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Business News

Investors lose N181.08 billion as bourse bow to bears on Monday

The Nigerian Stock market started the week on a bearish trend, as investors lost a total of N181.08 billion on Monday

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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 Nigerian Stock market started the week on a bearish trend, as investors lost a total of N181.08 billion on Monday. This loss came after the market capitalization, which opened at N14.278 trillion dipped 1.27% to close at N14.097 trillion, indicating N181.078 billion loss in one day.

The development could be attributed to some  equity investors that sold their shares in fear of the consistent decline being recorded in recent weeks. Sell-offs recorded in large and medium capitalised stocks affected the performance of the market significantly.

NSE in 2019, events & outlook, Foreign portfolio transactions drop by N280 billion as foreign investors remain net sellers of Nigerian equities , 2020 Nigerian Equities Outlook: Breaking the Jinx?, Equities: Foreign investors remain net sellers for second consecutive year , Investors part with N152.1 billion as bearish trade extends 

Stocks such as Julius Berger, Zenith bank, GTBank, Nigerian Breweries, BUA Cement, First Bank Holdings and Cadbury recorded significant losses while the bourse recorded a total of 33 decliners and only 5 gainers.

The major market indicator dipped 1.27% to close at 27,041.03 index points having recorded 4,533 deals and traded 429 million units of shares valued at N7.298 billion.

[READ MORE: Investors channel funds to forex, equity after OMO ban- Report)

Top gainers

Law Union Insurance was the best performing stock with 9.59% gain to close at N0.8 followed by Linkage Assurance which gained 4.65% to close at N0.45 and May & Baker, having gained 2.75% to close at N1.87. Sterling Bank joined the list with 2.74% gain to close at N1.5 while Vitafoam rounded off the list with 0.22% gain to close at N4.51.

Top losers

A long list of decliners saw BOC Gases, Glaxo Smith Kline and NCR Plc lead the ranks of losers on Monday with 10% loss to close at N4.05, N4.5 and N2.43 respectively. Skyway Aviation Handling lost 9.92% to close at N2.36 while Red Star Express rounded off the list with 9.89% loss to close at N4.01.

Top trades by volume

GTBank was the most actively traded stock on the floor of the stock market on Monday as it traded in 177.13 million units of shares, valued at N4.79 billion across 342 deals. These trades accounted for 65.67% of the total value of shares traded on the bourse today.

First Bank Holdings followed with trades in 60.1 million units of shares at N329.46 million across 382 deals as Zenith Bank Plc traded 58.15 million units of shares at N1,09 billion across 993 transactions. UBA traded in 39.17 million units of shares at N267.21 million across 443 deals while United Capital rounded off the list with 18.48 million units of shares valued at N62.99 million across deals.

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Tech News

Twitter CEO auctions his first-ever tweet on Twitter, bidding at $2.5 million

Jack Dorsey is auctioning his first-ever tweet on a website that sells tweets as non-fungible tokens.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack

Twitter CEO, Jack Dorsey is auctioning his first-ever tweet on Twitter “just setting up my twttr” on a website that sells tweets as non-fungible tokens (NFTs).

The tweet was listed for sale on ‘Valuables by Cent’ – a tweets marketplace that was launched three months ago. The tweet was first made in March 2006

The tweet received offers as high as $88,888.88 within minutes of Jack tweeting a link to the listing on” Valuables by Cent” on Friday.

Currently, bidding has reached $2.5 million (€2.1 million) indicating the potential in selling virtual objects that have been authenticated through blockchain technology.

The highest bid for the tweet — $2.5 million — came from Bridge Oracle CEO Sina Estavi. It topped cryptocurrency pioneer, Justin Sun’s $2 million bid.

The final buyer of the tweet will receive a certificate, digitally signed and verified by Jack Dorsey, as well as the metadata of the original tweet. The data will include information such as the time the tweet was posted and its text contents. Most of this information, however, is already publicly available.

According to Valuables by Cent’s terms, 95% of a tweet’s sale will go to the original creator while the remainder will go to the website.

What you should know

  • NFTs is a unique digital certificate that states who owns a photo, video, or other forms of online media.
  • Dorsey’s 15-year-old tweet is one of the most famous tweets ever on the platform.
  • Bidding had reached $2.5 million (€2.1 million) on Saturday, indicating the potential in selling virtual objects that have been authenticated through blockchain technology.
  • More people are currently bidding their tweets on the platform.

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Stock Market

Bamboo’s current rate for buying U.S Stocks weakens to N492/$1

Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.

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The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.

About two weeks ago,  the Nigerian stock trading app offered an exchange rate of about N484 to $1.

The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.

READ: Nigerian Bitcoin P2P surges by 15% since CBN Crypto ban

That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.

A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.

READ: Many Nigerians are trooping into foreign stock markets

Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.

In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.

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