Connect with us
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Markets

Bulls party at Nigeria’s Stock market for the holiday, index up 0.76%

The Nigeria stock market finished higher for the fourth day in a row, as the avalanche of corporate earnings reports continues

Published

on

Nigerian stock exchange, Nigerian stock Market

The Nigeria stock market finished higher for the fourth day in a row, as the avalanche of corporate earnings reports continues to find their way into the market.

The All-share index closed the last trading day of the month at 23,021.01 points, representing a 0.67% increase. Market capitalization similarly increased by the same margin to close at N11.997 trillion.

Activity levels showed that the All-Share Index had total volume and value increased by 29.57% and 27.87% to close at 359.46 million units and N3.258 billion respectively.

ACCESS BANK (+3.94%) was the most traded stock by volume at 64.60 million units, followed by FBNH (-1.11%), with 62.94 million units of trades. Market sentiment, as measured by market breadth, was positive with 21 gainers led by ARDOVA (+10.00%), as against 13 losers topped by PRESTIGE (-9.10%).

(READ MORE: Bulls hit a hat-trick at the Nigerian Stock Market, investors gain N73.24 billion)

On the sectoral front, two out of the five indices under our coverage posted gains. NEM (+6.80%) gains also increased at the Insurance index up by 1.22%, trailed by ARDOVA (+10.00%) to lift the Oil & Gas index by 1.04%.

On the flip side, the industrial, banking, and Consumer goods closed south mildly by (-0.47%), (-0.37%), and (-0.23%) respectively, as BUACEMENT, ZENITH BANK and NB closed lower.

READ MORE: Bundle Africa launches social payment app

Top gainers

ARDOVA up 10.00% to close at N11.55; MTNN up 4.28% to close at N112; INTBREW up 4.17% to close at N5; ACCESS up 3.94% to close at N6.6; and WAPCO up 2.61% to close at N11.8.

Top losers

NB down 3.38% to close at N30; ZENITH BANK down 2.72% to close at N14.3; BUACEMENT down 1.21% to close at N32.6; GUINNESS down 0.54% to close at N18.4; and GUARANTY down 0.47% to close at N21.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Cryptocurrency

Crypto aftershocks send Doge crashing by 10%

The fast-rising crypto was trading at below 60 cent posting losses of about 10% for the day on the FTX exchange.

Published

on

doge

The Crypto market is currently undergoing some form of price correction amid intensified profit-taking and fear of regulatory oversights, thereby pushing Dogecoin below the 60-cent price levels.

On the broader crypto market, for the day, about 171,444 traders were liquidated. The largest single liquidation order happened on Bybit-ETH valued at $5.98 million.

The fast-rising crypto was trading at below 60 cent posting losses of about 10% for the day on the FTX exchange, after trading near 70 cents some hours ago.

Consequently, market pundits argue that the crypto asset doesn’t have any real case use.

I worry that, once the enthusiasm rolls out, there are no developers on it, there are no institutions coming in. But it’s got this moniker of the people’s coin right now,” Galaxy Digital’s Michael Novogratz said on Squawk Box.

Dark clouds seem to be building upon recent reports that the Crypto market is about to face a wave of regulatory oversights when Janet Yellen the custodian of the world’s most powerful economy stated that the United States is yet to have the needed framework to deal with a host of money laundering, terrorist financing, and consumer risk protection that crypto raises.

Also, the U.S. Securities and Exchange Commission Chair, Gary Gensler advised U.S lawmakers on providing more regulatory oversight to the cryptoverse.

“Right now, the exchanges, trading in these crypto assets, do not have a regulatory framework either at the SEC or our sister agency, the Commodity Futures Trading Commission,” said Gensler, who further added, “there’s not a market regulator around these crypto exchanges, and thus, there’s really no protection against fraud or manipulation.”

That being said, the crypto’s stellar performance over the past few months can’t be ignored as Dogecoin maximalists try to convince the world that crypto is a serious asset class with powerful billionaires like Elon Musk and Mark Cuban giving the Crypto asset endless support.

Crypto experts further anticipate that ongoing institutional interest will make it difficult to predict if the Doge bubble is ripe as they try to take advantage of its incredible bullish momentum, which could in turn, push the crypto value higher.

Continue Reading

Currencies

Naira falls against US dollar as CBN extends Naira4dollar scheme indefinitely

The exchange rate between the naira and the US dollar, closed at N411/$1 at the I&E Window.

Published

on

Thursday, 6th May 2021: The exchange rate between the naira and the US dollar, closed at N411/$1 at the Importers and Exporters window, where forex is traded officially.

Naira fell against the US dollar to close at N411 to a dollar on Thursday, 6th May 2021, representing a 50 kobo decline when compared to N410.5/$1 that was recorded on Wednesday, 5th May 2021.

Meanwhile, the naira maintained stability at the parallel market as it closed at N485/$1, while Nigeria’s external reserve plunged $28.94 million to close at $34.76 billion on Wednesday, 5th May 2021.

Also, the apex bank issued an indefinite extension to its Naira4dollar scheme for foreign remittances, which was introduced some months ago. This is aimed at sustaining the country’s foreign exchange market liquidity.

Trading at the official NAFEX window

The naira depreciated against the US dollar at the Investors and Exporters window on Thursday to close at N411/$1, representing a 50 kobo decline when compared to the N410.5/$1 that was recorded on Wednesday.

  • The opening indicative rate closed at N410.37 to a dollar on Thursday, 6th May 2021, representing a 12 kobo depreciation when compared to the N410.25/$1 recorded on Wednesday.
  • Also, an exchange rate of N420.9 to a dollar was the highest rate recorded during intra-day trading before it settled at N411/$1. It, however, sold for as low as N400/$1 during intra-day trading.
  • Forex turnover at the Investor and Exporters (I&E) window declined by 38.4% on Thursday, 6th May 2021.
  • A cursory look at the data tracked by Nairametrics from FMDQ showed that forex turnover decreased from $172.52 million recorded on Wednesday, 5th May 2021 to $106.34 million on Thursday, 6th May 2021.

Cryptocurrency watch

Bitcoin, the world’s most popular cryptocurrency, slumped by 2% on Thursday to trade at $56,358.03.

  • As of 11:31 pm on Thursday, the highly valued cryptocurrency asset witnessed a decline despite soaring as high as 5.5% on Wednesday.
  • However, Ethereum recorded a marginal growth of 0.07% to close at $3,530.75, capitalising on the 9.1% gain recorded in the previous day.
  • The total crypto market capitalisation depreciated by 0.53% to close at $2.33 trillion on Thursday.
  • Meanwhile, payments giant, Visa and financial services provider TALA have partnered to boost cryptocurrency adoption in emerging markets.
  • This partnership is aimed at easing the process of converting, storing and using cryptocurrencies by the underbanked consumers.

Crude oil price stalls

Crude oil prices witnessed a bearish trading session on Thursday, 6th May 2021 as the oil price rally stalled due to the worsening covid-19 crisis in India.

  • Brent Crude dipped by 0.97% on Thursday to close at $68.29 compared to its closing price of $68.96 recorded at Wednesday’s trading session.
  • The decline in oil prices, which cut short the rally to $70 a barrel was due to a fresh record of new daily coronavirus cases reported by the third-largest importer of oil in the world.
  • Also, according to energy analytics firm OilX, China’s crude oil imports fell by 11% in April 2021 to stand at 10.41 million barrels per day.

External reserve

Nigeria’s external reserve plunged for the 12th consecutive day on Wednesday, 5th May 2021 as it dipped $28.91 million to close at $34.76 billion.

  • The nation’s foreign reserve declined from $34.79 billion recorded as of Tuesday, 4th May 2021 to $34.76 billion on Wednesday, representing a 0.28% decline.
  • Nigeria’s foreign reserve has dipped $497.36 million since 16th April 2021 to date.
  • Nigeria will hope to boosts its foreign reserve position as oil prices continue to rally high and the CBN intensified effort to encourage dollar remittances into the country.

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.