Connect with us
deals book
Advertisement
Polaris bank
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Markets

FCMB, Zenith, GTBank, 2 other Banks dominate top trades on NSE

FCMB, Zenith, GTBank, 2 other Banks dominate top trades on NSE

Published

on

Sulaimon Adedokun resumes as TRANEX Board Chairman  Dangote Cement, Zenith Bank, shares, stocks, ARM's Shares of fortune, Understanding securities lending, nigerian stock exchange, coronavirus, NSE, Bears return ASI down 0.13% as trading volumes plunge, What’s going to happen to Nigeria’s stock market in May?, What’s going to happen to Nigeria’s stock market in May?, Nigerian bourse gains N37. 26 billion, triggered by BUACEMENT, ZENITH

Commercial banks dominated the top trades chart at the end of trading at the Nigerian Stock Exchange on Tuesday as they traded a sum of 208.9 million shares valued at N2.34 trillion.

They are FCMB, Zenith Bank, GTBank, Access Bank and Sterling Bank.

FCMB was most actively-traded stock today with 51.56 million shares valued at N82.49 million traded in 36 deals, Zenith Bank Plc followed with 43.06 million shares valued at N732.03 million in 386 deals and Guaranty Trust Bank Plc with 42.28 million shares valued at N1.08 billion traded in 274 deals.

Access Bank Plc followed with 37.24 million shares valued at N272.04 million traded in 179 deals while Sterling Bank Plc rounded off the top five most actively traded stocks with 34.8 million shares valued at N67.99 million traded in 420 deals.

Top Gainers: Red Star Express Plc earned the best performing stock today, as it gained 9.88% to close at N4.45, followed by Cornerstone for the second time this week, as it gained 9.76% to close at N0.45, while AIICO insurance Plc gained 9.52% to close the day at N0.69.

[Read Also: List of Dividends announced so far in 2019 (October 2019)]

Glaxo Smithkline Consumer Nigeria Plc made the list, as it gained 8.62% to close at N6.3 while Union Diagnostic and Clinical Services Plc rounded off the list, as it gained 4.17% to close at N0.25.

Meanwhile, trading at the bourse ended on Tuesday in negative territory as the All-Share Index closed at 26,244.39 basis points, shed by 0.53% while the total market capitalisation at the end of the day stood at N25.34 trillion.

Top Losers: Chams Plc was the worst performing stock, dropped by 4.35% to close at N0.22, Nigerian Aviation Handling Company Plc (NAHCO) fell by 4.08% to close at N2.35. Lafarge Africa Plc fell by 4.01% to close at N14.35 followed by Guaranty Trust Bank Plc that fell by 2.67% to close at N25.5 while UBA rounded off the top five losers of the day. It dropped by 1.71% to close at N5.75

 

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cryptocurrency

Troubling signs on crypto market, SEC tags many crypto assets as Securities

These further suggest the head of the financial watchdog could tighten its grip on the crypto market.

Published

on

Dark clouds hover above the cryptoverse as the leader of the world’s most powerful investments regulatory agency affirmed most crypto assets as securities.

Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC) in his most recent appearance on CNBC’s Squawk Box, opined that “many” crypto-assets were securities, meaning many of these assets required regulatory oversights and exchanges trading such crypto assets require at least a form of SEC regulation.

In his words:

“The extent that something is a security, the SEC has a lot of authority. And a lot of crypto tokens—I won’t call them cryptocurrencies for this moment—are indeed securities.”

What you must know

An asset is considered a financial security asset if it is a tradable financial asset and thus has monetary value.

What Gensler said suggests that the financial assets watchdog could tighten its grip on the crypto market. Recall that SEC is already battling with Ripple and calling XRP a security asset.

However, Gary Gensler described the flagship crypto asset as a store of value but with a very volatile characteristic and not a security.

It’s important to understand why the regulator doesn’t classify Bitcoin as a security. It is based on the fact that its existence began through mining as an incentive in validating a distributed platform. There are no pre-mined coins, no initial token offering, and no kind of business entity governing it.

A few months ago, Nigeria’s Securities and Exchange Commission released guidelines referring to cryptoassets as securities, except proven otherwise.

  • The position of the Commission is that virtual crypto assets are securities, unless proven otherwise.
  • Thus, the burden of proving that the crypto assets proposed to be offered are not securities and therefore not under the jurisdiction of the SEC, is placed on the issuer or sponsor of the said assets.
  • Issuers or sponsors are expected to satisfy the burden of proving that the virtual assets do not constitute securities by making an initial assessment filing.
  • However, where the finding of the Commission is that the virtual assets are indeed securities (not structured to be exclusively offered through crowdfunding portals or other exempt methods), then the issuer or sponsor must register the digital assets.

That being said, recent price actions reveal the bullish trend in the crypto market is still very much in play despite regulatory fears surrounding the crypto market as its market value now stands at $2.42 trillion, posting a 2.47% increase over the last day.

Continue Reading

Markets

Bullish dominance in the NGX Banking Index

The NGX Banking Index made a bullish recovery at the end of yesterday’s trading session with an increase of +1.11%, pushing the index points to 354.25.

Published

on

gtbank, stock market, Bulls dominate Nigerian bourse ASI up 0.74%, Investors gain N77 billion., Crude oil bulls lose steam, as COVID-19 cases hit record high

The NGX Banking Index made a bullish recovery at the end of yesterday’s trading session with an increase of +1.11%, pushing the index points to 354.25. There were 5 profits opposing 5 losses, but the magnitude of the gainers pushed the Banking Index into the green.

Union Bank led the gainers with a profit of +0.45, pushing its price upwards from N4.95 to N5.40.

Zenith Bank came second amongst the gainers with a profit of +1.14%, posting N22.20 from the previous day’s close of N21.95.

Guaranty Trust Bank also closed in profits with an increase of +0.86%, leaving its price at N29.40 from its previous price of N29.00. Sterling Bank was also part of the gainers with a profit of +0.63% putting its price at N1.60 from its previous close of N1.58.

Access Bank made profits of 0.62%, pushing its prices to N8.15 from N8.10.

Wema Bank was the biggest loser at the end of yesterday’s trading session as it made losses of -4.92%, leaving its price at N0.58 from N0.61.

Jaiz Bank also made losses of -3.23%, pushing its closing price to N0.63 from N0.62 obtained the previous day.

Ecobank joined the losers, posting a loss of -1.89% which put its price at N5.20 from its previous price of N5.30.

Fidelity Bank followed with a loss of -0.90%, putting its price at N2.24 from N2.22. UBA also posted a loss of -0.69%, pushing its price from N7.25 to N7.20.

Outlook

  • Market sentiment tends bullish as the magnitude of gainers outweighed the losers despite the 5 gainers and 5 losers held at the end of the trading session.
  • Nairametrics advises cautious buying amid growing uncertainties.

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.