Markets
Dividend declaration drives rally in Chams share price
Chams Plc rallied by 20%, as investors continue to take interest in the stock following a N0.03 dividend declared.
The Nigerian Stock Exchange (NSE) fell sharply in this week’s trading session. The All Share Index opened the week at 31,041.42 basis points, and closed at 29,616.38 basis points, down 4.59%. The index is also below the 30,000 psychological floor.
14 equities appreciated in price during the week, lower than 21 in the previous week. 55 equities depreciated in price, higher than 36 equities of the previous week, while 98 equities remained unchanged, lower than one hundred and eleven (111) equities recorded in the preceding week.
Top Gainers
Ikeja Hotels Plc
Ikeja Hotels Plc was the best performing stock on the NSE this week. The stock gained 20.21%, opening at N1.88 and closing at N2.26, up N0.38. Year to date, the stock is up 47.71%.
CHAMS Plc
CHAMS opened the week at N0.20 and closed at N0.24, up N0.04 or 20%. Year to date, the stock is up by the same margin.
The stock has been on a rebound since the firm declared a dividend of N0.03 per share.
Sovereign Trust Insurance Plc
Sovereign Trust Insurance appreciated by 15% this week. The stock opened at N0.20 and closed at N0.23, up N0.03. Year to date, the stock is up 9.52%.
First Aluminum Plc
First Aluminum Plc opened the week at N0.30 and closed at N0.33, up N0.03 or 10%. Year to date, the stock is down 8.33%.
The company this week announced that it had been unable to file its audited 2018 results on the due date of March 31st 2019, as the audit process was yet to be completed. It however expects to do so on or before the April 30th, 2019.
Berger Paints Plc
Berger Paints gained 9.70% this week. The stock opened at N8.25 and closed at N9.05, up N0.80. Year to date, the stock is up 5.23%.
Thomas Wyatt Plc
Thomas Wyatt Plc opened the week at N0.20 and closed at N0.23, up N0.03, or 8.70%. Year to date, the stock is up by the same margin.
Sterling Bank Plc
Tier two lender Sterling Bank Plc gained 8.33% this week. The stock opened at N2.40 and closed at N2.60, up N0.20. Year to date, the stock is up 36.84%.
Union Bank Plc
Union Bank Plc gained 5.26% this week. The stock opened at N6.65 and closed at N7, up N0.35. Year to date, the stock is up 25%.
Cadbury Nigeria Plc
Cadbury Nigeria Plc gained 5% this week. The stock opened at N10 and closed at N10.50, up N0.50. Year to date, the stock is up 5%.
NEM Insurance Plc
NEM Insurance Plc rounds up the top 10 gainers for this week. The stock opened at N2.22 and closed at N2.33, up N0.11 or 4.95%. Year to date, the stock is down 13.70%.
Losers
Eterna Plc
Eterna Plc was the worst performing stock this week. The stock shed 24.53%, opening at N5.30 and closing at N4.00. Year to date, the stock is down 14.89%.
Union Diagnostic and Clinical Services Plc
Union Diagnostic and Clinical Services Plc opened the week at N0.30 and closed at N0.23, down N0.07 or 23.33%. Year to date, the stock is down 8%.
UBA Plc
UBA Plc declined by 19.48% this week. The stock opened at N7.70 and closed at N6.20, down N1.50. Year to date, the stock is down by the same margin.
Beta Glass Plc
Beta Glass opened at N71.95 and closed at N58.35, down N13.60 or 18.90%. Year to date, the stock is down 14.57%.
Neimeth International Pharmaceuticals
Neimeth International Pharmaceuticals opened at N0.62 and closed at N0.51, down N0.11 or 17.74%. Year to date, the stock is down 34.62% and is trading at a year low.
Dangote Flour Mills Plc
Dangote Flour Mills declined by 16.18% this week. The stock opened at N10.20 and closed at N8.55, down N1.65. Year to date, the stock is up 24.82%.
Livestock Feeds
Livestock Feeds dropped by 15.87%. The stock opened at N0.63 and closed at N0.53, down N0.10. Year to date, the stock is up 8.16%.
CCNN Plc
Cement Company of Northern Nigeria shed 14.57% this week. The stock opened at N19.90 and closed at N17, down N2.90. Year to date, the stock is down 12.37%.
Oando Plc
Oando Plc opened the week at N5.65 and closed at N4.95, down N0.70 or 12.39%. Year to date, the stock is down 1%.
The company this week announced it had sold the 25% stake it had held in Axxela Limited (formerly known as Oando Gas and power) to Helios Investment Partners. Helios, in 2016 had bought a 75% stake in the firm.
Ecobank Trans International
Ecobank Trans international was the worst performing stock this week. The stock opened at N13.20 and closed at N11.60 down 12.12%. Year to date, the stock is down 17.14%.
Markets
Japaul Gold records 40% surge in a week raising its capitalization by N1.38 billion
Shares of the rebranded company surged by a whopping 40%, in the first active trading week in the month of April.
Cryptocurrency
Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500
The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day.
The flagship crypto is recording a significant buying spree as Bitcoin bounced above the $60,500 price level once again.
The global crypto market value at press time stood at $2.05 trillion, a 3.85% increase over the last day, with Bitcoin having a market value of $1.123 trillion and a circulating supply of 18,678,481 BTCs
Bitcoin’s price is currently $60,638.55.
READ: Bitcoin miners are consistently earning $50 million daily
Bitcoin’s dominance is currently 55.36%, an increase of 0.21% over the day.
Investors are moving their funds to Bitcoin after an avalanche of COVID-19 stimulus shocked the crypto market since last year amid fears of rising fiat inflated currencies coupled with leading business brands adding more buying pressures on Bitcoin with BNY Mellon, America’s oldest bank giving its approval on the new digital gold as it makes a debut into mainstream investment assets.
Consequently, MicroStrategy now has 91,579 BTCs worth about $5.54 billion while Tesla holds 32,608 BTCs, hinting that more global business brands may take such route to hold the most popular crypto as a treasury tool amid concerns that just 21 million BTCs will ever exist with about 4 million BTCs already lost forever.
READ: Less than 4 million Bitcoins available for buying
Recent price action suggests that bitcoin bulls are holding on tight as they built strong support around the $58K area.
Strong #Bitcoin support building around this $58K area. pic.twitter.com/dFp1E7aOOT
— Yann & Jan (@Negentropic_) April 8, 2021
READ: XRP posts a big bang, as legal tussle with SEC lingers
That being said, crypto pundits argue that bitcoin still faces strong headwinds in the coming months amid growing regulatory concerns. There is also the bias that its high volatility is making it challenging for some traditional investors to come on board and its massive electrical consumption via the blockchain has also put it at odds with many environmentalists.
