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Markets

Dangote Sugar joins losers’ bandwagon as NSE closes bearish

@nsenigeria ended Wednesday’s trading session in negative territory with @Dangote_Sugar among the top losers.

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Nigerian stock exchange, All share index, Nigerian bourse, Investors, Bulls gather momentum ASI up 0.48%, gained N55.3 billion, Dangote ,MTN & Gtbank hit a home run as Nigeria’s bourse continues bullish momentum

The Nigerian Stock Exchange (NSE) ended Wednesday’s trading session in negative territory. The All Share Index closed at 27,718.26 basis points, down 0.37%. Year to date, the index is down by 11.81%.

Top Gainers: Julius Berger Plc was the best-performing stock today. The stock gained 9.87% to close at N20.60. Forte Oil Plc gained 9.17% to close at N19.65. Mutual Benefit gained 9.09% to close at N0.24. Wapic Insurance Plc gained 7.69% to close at N0.42. Jaiz Bank rounded off the top five gainers for today. The stock gained 7.14% to close at N0.45.

Nigerian Stock Exchange, NSE

Trading Floor of the Nigerian Stock Exchange.

Top Losers: On the flip side, University Press Plc was the worst-performing stock, declining by 10.0% to close at N1.62. Berger Paints fell by 9.52% to close at N5.70. Dangote Sugar fell by 9.26% to close at N9.80. Nigeria Breweries Plc fell by 9.09% to close at N50. Eterna rounded off the top five losers for the day. The stock shed 9.09% to close at N3.

[READ ALSO: Mutual Benefits, Unity Bank in top gainers as NSE ends trading in negative]

Top Trades by Volume: Zenith Bank was the most actively traded stock today. 39.1 million shares valued at N718.8 million were traded in 391 deals. FBN Holdings was next with 34.7 million shares valued at N197.5 million traded in 257 deals, followed by UBA with 27.6 million shares valued at N163.6 million traded in 283 deals.

GTBank was next with 23.5 million shares valued at N667.6 million traded in 234 deals. Transcorp rounded off the top five most actively traded stocks today with 23 million shares valued at N22 million traded in 150 deals.

Corporate Actions

C&I Leasing Plc, Medview Airline Plc, UPDC, Abbey Mortgage Bank, Japaul Oil & Maritime Service Plc, Scoa Nigeria Plc, AXA Mansard, Learn Africa Plc, Presco Plc Union Diagnostic and Clinical Service Plc, Tantalizers Plc, Meyer Plc, Champion Breweries Plc, Continental Reinsurance Plc, Wapic Insurance Plc, International Breweries Plc, Custodian Investment Plc, and MRS Oil Nigeria Plc all released their financial statements for the period ended June 30, 2019.

MTN Nigeria announced that it had secured the Central Bank of Nigeria’s (CBN) approval to operate its fintech firm under a super-agent license.

UAC of Nigeria Plc announced the resignation of Mrs Awuneba Sotonye Ajumogobia as its Independent Non-Executive Director, effective from July 31, 2019. She has been appointed to the Board of CAP Plc – a subsidiary of UAC.

[READ ALSO: Seplat, Ecobank among worst stocks as NSE ends trading in negative]

The company also appointed Mrs Suzanne Olufunke Iroche as Independent Non-Executive Director, effective from August 1, 2019.

Livestock Feeds Plc announced the appointment of Mr Adegboyega Adedeji as its Acting Managing Director, effective from August 1. He replaced Mr. Solomon Aigbavboa who has been the company’s Acting Managing Director since January 2018.

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Cryptocurrency

Chinese photo-editing app, Meitu buys $40 million worth of Bitcoin & Ethereum

Crypto experts argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming

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Meitu

The Share value of a Chinese photo-editing app, popularly known as Meitu Inc surged as much as 14.4% this morning after the Chinese company known for its beauty-focused app said it had bought $40 million worth of Ethereum and Bitcoin.

The Chinese technology firm, late-night yesterday revealed in its most recent filing that it bought $22.1 million worth of Ether and $17.9 million worth of Bitcoin on March 5 in a report credited to Reuters.

Meitu is the latest global firm holding Crypto as a form of its treasury operations. About a month ago, Tesla Inc revealed it had bought $1.5 billion of Bitcoin, which sent the world’s most popular crypto’s price up 20%.

So fast Ethereum has printed gains of about 530% while the flagship Crypto’s yearly returns stand at about 430%.

Meitu said it was buying the popular Cryptos for investment and partly as preparation to enter the blockchain community and that it would support such purchase from its existing cash reserves.

Meitu is evaluating the possibility of integrating blockchain technologies into its businesses based abroad, which could include projects on the Ethereum blockchain network.

Recall some days back, a leading global bank, Citi had suggested the flagship crypto-asset could “become the currency of choice for international trade,” thanks to its “decentralized design, lack of foreign exchange exposure, fast (and potentially cheaper) money movements, secure payment channels, and traceability.”

Crypto experts argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming.

The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, Microstrategy, hedge funds, MicroStrategy Inc.’s Michael Saylor purchased more Bitcoin to raise the enterprise-software company’s holdings to more than $4 billion.

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Billionaire Watch

Dogecoin could eventually hit $1

Dallas Mavericks owner, Mark Cuban is predicting the price of the Dogecoin will eventually hit $1,

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Dallas Mavericks owner, Mark Cuban is predicting the price of Dogecoin (DOGE) will eventually hit $1, after few days of accepting the crypto as a form of payment.

In a recent tweet, posted by the American-based billionaire, Cuban revealed customers had used more than 20,000 Dogecoin — roughly $1,018 at the time of writing this report — in transactions for his basketball teaM claiming the franchise was now “the largest Dogecoin merchant globally .”

Cuban anticipates that if basketball fans were to purchase 6,556,000,000 DOGE worth of Mavericks merchandise, the price of the token touch will “definitely hit $1.”

Cuban was known for creating the video portal, Broadcast.com with Todd Wagner in the mid-nineties and sold it to Yahoo for $5.7 billion in 1999.

Today he owns the NBA’s Dallas Mavericks and has stakes in Magnolia Pictures, AXS TV, and dozens of small startups.

According to Forbes, Mark Cuban is valued at about $23.4 billion at the time of writing this publication.

What you should know: Dogecoin is a type of digital coin that is decentralized and facilitates peer-to-peer digital transactions. This means you can send money online with much ease. It’s usually referred to as “the internet currency.”

It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.

“The recent rise of dogecoin, a meme coin, should serve as a reminder to everyone in the space that the most popular use case for crypto is still pure speculation,” said Anil Lulla, a former analyst at Bloomberg and co-founder of the cryptocurrency research firm, Delphi Digital.

  • Dogecoin (DOGE) is based on the popular “Doge” Internet meme and features a Shiba Inu on its logo.
  • The open-source crypto was invented by an American known as Billy Markus and an Australian identified as Jackson Palmer. The crypto asset was forked from Litecoin in December 2013.
  • This fast-rising crypto is being primarily used as a tipping system on popular social media platforms like Twitter and Reddit in order to reward the creation or sharing of quality content.

Crypto exchanges presently having Dogecoin listed include YoBit, BitAsset, Binance, Huobi Global.

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