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NSE: Bears reign continues as ASI shed 4.91% on Tuesday

The Nigeria Stock Market continues to experience global financial downturn, caused by the panic that COVID 19 brought to investors.

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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 Nigeria Stock Market has continued to experience downturn, caused by the panic and growing concern that COVID 19 brought to investors. The All-share index recorded a significant decline of 4.91% to close Tuesday trading session at 24,388.66 index points.

Market investors lost a total of N656 billion on Tuesday as the equity market closed at N12.72 trillion from an initial value of N13.38 trillion indicating 4.9% reduction. Sell-offs recorded in large capitalized stocks such as MTN Nigeria, GTBank, UBA, Unilever Nigeria, NASCON and many more caused the drastic fall in the market’s performance.

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 close February in deep red as investment options dry up for Nigerians

Top gainers

Three gainers emerged on the floor of the stock market on Tuesday. They are Neimeth Pharmaceuticals having gained 10% to close at N0.44 compared to an opening of the value of N0.4. Honeywell Flour followed with 3.45% gain to close at N1.75 while NEM Insurance rounded off the list with 1.16% gain to close at N1.75.

Top losers

Thirty-three (33) Company stocks recorded decline as Dangote Sugar tops the list with 10% loss to close at N9.9 followed by Fidelity Bank, which also lost 10% to close at N1.62 and Nascon Allied Industries which closed at N11.7 compared to its opening of value of N13.

[READ MORE: NSE: Market drops by N329.39 billion on Monday, as one stock makes the gainers’ chart)

Stanbic IBTC recorded a 10% loss to close at N28.35 while MTN Nigeria rounded off the list with 10% loss to close at N103.5. Some of the other stocks which recorded a drop in Tuesday’s trading session include Zenith bank (9.69%), Nigerian Breweries (9.93%), GT Bank (9.93%).

Top trades by volume

UBA Plc traded in the largest volume of stocks on Tuesday as it recorded trades in 166.42 million units of shares at N942.73 million across 685 deals followed by First Bank Holdings, which traded in 163.96 million units of shares valued at N724.83 million across 488 deals.

GTBank recorded trades in 54.52 million units of shares at N1.09 billion in 366 deals, Fidelity traded in 31.93 million units of shares at N51.73 million across 128 deals while Zenith Bank traded in 30.09 million units of shares at N392.62 million across 451 deals to round off the list.

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Business News

Senate calls for the liberalization of cement policy to crash the price of the commodity

The Senate also tasked the FG on providing more industrial incentives to bring new players into the cement industry.

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BUA Cement

The Nigerian Senate has called for the liberalization of Nigeria’s cement policy to boost production and subsequently crash the price of the commodity in the country.

This motion was raised by Senator Lola Ashiru at today’s senate plenary, the senator also tasked the Federal Government on providing more industrial incentives to bring new players into the cement industry, in addition to the liberalization of the cement policy in Nigeria.

Ashiru explained that to reduce the price of cement and in extension, other building materials in the country, the Federal Government needs to provide an enabling operating environment that will encourage new entrants in the country.

The Senate in conclusion called on the FG to provide more industrial incentives and protections such as concessionary loans and larger tax incentives to encourage new entrants and expand the national cement production infrastructure, as this boost in production will lead to a downward review of cement price in Nigeria.

What industry leaders are saying

Earlier this year the founder of BUA Group, Abdulsamad Rabiu, called for the liberalization of Nigeria’s cement policy to boost production and reduce the price of the commodity.

The billionaire philanthropist faulted the belief that Nigeria is self-sufficient in terms of cement production, noting that recent statistics and figures on Nigeria’s population and cement production do not support this status of sufficiency in cement production as stated by some individuals.

He attributed the high price of cement products in the country to the supply gap which exists in the country, as the few producers who currently operate in the country are unable able to meet the country’s huge and growing demand.

The Group Executive Director, Strategy, Portfolio Development and Capital Projects, Devakumar Edwin, explained that the demand and consumption of cement in the nation currently outstrips supply, and this can be pegged on the growth in the country’s population, and the strong appetite for real estate investment and construction in the country.

He revealed that a supply gap of about 40% exists in the country’s cement market and that all players in the industry are working hard to level production with the rising demand in the country.

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Paypal’s Venmo now permits cryptocurrency trading

Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

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Venmo, a mobile payment service owned by PayPal has announced that it has started allowing users to buy, hold and sell cryptocurrencies on its app. Just like PayPal, Venmo will support four different cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, and users can carry out transactions with as little as $1 on the app

Founded in 2009, Venmo has over 70 million users and it is one of the most popular payment channels in the US. The payment platform processed around $159 billion in payments last year.

Since the app functions like a social network, adding cryptocurrency will offer a more user-friendly feel for people who love buying and selling crypto.

READ: 28 million merchants to be granted crypto usage on PayPal

As bigger companies show more interest in cryptocurrency, there will be wider adoption of virtual currencies in future. Venmo is the latest payment app that is offering support for cryptocurrency on its platform.

Paypal, the parent company of Venmo is one of the most active companies in the crypto space as it allows users to buy, sell and hold cryptocurrencies in their digital wallets. Paypal users can also spend their coins at millions of merchants globally.

Crypto on Venmo is enabled through PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

What they are saying

Darrell Esch, Venmo’s Senior Vice President and general manager said “Our goal is to provide our customers with an easy-to-use platform that simplifies the process of buying and selling cryptocurrencies and demystifies some of the common questions and misconceptions that consumers may have.”

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