The stock market continued its bullish trend on Monday, as the All share index gained 0.74% to close at 29,633.58 index points leaving the equity market capitalisation of the market at N15.29 trillion.
MTN Nigeria, NPF Microfinance, Lasaco Assurance, UACN and GSK topped the rank of gainers on the bourse as Cadbury Nigeria and Transcorp Hotel led today’s losers.
MTN Nigeria was the best performing stock on Monday with 10% gain to close at N127.6 followed by NPF Microfinance bank having gained 9.68% to close at N1.36 as UACN gained 7.8 to close at N11.05. Lasaco Assurance gained 7.41% to close at N0.29 while Glaxo Smith Kline rounded off the list with 6.6 gain to close at N5.65.
On the flip side, Cadbury Nigeria was the worst-performing stock as it dipped 9.95% to close at N9.5 followed by Transcorp Hotel, which lost 9.18% to close at N4.45. Neimeth pharmaceuticals dipped 8.93% to close at N0.51.
Presco plc lost 8.17% to close at N52.25 while Unilever Nigeria lost 5.26% to close at N18.
Top trades by volume
Access bank was the most actively traded stock on the bourse today, having traded in 63.7 million shares valued at N628.8 million across 450 deals followed by UBA, which traded in 40.6 million shares at N354.2 million across 386 deals.
Zenith bank plc traded in 39.5 million shares at N861.15 million across 456 deals as UACN also traded in large volume with 24.4 million shares traded at N268.65 million across 208 deals while GT bank capped the list with trades in N18.17 million shares at N573.72 million across 237 deals.
Tesla plunges as GameStop posts gains
Stocks took a drive on Monday with Nasdaq plunging (-0.98%) at the end of the trading session.
Stocks took a drive on Monday with Nasdaq plunging (-0.98%) at the end of the trading session. The S&P 500 decreased by (-0.53%) and the Dow made a gain of (-0.36%). After a Tesla vehicle suspected to be without a driver crashed into a tree north of Houston on Saturday, killing two passengers, the electric-car maker’s stock fell 3.4%.
The stock had the greatest negative impact on the S&P 500 and Nasdaq Composite Indexes. Tesla’s stock price was weighted down by an 8.4% plunge in bitcoin over the weekend, in which it has a stake.
The yield on 10-year Treasuries was at 1.58%, after falling six base points in the U.S. trading session.
- The stock of GameStop Corp soared 6.3% after the announcement of its CEO’s resignation.
- Nvidia’s stock fell 3.5% after the UK government announced it would investigate the national security ramifications of Nvidia’s $40 billion acquisition of British chip designer ARM Holdings, creating doubts about the transaction.
- Harley-Davidson up 9.68% to close at $44.29
- Albemarle up 3.60% to close at $157.50
- Morgan Stanley up 1.83% to close at $80.03
- Charles Schwab up 1.76% to close at $65.88
- Bank of NY Mellon up 1.61% to close at $46.81
- Altria down -6.17% to close at $49.08
- Arconic down -6.07% to close at $26.02
- Synopsys down -3.88% to close at $250.64
- Cadence Design down -3.61% to close at $141.94
- Broadcom down -3.51% to close at $462.00
- As bitcoin suffered a beating over the weekend, crypto stocks like Riot Blockchain and Marathon Digital both fell more than 8%. Bitcoin was down 0.7% at the time of writing.
- Speculators are expecting a recovery as the market opens today.
- Nairametrics, however, advises cautious buying in this era of growing uncertainties.
Dogecoin post weekly gains of over 450%, more valuable than Barclays and Credit Suisse
The listing of DOGE on Coinbase and other related institutional-focused exchanges could make DOGE’s value rise as high as $1.
In recent weeks, Dogecoin (DOGE) has become the darling of many crypto traders and investors as it rallied by more than 450% amid high buying pressure.
Even after earlier pullbacks, its current market valuation of about $35 billion makes it more valuable than century-old banks like Barclays and Credit Suisse which have a valuation of $32 billion and $23.9 billion respectively.
The crypto asset, at the time of writing, was the only profitable crypto in the top 5, triggered by Twitter posts from Elon Musk, one of the world’s most powerful and wealthiest person alive.
Market pundits argue that the credence from the world’s leading billionaires like Elon Musk and Mark Cuban might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market.
Crypto pundits also argue that the listing of DOGE on Coinbase and other related institutional-focused exchanges that offer altcoin derivatives could make its value rise as high as $1.
At the time of writing this report, Dogecoin traded at $0.409118 with a daily trading volume of $35.3 billion. It is currently the fifth most valuable crypto by market value surpassing the likes of Tether, Cardano, and Polkadot.
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 is usually referred to as “the internet currency.”
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- 2020 FY Results: Unity Bank Plc posts profit after tax of N2.09 billion.
- Guinea Insurance Plc reports a loss of N142.13 million in 9M 2020.
- Unilever Nigeria Plc set to hold Annual General Meeting on 6th of May.
- UBA Plc posts profit after tax of N38.16 billion in Q1 2021.
- PZ Cussons Nigeria Plc appoints Ifueko Okauru as Independent Non-Executive Director.