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Markets

Dangote, Mobil, BUA, Zenith, GTbank win a home run at Nigerian stock market

Today’s stock market uptrend was impacted by gains recorded in High Cap stocks like Mobil, Zenith Bank, Guaranty Trust Bank, Unilever, and BUACEMENT.

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Blue Chip stocks that defied COVID-19

Nigerian stock market maintained positive trend for the fourth trading session as the key market performance measures, All Share Index, ASI, and market capitalization, further grew by 1.05% each.

Today’s uptrend was impacted by gains recorded in High Cap stocks like Mobil, Zenith Bank, Guaranty Trust Bank, Unilever and BUACEMENT.

Market sentiment, as measured by market breadth closed positive, recording 29 gainers against 9 losers. REDSTAREX for the second trading session recorded the highest price gain of 10.00 % to close at N3.75 per share.

Consequently, the All-Share Index rose by 1.05 %to close at 24.758.39 index points as against 24.452.23 points recorded yesterday while market capitalization of equities appreciated by N159.55bn or 1.03 % to close higher at N12.902tn from N12.743tn as market sentiment remained on the green territory.

A turnover of 350.76 million shares valued at N3.70billion in 5,239 deals was recorded in today’s trading. ZENITHBANK (+3.03%) finished the most active in today’s trading to boost market turnover by 57.4million units of shares valued N961.39 million.

(READ MORE: Dangote, Nestle, Zenith, GTBank hit home run as investors party with N94.4 billion)

The sectoral performance was largely positive as all sector indexes gained. The Industrial index (+5.72%) was the top performer of the day, due to the +9.88 price appreciation in BUACEMENT as earnings report hit the market on Monday.

Businessman makes a strong case against equity investment, stock market

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The NSE Oil & Gas index followed to gain 1.44%, on the back of +9.95% gain recorded in MOBIL. Consequently, appreciation in FBNH (+3.88%), ZENITH BANK (+3.03%), WAPIC (+6.45%), and AIICO (+2.02%) spurred the NSE Banking and Insurance Indexes to advance 1.41% and 0.97% respectively. The Consumer Goods index finished the day, +0.38% on UNILEVER (+9.30%) price close.

Top gainers 

BUACEMENT up 9.88% to close at N35.6, MOBIL up 9.95% to close at N194.5, UNILEVER up 9.30% to close at N16.45, GUINNESS up 3.24% to close at N17.55, ZENITH BANK up 3.03% to close at N17

Top losers

ARBICO down 9.91% to close at N2.09,FLOUR MILL down 4.76%  to close at N20, OANDO down 5.76% to close at N2.62N1.9,NPFMCRFBK down 3.55%  to close at N1.9,FIDSON down 1.54% to close at N3.2

Outlook

Nigeria’s stock market final print was dependent on blue-chip stocks led by MOBIL, BUACEMNT and the banking tickers,( most tier-1 banks) had a going showing. However Nairametrics advise on cautious buying as volume still remains a bit thin

Stanbic 728 x 90

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.

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Billionaire Watch

Google founders earn $42 billion in 100 days

Impressive growth in the US economy boosted buying pressure on Google shares as its founders saw their wealth valuation surge.

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Google founders Larry Page, 48 and Sergey Brin, 47 have earned more money collectively than the total foreign cash reserve holdings of Africa’s biggest economy.

Larry Page, currently worth $104 billion, has earned $21.2 billion in 100 days; while Sergey Brin, with a wealth valuation of $100 billion, earned $20.4 billion in the same period. Collectively, both men have earned $41.6 billion, dwarfing Nigeria’s foreign cash reserve which currently stands at a gross valuation of $35 billion.

The majority of Larry page’s wealth comes from his stake in Alphabet, the parent company of Google. The Standford trained entrepreneur currently holds $12.6 billion in cash.

Sergey Brin’s wealth valuation is also derived from his stake in the world’s most popular search engine and presently, his cash holding is valued at $12.7 billion.

Impressive growth from the world’s most powerful economy boosted buying pressure on Google shares and its founders saw their wealth valuation surge. Global investors are increasingly holding on the tech juggernaut’s shares as amazing economic data from America’s service industries coupled with an advance in the tech sector fueled the hike in Google shares seen in recent months.

Consequently, investors are piling significant amount of funds into Alphabet Inc., the parent company of Google, with reports saying it won its most recent supreme court case against Oracle, a case that has lingered for about 3 years.

Recent price action reveals the stock is presently trading at $2,285.88 nearing its 52-week high of $2,289.04 with a yearly return on investment currently pegged at 89%.

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Stock pundits are surprised by such record gains in Google shares despite a swift move seen lately by some institutional investors into utility, energy-based stocks and of late U.S Treasury bonds.

The company currently has a market value of about $1.54 trillion.

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Cryptocurrency

XRP surges by 150% in 7 days as Ripple posts early victories against SEC

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

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XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

What this means

Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

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