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Markets

Ekocorp, Conoil, Learn Africa, others lead gainers’ chart on Tuesday

The Nigerian Stock Exchange (NSE) market ended in positive territory on Tuesday as the All-share index increased by 0.18% to close at 26,739.44 and the equity market capitalization closed at N12.90 trillion from N12.88 trillion recorded on Monday, gaining about N4 billion.

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Nigerian Stock Exchange, sound, C & I Leasing Plc, NSE launches factbook, Top 10 stockbroking firms, Steroids from GTBANK, ZENITH Lift Nigerian bourse, as investors gain N94.2 billion , Steroids from GTBANK, ZENITH Lift Nigerian bourse, as investors gain N94.2 billion

The Nigerian Stock Exchange (NSE) market ended in positive territory on Tuesday as the All-share index increased by 0.18% to close at 26,739.44 and the equity market capitalization closed at N12.90 trillion from N12.88 trillion recorded on Monday, gaining about N4 billion.

Top gainers

Ekocorp Plc tops the gainers’ chart as it gained 10% to close at N4.07 followed by Conoil Plc with 9.74% increase to close at N16.9 as Learn Africa Plc made the list with 9.43% gain to close at N1.16.

Neimeth International Pharmaceuticals Plc, which topped the chart yesterday, also gained 9.09% to close at N0.48 while Academy press Plc rounded off the list with 8.82% increase to close at N0.37.

[READ ALSO: NSE traded N6.8 billion worth of shares on Thursday as market close positively(Opens in a new browser tab)]

Top losers

ABC Transport Plc led the floppers as it dipped 8.89% to close at N0.41 followed by United capital Plc, having shed 5.22% to close at N2.18 as AIICO insurance Plc also lost 5.19% to close at N0.73.

Consolidated Hallmark Insurance Plc lost 5.13% to close at N0.37 while Livestock feed Plc declined by 3.85% to close at N0.5.NSE, stock exchange, Understanding Derivatives as investment products, MTN, Nestle, Stanbic, others top best H1 dividend stocks , Aso Savings, Evans, Multi-Trex, others in huge financial losses over compliance fines, ABC Transport , What the NSE’s amended pricing methodology is expected to accomplish  

Top trades by volume

UACN Plc again topped the list as it traded in 117.7 million shares valued at N826.98 million across 153 deals followed by First bank holdings, which traded 47.8 million shares valued at N323.88 million across 438 deals.

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Access bank plc traded in 40.3 million shares at N391.77 million across 454 deals as Zenith bank Plc traded in 21 million shares valued at N390.7 million across 435 deals while UBA completed the list with trades in 20.2 million shares at N144.50 million across 342 deals.

[READ ALSO: CHART: Nigerian Employee Compensation every year since 1981(Opens in a new browser tab)]

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Business

Cryptocurrency: FG should set up presidential commission on cryptocurrency – ACCI

The Federal Government has been urged to set up a presidential task force on cryptocurrency adoption.

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The Abuja Chamber of Commerce and Industry (ACCI) has urged the Federal Government to set up a presidential task force on cryptocurrency adoption, citing increased adoption of cryptos in the global markets.

This was disclosed by Dr Almujtaba Abubakar, ACCI President, in a statement on Friday in Abuja. He suggested that the FG should propose a plan which would enable cryptocurrency to be used in Nigeria’s financial markets.

“The commission should propose a plan of action for phased usage of the technological currency within the Nigerian financial system,” he said.

“We suggest that members of the commission should be drawn from the Central Bank of Nigeria (CBN), Nigerian Stock Exchange, banking /financial Institutions, bitcoin community, digital currency experts and relevant MDAs and organised private sector.

It is our considered view that such a commission will have all facts on the table and will be able to chart a sustainable path forward for Nigeria,” he added.

The ACCI cited Vice President, Osinbajo’s views on cryptocurrency being a global phenomenon that nations must address rather than run away from.

“The policy lacuna impresses on the administration to consider possible options to prepare the nation to cope with the positive and negative fallouts of this new financial technology,” the ACCI boss added.

In case you missed it 

Nairametrics reported that the Securities and Exchange Commission (SEC) had revealed that it was working with the Central Bank of Nigeria for a better understanding and regulation of cryptocurrencies in the country.

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Markets

Bears take hold of the NSE Banking index

The NSE Banking Index finished red with a loss of -0.52%.

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Nigerian Stock Exchange, Nigerian Stocks, Daily market summary, NSE, Bourse bows to bears as ASI dip 0.55% on Friday, NSE: Bears dominant reign continues as ASI shed 4.91% on Tuesday, Bearish trend persists at Nigerian Stock Exchange, as investors lose N456 billion, Bears return, Nigeria’s local bourse drops 0.12%, Bears return Nigeria's ASI index down 3.12% Investors lose N370 billion, Bulls lift Nigerian bourse up 0.10%, as trading volume picks up,  BUACEMENT, CADBURY, WAPCO Bring the Bears to Party, Investors Lose N198.05 Billion

The NSE Banking Index traded bearish at the end of the trading session today. 6 banks posted Gains and 4 Losses were recorded. The NSE Banking Index finished red with a loss of -0.52% adding to the -0.97% held in the previous trading session. The index dropped to 343.03 index points at the close of trading activities today.

Sterling Bank posted a substantial loss of -9.76% adding to the -0.61% held at the previous trading session pushing the price downwards from N1.70 to N1.49 and leading the top losers in the NSE Banking index.

Zenith Bank also saw another loss of -1.38% adding to the -0.91% held in the previous session pushing the price from N22.00 to N21.80.

Jaiz Bank lost some profit from the +6.67% held in the previous trading session by posting a loss of -1.56% settling the price at N0.63.

Fidelity Bank broke the stalemate held at the previous trading session to post a loss of -2.83% settling the price at N2.39 from N2.47.

Union Bank posted profits of +2.20% to settle the price at N4.65.

UBA also made gains of +2.21% pushing the price downwards to N6.95 from N6.80.

Wema Bank recovered from the decline in the previous session to post gains of (+1.79%) pushing the price to N0.58 from N0.55.

GT Bank also posted a profit of +1.39% moving price from 28.75 to N29.15.

Access Bank made a decisive move from its stalemate position with gains of +0.66% settling the price at N7.60.

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Ecobank made profits of (+1.04%) settling the price at N4.90.

Outlook

  • Market sentiment trends towards recovery as 6 companies in the NSE Banking Index made gains as opposed to 4 losses at the end of the trading session today.
  • Nairametrics advises cautious participation in the market amid growing uncertainties in Nigeria.

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