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Stock Market

Facebook, Microsoft, Amazon shares drop, top U.S official orders lockdown

Tech stocks in the S&P 500 have rallied nearly 16% this year.

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Facebook, Microsoft, Amazon shares drop, top U.S official orders lockdown, Nigerian Stock Market starts the week red, Investors lose N119.15

Most U.S tech stocks on the Nasdaq composite slumped yesterday, as tech juggernauts, Facebook Microsoft, NVidia, Amazon, shed more than 2% after gaining earlier on Monday. 

The selloff could be attributed to the California Governor’s order on closure of indoor restaurants, shut bars, gyms, hair salons, and closing churches in hardest-hit regions. 

READ ALSO: Facebook bans racist ads, in response to ad boycotts by big brands

Tech stocks in the S&P 500 have rallied nearly 16% this year, even after Monday’s 2.1% slump, fueling a logic-defying market rebound that has largely pulled the major U.S. stock indexes out of their pandemic-induced slump.  

Unofficially, the Dow Jones Industrial Average rose 11.04 points, or 0.04%, to 26,086.34, the S&P 500 lost 29.69 points, or 0.93%, to 3,155.35 and the Nasdaq Composite dropped 226.60 points, or 2.13%, to 10,390.84. 

Explore useful research data from Nairametrics on Nairalytics

Quick fact; The Nasdaq Composite is made up of companies that trade on the Nasdaq. These companies include major software and internet-based juggernauts (Apple, Facebook Microsoft, NVidia, and Amazon) but also include biotech, financial and industrial companies’. The Nasdaq Composite tracks over 3000 stocks. 

“The rally’s been driven by a handful of names. You’ve had headlines about COVID and layoffs and the economy. It’s finally caught up with these names everybody’s been hiding in,” said Michael O’Rourke, chief market strategist at Jones Trading in Stamford, Connecticut. 

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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

NSE All-share index plunges as JAPAULGOLD surges

The market closed beneath expectation as JAPAULGOLD led 15 Gainers, and 20 Losers topped by CUSTODIAN.

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Nigerian Stock Exchange market made a BEARISH run at the end of today’s trading session. The All-Share Index decreased by -0.4% to close at 38,712.55 from 38,866.39 index points.

  • Nigerian Stock Exchange market value currently stands at N20.26 trillion. Its Year-to-Date (YTD) returns currently stands at -3.87%.
  • The market closed beneath expectation as JAPAULGOLD led 15 Gainers, and 20 Losers topped by CUSTODIAN with a noticeable bearish movement by the NSE ASI.

Top gainers

  1. JAPAULGOLD up +9.52% to close at N0.69
  2. UAC-POP up +9.33% to close at N 0.82
  3. AFRIPRUD up +8.33% to close at N5.85
  4. ROYALEX up +8.33% to close at N0.39
  5. STERLBANK up +7.69% to close at N1.68

Top losers

  1. CUSTODIAN down -14.29%to close at N6.00
  2. STANBIC down -9.94% to close at N43.50
  3. GUINNESS down -9.93% to close at N26.75
  4. NAHCO down -7.73% to close at N2.03
  5. PZ down -5.15% to close at N4.60

Outlook

Despite prior predictions by analysts, the market trended bearish at the end of trading session on Monday. Speculations are that we might see recovery in the financial and consumer sector that will push the NSE-ASI back to profit.

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

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Consumer Goods

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

The shares of the following mining, industrial and consumer goods companies delivered gains in excess of 6.9% for investors last week.

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

Market data for the week ended 9th April 2021 revealed that the Nigerian Equity space closed on a negative note, as the All-Share Index and the market capitalization depreciated by -0.66%, to close the week lower at 38,866.39 and N20.335 trillion respectively.

This bearish move has been linked to the conclusion of an impressive annual reporting season, as this leaves few incentives to bet on slightly higher returns from equities, with the rising yields in the fixed-income market.

READ: Shares of these FMCG companies grew by more than 55% in 97 days of 2021

Some industrial, mining, and consumer goods stocks delivered decent returns during the week

Despite the prevailing bearishness in the market which impacted the performance of some key consumer and industrial good stocks on NSE last week, shares of the following industrial, mining, and consumer goods companies delivered decent returns for their holders during the week.

The gains were driven by buying activities on the exchange as some analysts and investors consider them to be trading at discounts, with tremendous value. This made bargain hunters scamper for the shares of these companies during the week ended 9th April 2021.

READ: Nestlé’s capitalization on NSE sheds N103 billion in market value in Q1 2021

Japaul Gold and Ventures Plc (JAPAULGOLD), W-o-W gains: 40%

The rebranded and restructured mining company with a key focus on gold exploration was the best-performing stocks on NSE last week. The company also maintained the status of the best performing mining stocks.

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The shares of the gold exploration company surged by an impressive 40% last week driven by buying pressures in the shares of the company.

The company’s relatively low price driven by the recent sell-down in its shares prompted bargain hunters to accumulate additional stakes in it, in a bid to capitalize on the upward swing in its share price.

This move saw the shares of the company increase from N0.41 to N0.63 per share, representing a whopping 40% gain in just a week.

READ: Nestlé’s capitalization on NSE sheds N103 billion in market value in Q1 2021

Meyer Plc (MEYER), W-o-W gains: 19.51%

The shares of the key player in the paint and decorative industry increased from N0.41 per share at the market open last week, to N0.49 per share, to print a gain of 19.51% at the close of trading activities for the week ended 9th April 2021.

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Prior to this move, the shares of the company declined by 24.07%, from N0.54 at the open of trade this year, to N0.41 per share on the 9th of March 2021.

At this price, buying activities in the shares of the paint manufacturer and marketer surged owing to the actions of bargain hunters. This led to the move up to N0.49 during the week.

READ: NIPC grants tax holiday to Honeywell, Savannah Sugar, 4 others with N175.28 billion investments

Flour Mills Nigeria Plc (FLOURMILLS), W-o-W gains: 6.90%

Shares of Flour Mills Nigeria Plc, one of the biggest brands in the food and agro-allied industry in Africa, surged by 6.9% last week, as the shares of the consumer goods company increased from N29.00 per share to N31 per share during the week ended 9th April 2021.

The impressive N2 per share or 6.9% gain in the shares of Flour Mills last week was driven by the buying interest in the shares of the flour miller, as investors anticipate an impressive financial performance ahead of the company’s earnings season.

This bullish move in the shares of Flour Mills pushed the market capitalization of the miller up by more than N8.2 billion on the exchange from N118.9 billion at market open to N127.1 billion at the close of the market last week.

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What you should know

Ayodeji Ebo, head of retail investment at Chapel Hill Denham in Lagos, in a conversation with Bloomberg revealed that the market will be bearish in the first half of 2021.

He added that after the result season, the investing public should expect a further depression because there will be no further catalysts to drive the market.

Ayodeji suggested that the growing yield in the fixed income space will continue to be a major issue as investors will become more inclined to get a one-year Treasury bill at 7% now, than taking a risk of 8 or 9%.

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