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Markets

Equity Market down by 0.6% on Monday

The equity market capitalization also lost N200 billion when it dropped from N13.1 trillion last Friday to N12.88 trillion.

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stock, shares, Equity Market down by 0.6% on Monday, Quoted Companies post N4.2 trillion combined profits since 2015, Stockbrokers in Lagos are shifting focus to commodities as stocks underperform, Stock Market gains N204 billion, as effects of OMO restriction kicks in , Penalties: NSE makes over N143.6 million from banks, real sector in 2019 , These companies could soon be delisted from the Nigerian Stock Exchange , C&I Leasing, Oando, UBA, two others top gainers chart on Wednesday, 2020 Nigerian Equities Outlook: Breaking the Jinx?, LASACO, AIICO lead gainers on Wednesday, as bourse dips 0.91% , MTN, Zenith, GTBank lead actively traded stocks on Thursday , Equities: Bearish trades cost the Stock Market N403.02 billion in one week, Blue chips outperform, as All-Share Index up by 9.2% since OMO ban 

Equity market: Despite the upward trend witnessed in the Nigerian Stock Exchange (NSE) last week, the bourse resumed the week bearish as the All-share index declined by 0.6% to close at 26,691.09. The equity market capitalization also lost N200 billion when it dropped from N13.1 trillion last Friday to N12.88 trillion.

Top gainers

Neimeth International Pharmaceuticals Plc led the gainers chart on the bourse today with 10% increase to close at N0.44 followed by Jaiz bank Plc, which gained 9.86% to close the day’s trade at N0.78. Ikeja Hotel Plc made the ranks with 9.47% gain to close at N1.04 with Custodian Investment Plc closing at N6 indicating 9.09% increase while Courteville Business solution Plc rounded off the list with 8.7% gain to close at N0.25.

Top losers

Wema bank Plc was the worst performing stock on the Exchange today as it shed 7.89% of its share value to close at N0.7 followed by FCMB, having recorded a decline of 7.5% to close at N1.85. Caverton offshore support group Plc lost 7.41% to close at N2.5 while Access bank and Ecobank transnational incorporated both lost 6.67% to close at N9.8 and N7 respectively.

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[READ ALSO: Q3 2019: UBA grows net profit by 32.3%, as gross earnings hit N428.22 billion(Opens in a new browser tab)]

Top trades by volume

UACN was the most actively traded stock on the bourse with trades in 102.5 million shares valued across N636.2 million across 89 deals followed by Zenith bank Plc, which traded in 29.5 million shares valued at N555.8 million across 532 deals.

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UBA traded in 20.8 million shares valued at N147.4 million across 363 deals. Access bank recorded traded in N20.2 million shares valued at N195.6 million across 452 deals while First bank Plc traded 14.7 million shares valued at N96.7 million across 384 deals.

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Market Views

Forex trading during COVID-19 era in Nigeria 

As the COVID-19 crisis continues to disrupt economic activities, it is best to understand the leverage offered to forex traders.

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Exchange rate falls at the NAFEX window on a depressed forex market

With a blurred economic outlook in the corner and the ravaging COVID-19 onslaught hitting record highs, financial traders, including forex traders around the globe are repositioning for opportunities. 

It should be noted that the currency market is by far the largest financial market in terms of liquidity, value, and turnover. It looks to be on the rise, as remote trading takes shape. 

In 2016, the currency industry was valued at $1.934 quadrillion dollars, with forex trading turning over $5.1 trillion daily. In 2019, it was estimated to be worth a staggering $2.409 quadrillion dollars, with a daily turnover of $6.6 trillion. 

According to the Bank for International Settlements, and buttressed by data from Bloomberg News, currency trading volume in the global foreign-exchange market has jumped to the highest-ever level at $6.6 trillion. 

As the COVID-19 crisis continues to disrupt economic activities at unprecedented levels for traders and banksNairametrics considers it pertinent to empower its readers on the best way to positionand take advantage of the volatility, as it is bound to trigger potential opportunities. 

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Uche Paragon, Head of Education, CCI Trading Africa, in a recent interactive session, witnessed by Nairametrics, spoke on the critical steps a forex trader must take to become successful.  

He said, There are no universal rules in trading forex per se, what is really important is that you define the strategy, and the platform you use in trading,” 

On strategy, He highlighted on traders sticking to a particular strategy, for example, focusing on a tested indicator on a currency pair in a given market, coupled with avoiding platforms exposed to high slippage and trading manipulation by certain forex brokersespecially most of the non-ECN brokers.  

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Also, Prince Uche gave the importance of the use in Research trading tool, study techniques and how they can be implemented in your strategy. Study how the market behaves and learn how the trading industry works 

In a detailed explanatory note, Adegbotolu Kehinde Erastus, Research and Market Analyst, Scope Markets, gave detailed insights on the endless opportunities of the forex market saying; 

“With Nigeria’s population presently standing at over 200 million, comprising of vibrant youths who are mostly unemployed, forex trading has become a legitimate way for them to earn money at their fingertips, and also it has become a way to earn passive income for the employed populace. Brokers now support their clients with lots of educational material on Forex trading 

So, one doesn’t necessarily need to have an educational background about the financial markets, everything from the basics to the advanced, trading strategies are all available with the broker any client wishes to register with. One of the advantages of forex trading is that a trader can profit under any market condition.  

Even when the market is rising or falling with very good trading strategies, you can make very good profits, and because the financial market is available for 24 hours from Monday to Fridaywith different market sessions, profitable trading opportunities do not cease. Even when COVID19 put all commercial activities to a halt, the Forex market was still very active with traders making profits.” 

Finally, it’s critical to observe that though currency trading often brings substantial profits, it is important to note that the leverage offered to forex traders, comes with a high risk of losing your capital. 

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Currencies

U.S dollar is king, hits two months high

Amid rising COVID-19 caseloads and other militating factors, the greenback recently surged high.

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The US dollar remains king, U.S dollar gains against major currencies, America threatens China with sanctions., U.S dollar slumps against major currencies, investors become optimistic about global demand, U.S Dollar Stands Firm, Foreign Exchange Traders Remain Neutral 

The U.S dollar surges past fresh two-month highs at the last trading day of the week.

In addition to the impressive run, the safe-haven currency is set to finish this month with its biggest weekly increase since March as traders flock to the greenback for refuge amid rising COVID-19 caseloads and lingering passage of the U.S stimulus bill.

  • The U.S. dollar index, which tracks the greenback against a trade-weighted basket of major currencies, rose by 0.25%, to trade at 94.627. The last time it traded at that level was 19th of July 2020.
  • Elsewhere, the greenback was also supported by weaknesses in the euro and Brtish pound as the second wave of Covid-19 onslaughts rattled the mind of investors

Stephen Innes, Chief Global Market Strategist at AxiCorp in a note to Nairametrics gave keynotes on the strength of the world’s most favored safe haven at the moment, by saying;

“US dollar demand resurfaced as the New York session got underway, with virtually all currencies, local and G-10, slipping again as another wave of de-risking perhaps ensued.

“Any dollar pulls back in Asia were faded, suggesting we’re still on the path of least resistance higher of the Greenback. The market remains completely downcast by the drip-feed of unflattering events.”

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Quick fact:

  • The U.S. Dollar Index tracks the greenback against a basket of major global currencies such as the Japanese yen, British pound sterling, Swedish Krona, Euro, etc.
  • Individuals hoping to meet foreign exchange payment obligations via dollar transactions to countries like Europe, and Japan, would need to pay fewer dollars in fulfilling such payment obligations.

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Cryptocurrency

DeFi crypto market value gains over 1000% from June

Defi based crypto market value had risen from $1 billion in June to  $10.71 Billion

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Hidden money making gems in DeFi, what do they mean for Nigerians?

DeFi cryptos are now a force to reckon with, especially since the era of the worst pandemic known to man came to play.

It’s important to note that DeFi-related assets are gaining traction, as data feeds from Defipulse revealed that Defi based crypto market value had risen from $1 billion in June to  $10.71 billion, at the time this report was written, showing an astronomical gain of 1071%.

Why investors are flocking to DeFI cryptos

Several DeFi crypto assets have had their share of the spotlight in recent times, with cryptos such as Chainlink, Compound, YAM, UniSwap, Cream finance, and Melon gaining investors’ capital inflows.

  • Using “Defi” technology, one can build smart contracts with codes that facilitate the actions of intermediaries, including managing and accepting deposits, handling collateralized loans, and liquidating collateral assets as per the terms of the contracts, should their values fluctuate.
  • Although DeFi assets, about few days back, had experienced some price corrections due to the rebound of the dollar and overbought indicators, the market seems to show a bullish bias relatively in the midterm, as Defi based investors increase their asset purchases momentarily.
  • DeFi crypto owners in some cases can typically receive better interest rates than they would from traditional banks on the basis that lower operating costs is enabled by operating on an automated decentralized network

As a credit to blockchain technology, the contract codes cannot be terminated or manipulated by any entity, and are executed with specific conditions.

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What DeFi means: Defi means “decentralized finance.” By definition, it’s a crypto ecosystem made up of financial apps designed on leading blockchain platforms.

  • Defi, in short, is the use of blockchain technologies (including smart contracts, decentralized asset custody, etc.) to replace all “intermediaries” with program codes, therefore maximizing the efficiency of financial services and minimizing costs.
  • These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts.

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