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Markets

Gold prices surge, as protests erupt In America

Spot gold gained 0.9% to $1,741.61 per ounce by 8 am Nigerian local time, while U.S. Gold futures gained 0.3% to trade at $1,757.50

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Gold, Gold prices tick up as President Trump decides on China today, Gold Prices Surges, Protests Erupts In America, Gold Down Over Increased Investor Confidence in Economic Recovery, Gold futures reach two months high over rising Covid-19 cases  

Gold was up on Monday morning in London’s trading session with global investors turning to the safe-haven asset after protesters flooded the streets in America over the death of George Floyd in police custody.

Spot gold gained 0.9% to $1,741.61 per ounce by 9 am Nigerian local time, while U.S. Gold futures gained 0.3% to trade at $1,757.50.

Consequently, global investors were astonished as protests surged in dozens of cities in the U.S. over the death of George Floyd.

Concerns were also strengthened over the impact to COVID-19 would have on the global economy as well as the possibility of another wave of infections.

“Concerns about the unrest in the United States at the moment appear to be weighing on market sentiment,” Michael McCarthy, chief strategist at CMC Markets reported to Reuters adding that growing tensions between the world’s largest economies further strengthened the base price for gold.

(READ MORE: Gold prices surge by 17.4% in 2 months due to global economic crisis)

Why do Investors buy Gold? Global Investors most often buy the safe-haven asset in times of uncertainty and use it to hedge against cash (inflationary macros).

In addition, U.S. Federal Reserve Chair Jerome Powell further reduced investors’ risk appetites when he recently stated that the economic recovery from the impact of COVID-19 could pause if there is an increase in the number of American caseloads suffering from COVID-19. 

 

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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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Business News

Heavy sell-off in Guinness shares leads to N6.9 billion market value loss in a single day

Shares of Guinness Nigeria Plc suffered a 9.89% loss today.

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Guinness Nigeria Plc Reports Full Year F19 Results

Guinness Nigeria Plc suffered a 9.89% loss today following a heavy sell-off in the shares of the brewer. This triggered a market value loss amounting to about N6.9 billion at the close of trading activities on the Nigerian Stock Exchange, as investors scaled-down stakes in the brewer.

Data tracked at the close of the market today revealed that the shares of GUINNESS declined from N31.85 per share at the market open, to N28.70 per share at the close of the market today, to print a loss of 9.89%.

This decline saw the market capitalization of the leading maker of beer and spirits fall from N69.75 billion to N62.86 billion at the close of trading activities today, putting the total market value loss at N6.89 billion.

The shares of Guinness at the close of the market today cleared at N28.70 per share, 9.89% lower than the closing price of N31.85 per share yesterday.

At the current price, Guinness shares are currently trading 20.27% lower than their 52-week high of N36.00 per share. However, the shares of the company have returned about 120.8% gains for investors who bought them at their 52-week low trading price of N13.00 per share last week.

During trading hours on the Exchange today, about 159,380 ordinary shares of Guinness Nigeria Plc worth about N4.57 million, were exchanged in 27 executed deals.

The shares of Nigerian Breweries Plc and Golden Guinea Breweries Plc closed flat at N50.1 per share and N0.81 per share respectively, while the shares of International Breweries Plc shed 0.88% to close low today at N5.65 per share.

What you should know

  • At the close of trading activities today, the NSE All-Share Index and market capitalization appreciated by 0.29% to close higher at 39,128.34 index points and N20.477 trillion respectively.
  • The NSE Consumer Goods Index, an investable benchmark designed to track the performance of the shares of consumer goods companies like Guinness Nigeria Plc, depreciated by -0.35% to close the day lower at 553.26 index points.

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Markets

Guinness plunges amid Nigerian stocks gains

The All-Share Index increased by +0.29% to close at 39,128.34 from 39,015.58 index points.

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gtbank, stock market, Bulls dominate Nigerian bourse ASI up 0.74%, Investors gain N77 billion., Crude oil bulls lose steam, as COVID-19 cases hit record high

The Nigerian Stock Exchange market posted gains at the end of the trading session today. The All-Share Index increased by +0.29% to close at 39,128.34 from 39,015.58 index points. CONOIL topped the gainers list.

  • Nigerian Stock Exchange market value currently stands at NGN 20.48Tr. Its Year-to-Date (YTD) returns currently stands at – 84%.
  • The market closed in profit as CONOIL led 21 Gainers and GUINNESS topped the chart of 22 Losers with a noticeable bullish movement by the NSE ASI.

Top gainers

  1. CONOIL up +9.97% to close at N18.75
  2. STUDPRESS up +9.88% to close at N1.78
  3. ETERNA up +9.48% to close at N6.35
  4. UPL up +9.40% to close at N1.28
  5. WAPCO up +6.83% to close at N21.90

Top losers

  1. GUINNESS down -9.89% to close at N28.70
  2. PORTPAINT down -9.85% to close at N2.38
  3. ACADEMY down -8.26% to close at N0.37
  4. LEARNAFRCA down -8.26% to close at N1.00
  5. REGALINS down -7.41% to close at N0.25

Outlook

The NSE ASI saw a bullish move supporting Tuesday gains and showing bullish dominance since the start of the week.  However, the following stocks are on our watchlist: PZ, Guaranty, Access bank, STANBIC, HONYFLOUR, GUINNESS and Flourmills.

  • Nairametrics advises cautious participation in the stock market in this era of growing uncertainties.

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