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Stock Market

SEPLAT, GUINNESS break Nigerian bourse support levels, investors lose N49 billion  

Nigerian bourse suffered heavy sell-offs, as crude oil broke its support levels of $40.

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SEPLAT, GUINNESS break Nigerian bourse support levels, investors lose N49 billion  , Nigerian Stock market records sixth consecutive loss, Investors lose N15.55 Billion,Nigerian Stock market records sixth consecutive loss, Investors lose N15.55 Billion

Nigerian bourse was bearish on Wednesday as the ASI declined further by 0.38% to close at 24,654.99 from 24,749.84 index points. Market capitalization similarly declined by 0.38% to N12.86 trillion as investors lost N48.77 billion.

However, market activity improved as total volumes and values exchanged increased by 12.72% and 24.48% to 189.25 million units and 1.91 billion respectively.

FBNH was the most traded stock by volume at 44.4 million units while ZENITH BANK was the most traded stock by value at N349.37 million.

Market sentiment, as measured by market breadth, was negative as 22 tickers declined, relative to 17 gainers. PZ and SEPLAT were the top losers of the day with -10.00% and 9.98% declines; while AIICO and NAHCO recorded the largest gains with +6.67% and +5.98% appreciations in share value.

The ASI slipped as significant losses in the Energy Index (-4.11%) and Consumer Goods Index (-1.63%) overshadowed moderate appreciations in the Insurance Index (+0.87) and the Banking Index (+0.24%). Sell-offs in SEPLAT (-9.98%); PZ (-10.00) and GUINNESS (-9.09%) drove the Energy and Consumer Goods Index southwards.

On the flip side, the Insurance Index rose as AIICO (+6.67%), PRESTIGE (+4.44%) and LASACO(+4.17%) gained, while the Banking Index marginal appreciation is attributed to gains recorded in FIDELITY, ETI and FBNH.

READ MORE: Naira expected to be under pressure until backlogs for FX payments are cleared 

Top gainers. 

Hotflex

CHAMPION up 7.95% to close at N0.95, AIICO up 6.67% to close at N0.96, NAHCO up 5.98% to close at N2.66, CAVERTON up 4.74% to close at N1.99, ZENITH BANK up 0.92% to close at N16.4

Top losers 

PZ down 10.00% to close at N4.05, SEPLAT down 9.98% to close at N386, GLAXOSMITH down 9.30% to close at N5.85, GUINNESS down 9.09% to close at N15, NB down 3.61% to close at N34.7

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Outlook 

Nigerian bourse suffered heavy sell-offs, as crude oil broke its support levels of $40, SEPLAT led energy stocks down, with NB and GUINNESS, hitting records low. Nairametrics envisages you remain very cautious as support levels of NSE30 stocks are breached.

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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

PRESCO and MEYER upsurges as FCMB and CHIPLC plunge

The All-Share Index increased by +0.21% to close at 39,395.71 from 39,312.74.

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Best performing mining, industrial and consumer goods stocks from last week

The Nigerian Stock Exchange market maintained a bullish recovery as the trading session begins this week. This surge was bolstered by gains made by PRESCO and MANSARD amongst others. The All-Share Index increased by +0.21% to close at 39,395.71 from 39,312.74.

  • Nigerian Stock Exchange market value currently stands at N20.5 Trillion. Its Year-to-Date (YTD) returns currently stand at -2.17%.
  • The market closed positive with the bulls as MEYER led 17 Gainers, and 18 Losers topped by CHIPLC showing a hint of consolation.

Top gainers

  1. MEYER up +9.62% to close at N0.57
  2. PRESCO up +9.58% to close at N78.90
  3. UNITYBNK up +9.09% to close at N0.60
  4. UAC-PROP up +7.89% to close at N0.82
  5. COURTVILLE up +5.00% to close at N0.21

Top losers

  1. CHIPLC down -9.52% to close at N0.38
  2. ROYALEX down -7.69% to close at N0.60
  3. HONYFLOUR down -5.83% to close at N1.13
  4. CUTIX down -4.98% to close at N2.10
  5. FCMB down -3.97% to close at N2.90

Outlook

The Nigerian Stock Market maintained the recovery as MEYER and PRESCO made an appearance for the second consecutive time pushing the NGX ASI upwards at the end of the trading session today.

  • Market sentiments tend toward a bullish momentum as the NGX ASI closed with 17 Gainers and 18 Losers.
  • Nairametrics advises cautious buying in this era of growing uncertainties.

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Markets

Wall Street drops from record high amid inflationary concerns

Concerns about inflationary spillovers pushed up an indicator of inflation expectations to its highest level since 2006.

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Concerns over accelerating inflation weighed on stocks on Monday, with the Dow Jones Industrial Average snapping back from a record peak, while the dollar struggled at a 10-week low. Concerns regarding inflationary spillovers pushed up an indicator of inflation expectations to its highest level since 2006.

The rise in raw materials prices is fueling debate ahead of a U.S. CPI study due on Wednesday, which is expected to show a strong increase in April. The pandemic shocks a year ago will amplify the year-on-year reading, but it feeds into a wider market fear that the Federal Reserve will be forced to lift interest rates faster than current guidance suggests to keep inflation in check.

Since rising to 1.60 percent earlier this week, the benchmark 10-year Treasury yield has dropped once again. The yield on 10-year Treasuries dipped about one basis point to 1.59%. Investors punished Big Tech equities during the daily session, pushing both the Dow Jones Industrial Average and the S&P 500 off record highs, sending Nasdaq futures lower on Monday evening.

On Monday, investors sold Apple and Microsoft stocks, causing the Dow Jones Industrial Average and the S&P 500 to fall below their all-time highs. To begin the week, each of those stocks had lost at least 2% of their value.

S&P 500 futures were down 0.6 percent while Dow futures were down 67 points. Nasdaq 100 futures were hit by selling pressure and fell 1%. The Nasdaq Composite took the brunt of the selling, falling 2.5 percent to close at its session low. Facebook is down more than 4%, while Amazon and Netflix are also down more than 3%. After Citigroup downgraded Alphabet, the stock fell more than 2%.

After a ransomware attack forced Colonial Pipeline to shut down the country’s largest fuel pipeline over the weekend, gasoline futures swung back and forth in choppy trading on Monday. Sections of the company’s 5,500-mile grid are being brought back online Monday afternoon, and service is expected to be restored by the end of the week, according to the company.

Gasoline futures were 0.31 percent higher at $2.1334 per gallon at the end of the day. Gasoline futures soared as much as $2.217 during the overnight session, the highest amount since May 2018.

Concerns about rising inflation could prompt the Federal Reserve to alter its interest rate policy. As a result, a rise in interest rates decreases market liquidity, resulting in a drop in stock performance.

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