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Markets

Two banking stocks to watch this week

Stocks to watch comprises the top gainers and losers of the prior week.

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Stock to watch this week

Stocks to watch comprises the top gainers and losers of the prior week, as well as companies that would be having corporate actions.

Stocks to watch is not a Buy/Sell/Hold list.

Fidelity Bank Plc 

Fidelity Bank Plc takes the top spot in Nairametrics’ watchlist by virtue of being the best performing stock last week. The stock gained 23.76% to close at N2.50. Depending on market sentiments, the stock could either go higher or drop, if investors decide to cash in their profits.

UBA Plc and Guaranty Trust Bank Plc

The two tier one lenders have a joint second spot, by virtue of board meetings taking place this week.
UBA’s board will be meeting today to consider the bank’s audited full year 2018 results and other matters.

Guaranty Trust Bank’s board will be meeting this Wednesday to consider the bank’s full-year 2018 results.

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Guinness Nigeria Plc 

Guinness Nigeria Plc takes the third spot on our watchlist by virtue of an investor call scheduled for this week. The call pertains to its H1 2018/2019 results and may be an indication that the brewer would release its results this week.

The results and feedback from the call (scheduled on Thursday) would determine price direction of the stock this week.

Zenith Bank Plc 

Zenith Bank Plc has a spot on our watchlist, by virtue of a notice sent last week. In the notice, the bank stated that it had sent its results to the Central Bank of Nigeria (CBN) for approval. As such, the result could be out in a few weeks.

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Unilever Nigeria Plc

Unilever Nigeria Plc has a spot on this week’s watchlist by virtue of the impending release of its full-year results.

In a notice released earlier this month, the company fixed a closed period from Monday 7 January 2019 until Thursday 24 January 2019 or 24 hours after filing the unaudited interim financial statements for the quarter ended 31 December 2018, whichever is earlier.

Resort Savings and Loans Plc

Resort Savings and Loans Plc has the last spot on our watchlist by virtue of being the worst performing stock last week. The stock has been on a free fall since the removal of a full suspension and is trading at an all-time low.

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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Commodities

Crude oil prices post third weekly losses in four weeks

Crude prices printed their third weekly loss in four at the end of its most recent trading session.

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Where next for oil prices?, Brent crude futures gained 0.14 to trade at $34.70 at the time this report was drafted, recovering some of its losses earlier in the oil trading session. , Brent crude price fails to remain over $40, concerns over pledge cut strengthens

Crude oil prices printed their third weekly loss in four at the end of its most recent trading session.

Oil traders are concerned about the blurred demand outlook in the short term, as an unexpected build in oil production coupled with additional oil supplies Libya, rattled the nerves of oil traders.

What we know; West Texas Intermediate futures, the key gauge used to determine U.S. oil prices, settled at $40.04 per barrel. For the week, West Texas Intermediate lost 2.1%.

Brent crude, the world’s benchmark for crude oil prices, settled at $41.92 for the week, Brent lost 3%.

READ: Oil prices pull back from recent highs, as Hurricane Laura spares U.S oil infrastructure

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The most recent OPEC+ meeting failed to reassure traders about oil-producing members, complying with production cuts till the end of 2020.

Also reports from Libya in the past week revealed it expected to raise production by around 260,000 barrels per day, by next week, up from some 100,000.

READ: Bitcoin whale transfers 11,230 BTC worth $116 million

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Stephen Innes, Chief Global Market Strategist at AxiCorp, in a note to Nairametrics spoke on supply-side fundamentals of crude oil by saying,

“Again, it been another week where traders have been inundated with dreary demand news, but it was supply-side fundamentals that supported crude oil again this week.

READ: US dollar post gains on positive signs seen in US economy

“Prices have been backed with the Department of Energy (DOE) inventory stats showing a crude draw and the same a significant drop in gasoline stocks.

“Supply is far less of a problem to the view than demand. Robust compliance from OPEC+ on cuts and limited upside for US production should keep supply below demand in for the foreseeable future and help global inventories move in the right direction.”

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Cryptocurrency

Hackers, expose crypto wallets worth $150 million at Kucoin

It was disclosed Kucoin wallets got exposed and might have affected $150 million in user funds.

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Hackers, expose crypto wallets worth $150 million at Kucoin

KuCoin Global CEO, Johnny Lyu in a statement disclosed yesterday about a reported hack lately in details after private keys linked to crypto wallets got exposed and might have affected $150 million in user funds.

He added by saying the findings of the internal security audit report, revealed part of  Bitcoin, ERC-20, and other tokens in KuCoin’s hot wallets were transferred out of the crypto exchange, which contained few parts of the total assets holdings.

“The assets in the cold wallets are safe and unharmed, and the hot wallets have been re-deployed.”

READ: NESG’s allegations, malicious attempt to tarnish the economic recovery program- CBN

However, Cryptoquant an On-chain data/chart provider for investors had a shred of strong evidence showing the crypto exchange might truly be affected.

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“It seems Kucoin got hacked.

“Usually, after being hacked, the $BTC outflow increases rapidly and then becomes zero. Since 20:00 UTC on September 25th, the outflow has continuously been zero,” Cryptoquant tweeted.

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READ: Bank CEOs declare war on debtors over N8.16 trillion bad loans

According to Paolo Ardoino, the Chief Technical Officer at Bitfinex and Tether, the two entities froze $33 million in total.

If the sum of $150 million was hacked, that represents 22% of the lost funds. He said:

“Bitfinex froze 13m Tether USDT on EOS as part of the hack, Tether just froze 20M Tether USDt sitting on this Ethereum address as a precautionary measure.

READ: Cryptocurrencies and its usage in Africa

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READ: Nigerians react to Social Media Bill, mock lawmakers over similarity with Singapore 

In the official statement, Lyu said KuCoin disclosed it was partnering with major crypto exchanges that included Binance, BitMax OKEx, Huobi, and ByBit. The Kucoin also added it was cooperating with law enforcement agencies on the matter.

At least in the near term, it would make it challenging for hackers to try to move the funds. The CEO said:

“We are in contact with many major crypto exchanges such as Huobi, Binance, OKEx, BitMax, and Bybit, as well as blockchain projects, security agencies, and law enforcement to work on this. Some effective measures have been taken, and we will update with more details soon.”

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Stock Market

NASD OTC market capitalization hits N538.12 billion, as investors gain N9.22 billion

On a weekly basis, the NSI gained 1.74% from 720.02 points last week to 732.57 points this week. 

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NASD Holds Stakeholders Forum

The market capitalization of NASD OTC Securities Exchange Market, gained about N9.22 billion in value, from N528.90 billion recorded in the previous week to N538.12 billion at the close of trading session, Friday September 25, 2020.

The index closed on a positive note YTD,gaining 5.02%, as the market recorded an increase in performance. 

On a weekly basis, the NSI gained 1.74% from 720.02 points last week to 732.57 points this week. 

READ: Julius Berger to diversify into Agro-processing industry

The improved performance of the NSI over the week is partly attributable to the impressive performance of UBN Properties Plc, both in terms of trade volume and trade value. 

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There was an appreciation of the share price of Central Securities Clearing System Plc, which leaped by 9.63% from N13.5 in the previous week to N14.8 this week. CSCS Plccurrently holds a Market Capitalization of ₦74 Billion. 

Source: NASD OTC Market report

In terms of Week-on-Week basis, mixed results were recorded, as the total value traded declined by -75.99%, from N108.40 million to N26.03 million in the period under review.

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But trade volume appreciated by 275.69%, from about 3,246,505 units to 12,196,894 units. On a Year To Date (YTD) basis, a total of 7,838,995,186 units have been traded so far for the year. 

READ: How Apple lost over $500 billion in 12 trading days

Top traded securities by Value 

In the top five position, UBN Properties Plc led the chart with N12.6 million, in terms of the trade value for the week, followed by NIPCO Plc with N8.13 million, Niger Delta Exploration and Production Plc with N1.91 million, WAMCO Plc with approximately N1.80 million, and Food Concept with N1.35 million 

The summary of the top five securities by value is depicted in the chart below. 

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Source: Nairametrics’ computation

READ: Lagos says defaulting allottees of housing schemes in Lekki, Ikeja, others to lose houses

Top traded Securities by volume 

UBN Properties Plc also led the chart, registering 10,000,000 units, followed by Food Concept Plc with 2,000,000 units. Also, in the top five position is NIPCO Plc with 125,091 units, while Afriland Plc recorded 23,650 units. Geo-Fluids Plc made it to the elite list with 15,000 units. 

In summary, the chart below shows the top five securities in terms of volume.

READ: Floods disrupt operations in Flour Mills’ Sugar Estate 

Key Highlights  

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  • Total volume traded Year-to-Date stands at 7,838,995,186 units in 1171 deals. 
  • Total Value traded is ₦10,881,948,526.39.            
  • Market capitalization current stands at N538.12 billion 

For more information, click HERE.

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