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Stock Market

Global stocks surge triggered by promising COVID-19 vaccine

The news that a potentially successful COVID-19 vaccine was underway raised global investors’ optimism.

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S&P 500 futures suffer longest run of losses since February, COVID-19 vaccine, Global stocks records astronomical gains in Q2 2020

Global markets received a major boost on Friday based on positive economic macros coming from the two largest economies, coupled with news of a potentially successful COVID-19 vaccine.

Asian shares surged to a four-month high on Friday morning, after an impressive U.S. payroll data and the Chinese service sector saw global stocks rallying, though a surge in COVID-19 caseloads in the United States limited the upsides.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5%, reaching their highest level since late February, while Japanese Nikkei 225 gained 0.4%.

READ MORE: U.S. dollar share of global currency reserves rose to 61.9% in Q1 2020 – IMF

“Recovery in China’s domestic demand is accelerating, even though the external demand is still weak. Thus investors are shifting to domestic-demand oriented sectors,” Wang Shenshen, senior strategist at Mizuho Securities in Tokyo, said in a note to Reuters.

In Europe, markets rallied impressively as the London FTSE is up 0.8%, Paris’s CAC-40 index is up 1.4%, and the DAX index in Frankfurt was 1.6% higher on Thursday.

READ ALSO: Zoom’s market valuation hits $50 billion mark, thanks to COVID-19

The news that a potentially successful COVID-19 vaccine was already in its intermediary stage, raised global investors’ optimism.

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Recall that Nairametrics broke the news yesterday of an experimental COVID-19 vaccine being created by America’s pharmaceutical giant, Pfizer, and the German firm, BioNTech, that helped in activating immune responses in receivers more than individuals naturally recovering from the infection.

Download the Nairametrics News App

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However, concerns ranging from the resurgence of COVID-19 infections around some global regions, and a relatively high unemployment record at the world’s largest economy, strengthened concerns among global stock traders.

“Back to pre-pandemic (job levels), in my view, will be a matter of years,” Danielle DiMartino Booth, CEO and chief strategist of Quill Intelligence in Dallas, TX. “With luck, it will be two years but that is likely optimistic given the number of permanent closures we’ve learned of.”

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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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Stock Market

Oba Otudeko gains N690 million in a single session on NSE

The market value of Otudeko’s 5.3 billion units stake in Honeywell surged by 10% in a day.

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Billionaire watch: Oba Otudeko’s stakes in Firstbank and Honeywell are worth N10.3 billion

The founder and chairman of the Honeywell Group, Oba Otudeko gained a whopping N690 million from his Honeywell Flour Mills Plc stake in a single session on the Nigerian Stock Exchange, as local investors bid up the shares of his flour milling company.

Otudeko who is also well known for his investment in the oceanfront Radisson Blu in Lagos, is the single majority shareholder of Honeywell Flour Mills, considering his ownership stake in the company which runs to about 5.29 billion units, out of the 7.93 billion total issued shares of the company.

Otudeko’s stake in Honeywell Flour Mills has a valuation of about N7.58 billion

His 75% ownership stake in Honeywell Flour Mills of about 5.29 billion issued shares of the company which he holds indirectly through Siloam Global Services Limited, is presently worth about N7.57 billion, up from a N6.88 billion valuation at market open yesterday 20th of April 2021.

The recent gains in Otudeko stake were driven by buying pressure in the shares of his company as the move saw the shares of Honeywell surge by 10% in a single session, from N1.30 at the open of the market on the 20th of April, to N1.43 at the close of the market.

This bullish move in the shares of the miller pushed its market capitalization up by about N1.03 billion on the exchange yesterday, from N10.31 billion as of Monday, 19th April to N11.34 billion at the close of the market.

What you should know

At the close of trading activities yesterday on the exchange, the market capitalization of all the issued shares of Honeywell flour mills Plc was put at N11.34 billion.

The shares of the flour miller cleared at N1.43 per share. This is 10% higher than Monday’s N1.30 closing price, with about 8,935,946 ordinary shares of the company exchanged in 150 executed deals on the Exchange yesterday, worth about N12.56 million.

Honeywell’s shares are currently trading at 62.5% higher than its 52-week low of N0.88 per share, and 8.33% lower than its 52-week high.

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The prevailing market price presents bargain hunters who bought shares of the company low with the opportunity to book some profits.

Market performance

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  • The Nigerian Stock Exchange All-Share Index and Market Capitalization appreciated by 0.43% to close higher at 39,015.58 index points and N20.418 trillion respectively, at the end of trading activities yesterday.
  • The NSE Consumer Goods Index, an investable benchmark designed to track the performance of consumer goods companies like Honeywell Flour Mills, appreciated by 0.38% to close the day higher at 555.22 index points.

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Honeywell shares surge by 10% in a day, lifting the miller’s capitalization by N1.03 billion

Honeywell’s market price cleared on Tuesday at N1.43 per share, which was 20% higher than Monday’s N1.30 closing price.

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Honeywell gains 10% in today’s trading session, as investors scamper for shares of the company

Shares of Honeywell Flour Mills Plc., a major flour milling company in Nigeria, surged by 10%, lifting the company’s market capitalization by N1.03 billion at the close of trading activities on the Nigerian Stock Exchange on Tuesday.

The impressive N0.13 per share or 10% gain in the shares of Honeywell was driven by the buying interest in the shares of the flour miller, as investors bid the shares of the indigenous miller high in yesterday’s session.

This bullish move in the shares of the miller pushed its market capitalization up by about N1.03 billion on the exchange, from N10.31 billion at market open to N11.34 billion at the close of the market.

Market activity

Honeywell’s market price cleared on Tuesday at N1.43 per share, which was 20% higher than Monday’s N1.30 closing price.

During trading hours on the Exchange, about 8,935,946 ordinary shares of Honeywell Flour Mills Plc worth about N12.56 million, were exchanged in 150 executed deals on the Nigerian Stock Exchange on Tuesday.

However, the performance of other flour millers on the exchange was rather bland as shares of Flour Mills Nigeria Plc., and Northern Nigerian Flour Mills closed flat at N31.00 per share and N5.85 per share respectively.

What you should know

  • The Nigerian Stock Exchange All-Share Index and Market Capitalization appreciated by 0.43% to close the day higher at 39,015.58 index points and N20.418 trillion respectively.
  • The NSE Consumer Goods Index, an investable benchmark designed to track the performance of consumer goods companies like Honeywell Flour Mills, appreciated by 0.38% to close the day higher at 555.22 index points.

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