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Markets

Access, GTBank, Custodian end winning streak at Nigerian stock market

Performance across sectors closed bearish, as three out of the five major sub-indices posted losses.

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market's, Bears clawing down on the naira, hits N425 to $1

The Nigerian bourse reversed its previous days gain, as the All Share Index declined by 0.38% to close at 25,312.05 index points. Thus, YTD loss currently stands at -5.71%.

Activity levels closed weak compared to the previous trading session, as total volume and value declined by -23.53% and -24.72% to close at 270.19million units and N5.29billion respectively. FBNH was the most traded stock by volume at 41.3 million units, while DANGCEM topped by value at N2.57 billion.

READ ALSO: Bitcoin could hit above $100,000 by August 2021

Market breath was slightly negative with 17 losers led by CUSTODIAN (-7.14%), against 16 gainers, topped by SKYAVN (+9.69%).

Performance across sectors closed bearish, as three out of the five major sub-indices posted losses. Decline in ACESS (-5.11%) and GUARANTY (-2.00%) spurred sustained losses in the Lenders’ Index (-2.12%), trailed distantly by the Oil & Gas (-0.39%) and Insurance index (-0.555), on the back of price decline in OANDO (-3.57%), CUSTODIAN (-7.14%) and AIICO (-5.22%).

Gains in DANGSUGAR (+6.76%), FLOURMILL (+4.25%) and DANGCEM (+1.00%) buoyed a 0.89% and 0.23% improvement in the Consumer Goods and Industrial indices respectively.

Top gainers

SKYAVN up 9.69% to close at N2.49; CILEASING up 9.28% to close at N4.85; DANGSUGAR up 6.76% to close at N15; FLOURMILL up 4.25% to close at N20.85; DANGCEM up 1.00% to close at N141.9.

READ ALSO: More than 40 SMEs in Lagos shut down due to economic crisis

Top losers

CUSTODIAN down 7.14% to close at N5.85; ACCESS down 5.11% to close at N6.5; GLAXOSMITH down 5.06% to close at N7.5; GUARANTY down 2.00% to close at N24.5; and MTNN down 1.69% to close at N116.

Outlook

Market sentiment finished bearish on Thursday, as significant profit taking was noticed, especially among financial stocks. Nairametrics envisages cautious buying of Nigerian stocks.

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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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Markets

Union Bank, LINKASSURE push NGX ASI into recovery

The market breadth closed positive with the bulls as LINKASSURE led 25 Gainers, and 16 Losers topped by NEM.

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Nigerian stock exchange market made a bullish recovery on the last day of the week’s trading session. This surge was bolstered by gains made by UBN and LINKASSURE amongst others. The All-Share Index increased by +0.21% to close at 39,198.75 from 39,114.73.

  • Nigerian Stock Exchange market value currently stands at N20.48 trillion. Its Year-to-Date (YTD) returns currently stand at -2.66%.
  • The market breadth closed positive with the bulls as LINKASSURE led 25 Gainers, and 16 Losers topped by NEM, showing a hint of consolation.

Top gainers

  1. LINKASSURE up +9.25% to close at N0.69
  2. JOHNHOLT up +9.26% to close at N59
  3. UBN up +9.09% to close at N5.40
  4. ROYALEX up +8.33% to close at N0.65
  5. CHIPLC up +8.33% to close at N0.39

Top losers

  1. NEM down -9.50% to close at N1.81
  2. COURTVILLE down -9.09% to close at N0.20
  3. SUNUASSUR down -8.47% to close at N0.54
  4. INITSPLC down -6.98% to close at N0.40
  5. ETERNA down -6.89% to close at N5.81

Outlook

The market recovered from a week-long loss as it posts profit at the end of the trading session.

  • Market sentiments tend toward bullish momentum as the NGX ASI closes with 25 Gainers and 16 losers.
  • Nairametrics however, advises cautious buying in this era of growing uncertainties.

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Markets

SEC plans to monitor foreign stock brokers in Nigeria

SEC is proposing tighter and stricter regulatory oversight and requirements for foreign stockbrokers in the country.

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Nigerian Stocks snap 7-year losing streak to post first gain in August

In an attempt to reduce the demand for foreign stocks in Nigeria, the Securities and Exchange Commission (SEC) is proposing tighter and stricter regulatory oversight and requirements for foreign stockbrokers in the country.

In an interview monitored by Nairametrics, the executive commissioner for operations of the SEC, Dayo Obisan revealed the commission was planning to actively monitor the local facilitators of foreign stocks.

“At least 400,000 Nigerians have invested in foreign stocks through brokers in the past 18 months,” Obisan said, with Nigerians actively trading or holding foreign equities now exceeding those investing in the local market and about 70% of these participants being less than 40 years of age.

This is despite the Nigerian Stock Exchange being dubbed the best performing last year after it gained 50% YTD. Stocks are however down 5% YTD.

In contrast, the S&P 500 Index is currently trading 14.50% YTD, creating a new all-time high.

Also, the value of transactions is down YTD as demand shifts from the Nigerian stock exchange market to the Cryptocurrency and foreign stock market.

“There is an increasing interest among the younger population and this is of concern to the commission primarily because it creates an avenue for exploitation,” Obisan said.

The SEC intends to license firms offering foreign stocks under a “digital sub-broker” regulation, which Obisan says should provide a form of clarity to their activities.

He also stated the requirement will ensure “regulatory responsibilities in on-boarding clients, custody of assets, and compliance with reporting requirements are met”.

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