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Markets

Oil companies top gainers and losers for the week

The NSE All-Share Index depreciated by 0.63%, opening at 30,866.82  and closing at 30,672.79 basis points.

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NSE John Holt

The NSE All-Share Index depreciated by 0.63%, opening at 30,866.82  and closing at 30,672.79 basis points. Year to date, the index is down 19.80%.

34 equities appreciated in price during the week, higher than 30 in the previous week. 37 equities depreciated in price, lower than 38 of the previous week, while 98 equities remained unchanged lower than 101 equities recorded in the preceding week.

Top Gainers

Forte Oil Plc 

Forte Oil Plc was the best performing stock this week. The stock opened at N18, and closed at N24.10, up N6.10 or 33.89%. Year to date, the stock is down 44.57%.

John Holt Plc

John Holt Plc appreciated by 20% this week. The stock opened at N0.40 and closed at N0.48, up N0.08. Year to date, the stock is down 4%.

Veritas Kapital Assurance Plc 

Veritas Kapital Assurance opened the week at N0.21 and closed at N0.25, up N0.04 or 19.05%. Year to date, the stock is down 50%.

CAP Plc

CAP Plc added 18.25% this week. The stock opened at N31.50 and closed at N37.25, up N5.75. Year to date, the stock is up 9.56%.

Union Bank Plc

Union Bank Plc opened at N5.35 and closed at N6.10, up N0.75 or 14.02%. Year to date, the stock is down 21.79%.

Eterna Plc 

Eterna Plc appreciated by 10.71% this week. The stock opened at N4.20 and closed at N4.65, up N0.45. Year to date, the stock is up 14.53%.

First Aluminum Plc

First Aluminum Plc opened at N0.30 and closed at N0.33, up N0.03 or 10%. Year to date, the stock is down 34%.

Berger Paints Nigeria Plc

Berger Paints gained 10% this week. The stock opened at N6.50 and closed at N7.15, up N0.65. Year to date, the stock is down 15.78%.

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Japaul Oil and Maritime Services Plc

Japaul Oil and Maritime Services Plc also gained 10%. The stock opened at N0.20 and closed at N0.22, up N0.02. Year to date, the stock is down 56%.

Niger Insurance Plc 

Niger Insurance rounds up the top 10 gainers of the week, with a 10% appreciation. The stock opened at N0.20 and closed at N0.22, up N0.02. Year to date, the stock is down 56%.

Losers

11 Plc

11 Plc (formerly known as Mobil Oil Nigeria Plc) was the worst performing stock this week The stock declined by 10.41% opening at N174.80 and closing at N156.60, down 10.41%. Year to date, the stock is down 19.53%.

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Conoil Plc 

Conoil Plc shed 10% this week. The stock opened at N22.50 and closed at N20.25, down N2.50. Year to date, the stock is down 27.68%.

Cutix Plc 

Cutix Plc opened at N1.97 and closed at N1.78, down N0.19 or 9.64%. Year to date, the stock is down 11.44%.

Livestock Feeds Plc

Livestock Feeds Plc declined by 9.62%. The stock opened at N0.52 and closed at N0.47, down N0.05. Year to date, the stock is down 43.37%.

Chams Plc 

Chams Plc shed 9.09%. The stock opened at N0.22 and closed at N0.20, down N0.02. Year to date, the stock is down 60%. The stock is currently trading at a 5 year low.

Cornerstone Insurance Plc 

Cornerstone Insurance also declined by 9.09% this week. The stock opened at N0.22 and closed at N0,20m down N0.02. Year to date, the stock is down 60% and is trading at a year low.

Daar Communications Plc 

Daar Communications Plc opened at N0.44 and closed at N0.40, down N0.04 or 9.09% this week. Year to date, the stock is down 20% and is trading at a low.

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Mutual Benefits Assurance

Mutual Benefits Assurance declined by 8.70% this week. The stock opened at N0.23 and closed at N0,21, down N0.02. Year to date, the stock is down 58%.

& I Leasing Plc 

C & I Leasing Plc opened at N1.94 and closed at N1.78, down N0.16 or 8.25%. Year to date, the stock is up 37.98%.

C and I Leasing was this week placed on full suspension to enable the company to carry out a share reconstruction.

ABC Transport Plc 

ABC Transport Plc rounds up the top 10 losers for the week. The stock declined by 7.41%, opening at N0.27 and closing at N0.25 down N0.02 Year to date, the stock is down 50%. The stock is currently trading at a year low.

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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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Business News

Paypal’s Venmo now permits cryptocurrency trading

Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

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Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app

Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.

Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.

READ: 28 million merchants to be granted crypto usage on PayPal

As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.

Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.

Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

What they are saying

Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

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Business News

ABCON asks CBN to check impact of cryptocurrencies on diaspora remittances

The association also noted that the apex bank needs to address other issues driving the patronage of cryptocurrency exchanges for remittance transfers.

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ABCON disagrees with those calling for naira devaluation

The Association of Bureau De Change Operators of Nigeria (ABCON) has asked the Central Bank of Nigeria (CBN) to introduce measures that will neutralize the positive effects of cryptocurrencies as a channel for diaspora remittances.

This is to redirect diaspora remittances away from cryptocurrency exchanges to official channels and also protect such against potential disruptions.

This call was made by ABCON during its Quarterly Economic Review for the first quarter of 2021 where it commended the CBN for the N5/$ rebate scheme introduced to encourage diaspora Nigerians to use official channels to remit their funds.

However, the association noted that the apex bank needs to address other issues driving the patronage of cryptocurrency exchanges for remittance transfers.

READ: Nigeria among worst countries to start a career, and they all don’t accept crypto

What ABCON is saying in their statement

The association in its statement said, “It is noteworthy that public acceptability for cryptocurrency exchanges are rising which could be quite accountable for the wide drop in diaspora inflows to Nigeria. Insecurity in the country is giving it greater prominence as investors and citizens are finding Cryptocurrency a safe haven for their wealth in case of any eventuality.

In most Emerging Markets Bitcoin transfers surged last year, as the pandemic exposed the cheaper and more efficient digital remittance services. Migrants sending money across borders to their families prefer the minimal transaction costs of cryptocurrency exchanges against the exorbitant costs of traditional money transfer companies like Western Union.”

READ: Atsu Davoh is building ways for Africans to easily acquire and spend cryptocurrency

According to ABCON, “Cryptocurrency transactions are faster than the conventional transfers, which require passing through banks reliant SWIFT, the sluggish, half-century-old interbank messaging system that handles cross-border payments.

These exchanges override the political complications of official channels. The global reach of cryptocurrencies avoids the inflation risk inherent to official currencies, especially in politically unstable countries reliant on fickle foreign investors.

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Thus, while we commend the efforts of CBN in introducing the package of Five Naira for One Dollar transfer, it can be seen from the analysis above that the challenges exceed just non-payment of foreign currency by the IMTCs and the exchange rate. Strategies that satisfy the most sensitive of these advantages of Cryptocurrency exchanges must be introduced to redirect flows to the official channel.”

ABCON also expressed concerns over the country’s huge unemployment rate, urging the government to apply radical approaches with the use of both conventional and unconventional economic and political tools to redress the trend.

READ: Afreximbank President reveals ways Nigeria can boost diaspora participation in economy

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What you should know

  • It can be recalled that the apex bank had about 2 months ago, warned the Deposit Money Banks, Non-Financial Institutions and other Financial Institutions against doing business in crypto and other digital assets.
  • The CBN directed financial institutions to immediately close the accounts of persons or entities transacting in or operating cryptocurrency exchanges, warning of severe regulatory sanctions in the event of any breach of the directive.
  • The Securities and Exchange Commission (SEC) had a few days ago, revealed that it is working with the CBN for a better understanding and regulation of cryptocurrencies in the country.

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