained 0.68% to trade at $56.28 a barrel adding to yesterday’s 2.1% gain. West Texas Intermediate futures rallied by 0.79% to trade at $53.40 a barrel, building on a 1.2% rise seen at the last trading session.

  • Both major oil benchmarks stayed above the $50 mark.
  • The Treasury Secretary nominee, Janet Yellen advised the U.S lawmakers in acting fast on COVID-19 support packages during her Senate confirmation hearing held yesterday.

Stephen Innes, Chief Global Market Strategist at Axi in a note to Nairametrics gave valuable insights on the mindset of energy traders in regards to Saudi’s recent cut and massive stimulus package on its way to financial markets stating;

“The energy markets are racing higher out of the gates in Asia aided by a lower dollar and hopes of a sizeable economic stimulus package from the Biden administration.

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“Energy traders are packing in a chunky stimulus-response that might matter to investors from both a commodity and currency perspective where the US dollar could weaken to oil prices benefit since crude is priced in US dollars.

“The most favorable elixir of US stimulus and the imminent Saudi production cut bolstering efforts of OPEC+ to keep supply well below demand this year continue to help price action.”

What to expect: Ahead of presidential inauguration day, Oil traders offer up a Biden policy seal of approval on the agenda’s sequencing with vaccinations plus stimulus now and taxes later, to drive risk through the first half of 2021.

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Currencies

Naira strengthens at NAFEX window despite 61% drop in dollar supply

The exchange rate between the naira and the dollar appreciated marginally closing at N393.35/$1.

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Naira falls across forex markets as businesses resume after public holidays

On January 19, 2021, the exchange rate between the naira and the dollar appreciated marginally closing at N393.35/$1 at the NAFEX (I&E Window) where forex is traded officially.

This is as dollar supply dropped by 61% with lower demand.

Also, the exchange rate at the black market where forex traded unofficially maintained stability at N475/$1. The exchange rate at the parallel market closed at N475/$1 on the previous trading day of January 18, 2021.

This is as the Central Bank of Nigeria sustains its intervention across the foreign exchange markets to meet the needs of manufacturers and end-users who need dollars for their medical trips, school fees payments, travel allowances, and others.

The apex bank has also resumed its dollar sales to Bureau De Change operators.

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The exchange rate disparity between the parallel market and the official market is about N81.65, representing a 17.2% devaluation differential.

The Naira appreciated against the dollar at the Investors and Exporters (I&E) window on Tuesday, closing at N393.35/$1. This represents a 48 kobo gain when compared to the N393.83/$1 that it closed on the previous trading day.

  • The opening indicative rate was N393.96 to a dollar on Tuesday, representing an 11 kobo gain when compared to the N394.07 that was recorded on Monday, January 18, 2021.
  • The N396 to a dollar was the highest rate during intra-day trading before it closed at N393.35 to a dollar. It also sold for as low as N390/$1 during intra-day trading.
  • Forex turnover at the Investor and Exporters (I&E) window declined by 61% on Tuesday, January 19, 2021.
  • According to the data tracked by Nairametrics from FMDQ, forex turnover dropped from $69 million on Monday, January 18, 2021, to $26.83 million on Tuesday, January 19, 2021.
  • The average daily forex sale for last week was about $169.93 million, which represents a huge increase from the $34.5 million that was recorded the previous week.
  • The exchange rate is still being affected by low oil prices, dollar scarcity, a backlog of forex demand, and a shaky economy that has been hit by the coronavirus pandemic.
  • There are fears that the exchange rate at the black market might be under pressure in the coming weeks as importers scramble for dollars to meet their demands.

Oil price steady rise

Brent crude oil price is currently at $54.88 per barrel on Monday, as it moves towards the $60 mark, a strong sign that global demand could sustain price increases in 2021.

  • Nigeria’s crude oil price benchmark for 2020 was $40 while it projected an oil production output of 1.8 million barrels per day.
  • Nigeria has a production capacity of 2.5 million barrels per day but is subject to OPEC’s crude oil production cuts, which are expected to help sustain higher oil prices.
  • The higher oil prices and steady production output have positively impacted Nigeria’s external reserves, rising sharply to $36.304 million according to central bank data dated January 14, 2020.
  • This is the highest level since July 2020 and a sign that higher oil prices and steady output levels may be contributing significantly to Nigeria’s foreign exchange position.

Nigeria rising external reserves

  • The external reserve has risen to $36.3 billion as of January 15, 2021, suggesting that the government may have taken receipt of the $1-1.5 billion World Bank Loan.
  • The external reserves have increased by $1 billion since December 31, 2020, when it closed the year at $35.3 billion.
  • The unification of the exchange rate was previously cited as a major requirement for receiving the world bank facility.
  • Nigeria needs the external reserves to hit $40 billion if it is to adequately meet some of the pent up demand that has piled up since 2020 when oil prices crashed and the pandemic caused major economic lockdowns.

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