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Markets

Bears maintain hold despite positive Dangote Cement results

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Nigerian Stock Stock, Investors lose N26 billion as ASI dipped 0.22% on Wednesday,Bears return to global equity markets, Trump’s help boost Crude oil

The Nigerian Stock Exchange ended the third trading session for the week on a negative note. The All Share index closed today’s trading session down 0.71%. Year to date, the market, the market remains in the green up 2.59%.

Top Gainers and Losers 

Neimeth International Pharmaceuticals was the best performing stock today. The stock gained 9.84% to close at N0.67. PZ Cussons Nigeria appreciated 9.35% to close at N13.45. NPF Microfinance Bank rounds up the top three gainers for the day, up 8.72% to close at N1.62.

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On the flip side, Union Diagnostics and Clinical Services was the worst performing stock today. The stock shed 9.68% to close at N0.28. Oando was next, declining by 9.66% to close at N6.55. Wema Bank rounds up the top three losers for the day, declining by 8.24% to close at N0.78.  

Top Trades by volume 

Diamond Bank was the most actively traded stock today. 187million shares valued at N466 million were traded in 135 deals. Fidelity Bank was next with 45 million shares valued at N108 million traded in 174 deals. Access Bank rounds up the top three most actively traded with 33 million shares valued at N204 million traded in 345 deals.  

Corporate Actions

Dangote Cement FY 2018 results

Dangote Cement released its audited full-year 2018 results. Revenue increased from N805 billion in 2017 to N901 billion in 2018. Profit before tax rose from N289 billion in 2017 to N300 billion in 2018. Profit after tax jumped from N204 billion in 2017 to N390 billion in 2018

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The company also announced the resignation of its Chief Financial Officer Brian Egan, effective Thursday, February 28, 2019. The move is a voluntary one by Egan, to enable him to return to Ireland and spend more time with his family.

Newrest ASL placed on full suspension

Newrest ASL Nigeria Plc shares were today placed on full suspension. This suspension is required to prevent further trading in the shares of Newrest ASL and in order for the Company to comply with the post-approval requirements which will precede its final delisting from the NSE.

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 onome.ohwovoriole@nairametrics.com

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Markets

MTN, Stanbic IBTC lead Nigerian stocks in a hat trick

A turnover of 353.32 million shares valued at N7.03billion in 4,659 deals was recorded in today’s trading as FBNH was the most traded stock.

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Moving averages, MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market

The Nigerian stock market extended its positive stance into the third trading session, as the All Share Index (ASI) rose marginally by 0.10 % to settle at 25,407.96 basis points, pegging Year-to-Date return at -5.33% while the market capitalization sits at N13.25 trillion.

A turnover of 353.32 million shares valued at N7.03 billion in 4,659 deals was recorded in today’s trading. FBNH was the most traded stock by volume at 50.2 million units, while NB topped by value at N2.02 billion.

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Market breadth finished flat, with 19 gainers led by SKYEAVN (+9.66%) and PRESCO (+9.04%), while 19 stocks declined, topped by PZ (-9.43%).

Analyzing by sectors, the Insurance index recorded 0.05% increase as LASACO and AIICO gained +8.00% and +4.55% respectively, while losses recorded in ACCESS (-3.54%), UBA (-1.47%), GUINNESS (-5.00%), and WAPCO (-0.87%) closed the Banking, Consumer Goods and Industrial indices by -0.58%, -0.38% and -0.16% respectively. The Oil and Gas index remained flat.

(READ MORE:Why Nigeria’s banking stocks performed well in May)

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Top gainers 

SKYAVN up 9.66% to close at N2.27; PRESCO up 9.04% to close at N45.25; ETI up 7.77% to close at N5.55; STANBIC up 2.15% to close at N33.2; and MTNN up 1.29% to close at N118.

MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market

 

Top losers 

PZ down 9.43% to close at N4.8; CILEASING down 9.35% to close at N4.85; UACN down  8.33% to close at N7.7; GUINNESS down 5.00% to close at N19; and DANGCEM down 0.35% to close at N140.5.

Outlook 

The bullish momentum continued for the third day, passing the market capitalization resistance level of N13 trillion, triggered by favorable macro fundamentals as the price of crude gained past $40 a barrel.

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Nairametrics recommends you seek counsel from a certified financial advisor when buying stocks.

Patricia

 

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Business News

Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market

Bitcoin rose above $10,000 for the first time in six weeks in a move that seems to show a bullish momentum has the $10,000 resistance mark been broken.  

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Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market

Some hours ago, Bitcoin rose above $10,000 for the first time in six weeks in a move that seems to show a bullish momentum as the $10,000 resistance mark been broken.

However, during the rally, over $100 million worth of Bitcoin short positions were liquidated as Bitcoin plunged by nearly $1,500 in less than 3 minutes, before rebounding to around $9,458. Bitcoin is trading at $9,540 4 am local time.

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Bitcoin’s plunge was bad news for the bulls. By falling back below the $10,000 psychological support, it has shown a likely downward trend as investors start to close their positions.

According to data retrieved from crypto derivatives platform, Skew.com, an approximate $96 million worth of long positions were wiped with this lower move. This is lower than the $125 million liquidation event that took place when BTC took out $10,000 yesterday, suggesting that the market was leaning to such a trend.

(READ MORE:Tether, the most promising stable coin, now the third most valuable cryptocurrency)

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Things you need to understand about Bitcoin’s volatility

The price of Bitcoin is so volatile because of its high use for financial gain by investors and crypto traders. As such, individuals and hedge funds sell and buy Bitcoins like they would do for any other financial asset (Stocks, bonds) with regulatory limitations.

Bears extend reign to crypto market, drops by about 50%, Answering the big Bitcoin question - buy, sell or hold?, Why cryptocurrencies are falling lately, Nigerians passion for bitcoin, Bulls push Bitcoin pass $7200 level, Bitcoin breaks past $7500 for the first time since early March, Nigerians Beware Of Bitcoin Fraudsters, Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market

One of the key biases touted by Bitcoin bears is that Bitcoin remains below the key resistance of $10,500 and has refused to break that mark since early 2020.

$10,500 is the level at which the bitcoin price was rejected during two crucial rallies over the past 12 months.

The fact that BTC has made successive takes at the level without breaking past it suggests that the crypto market is still situated in a downtrend. 

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(READ MORE:Electroneum, a Cryptocurrency, to launch electricity Top-Ups in Nigeria)

Patricia

Robert Sluymer of Fundstrat Global Advisors, for instance, recently commented on the importance of the level. He said:

“Next directional move on tap for BTC’s as bull-bear convictions are about to be tested. Bears can point to the downtrend at 10-10.5K. Bulls have the long-term uptrend (200-week SMA) at their back and the past week’s resilience as BTC’s quickly rebounded from its 200-DMA.”

 

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Markets

Naira weakens against the dollar by 1.14% amid market uncertainty

The reopening of the economy is expected to put additional pressure on the naira as more businesses try to meet up with accumulated obligations.

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Central Bank Continues intervention in Forex market to stabilize Naira, Naira to depreciate slightly over $1.52 billion maturing contracts expires, Naira hits N388.84 to $1 at the currency spot market, Investors and Exporters (I&E) window, Naira weakens against the dollar by 1.14% amidst uncertainty

The naira was weakened at the parallel market on Monday, thereby depreciating against the dollar. This is the first depreciation of the naira in about two weeks, after four consecutive rounds of appreciation against the dollar.

According to information obtained from Abokifx, the naira depreciated to N445 to a dollar on Monday, June 2, 2020. This shows a loss of N5 (or 1.14% decline) when compared to the N440 to a dollar that was recorded last week Friday.

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The local currency was weakened at the parallel market following the announcement of the resumption of domestic flight operations on June 21, 2020, by the Federal Government. The uncertainty resulting from the delayed resumption of sales of dollars to the Bureau De Change (BDC) operators also contributed.

In a related development, the local currency was stable at the Investors and Exporters (I&E) window, having recorded no movement. The naira exchanged at N385.50 to a dollar on Monday, June 2, 2020, which was the same rate it ended with on Friday last week. This came against the backdrop of a marginal increase in the daily turnover to $34.35 million at the I&E window, marking an increase of $2.95 million when compared to the $31.40 million that was recorded the previous trading day. In other words, this represents a 9.4% increase in dollar supply to the window.

(READ MORE: Naira drops to N460 against dollar)

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Recall that on April 29, 2020, the Central Bank of Nigeria had announced the resumption of weekly sales of $100 million dollars for school fees and the Small and Medium Enterprises (SMEs), in order to help reduce the pressure on the naira in the foreign exchange market. To a large extent, this has helped to reduce pressure on the naira.

However, despite improvement in the price of crude oil around the world and its positive effect on the country’s foreign exchange earnings, the reopening of the economy is expected to put more pressure on the naira as more businesses try to meet up with accumulated obligations.

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