The Nigerian local bourse on Thursday lost all the gain recorded in Wednesday’s session to return to the bearish territory as it dropped by 3.12%, costing investors to shed N370 billion.
At the close of the day’s trading, the ASI Index lost about 711.06 to close at 22,078.58 and the market capitalization fell to N11.506 trillion.
Consequently, Year-to-Date (YtD) returns on equities worsened to-17.8%.
Market dealers explained that the day’s loss was main major selloffs investors in blue-chip stocks included MTN Nigeria, falling by -4.8% and Dangote Cement with -3.3% drop.
Activities also slowed down during the session as volume and value of trade declined by 21.69 per cent and 55.16 per cent respectively. Similarly, market breadth followed suit with 22 declining stocks against 13 gainers.
The gainers include AFRIPRUD as it gained N0.32 to close at N3.55. INTBREW followed with a gain of N0.25 to close at N5.50.
Others include Dangote Sugar, Sterling Bank and Livestock that added N0.15, N0.09 and N0.05 to their share prices to close N10, N1.08 and N0.60 respectively.
Nestle led 21 other declining stocks of the day as it shed N30 to close at N850. MTN Nigeria, Dangote Cement, Zenith Bank and WAPCO declined by N5.00, N4.40, N1.35 and N0.70 to close at N99.5, N129, N12.15 and N10.10 respectively.
Bonds are traded mixed on Thursday as gains on the short and long ends of the curve offset the losses on the mid-end. Bid-ask spreads on 10-yr and 30-yr bonds have narrowed by c. 12bps, indicating improved trading liquidity.
Value traded so far is c. N6.3 billion, with most flows on the 2023 and 2029 bonds. For bills, it has been a quiet day following the announcement of an OMO auction by the CBN.
The back end of the OMO curve is down by 25bps as market players expect auction to close lower than secondary market levels.
Value traded is c.N146 billion, with most flows being structured deals on December and February OMO notes.
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.
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.
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.
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 $1.
The green-colored trading app known for allowing local-based Nigerians to invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.
That being said, Nairametrics’s most recent research observed Chaka. ng offers the lowest exchange rate charge of N480 to 1$, other Nigerian-based stock trading apps that include Throve and Risevest currently offer their clients N491.68 and N486 to $1 respectively.
In addition, 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.
Consequently, a lot of Nigerians are flocking the New York Stock Exchange (NYSE) on the account it has about 2,800 companies listed, while the NASDAQ has about 3,300 stocks listed. This gives Nigerian investors numerous options where they can invest their money. It is also why the US economy attracts billions of dollars in portfolio investments annually.
Bamboo 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.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.