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Stock Market

STANBIC, CAP, GLAXOSMITH close higher, as investors gain N18 billion

Nigerian bourse continued its bullish run on Thursday in spite of the recent downtrend in market liquidity.

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Nigerian banking stocks remain most liquid stocks, as investors gain N25.1 billion, DANGOTE CEMENT, OKOMUOIL and GUINNESS drag Nigerian Stock market down,  SEPLAT, GUINNESS, Breaks Nigerian Bourse Support Levels, Investors Lose N49 Billion  

The Nigerian bourse ended Thursday’s trading session on a bullish note. The All Share Index gained 0.13% to close at 25,171.32 basis points, as against +0.14% appreciation recorded previously.

The market’s Year-to-Date (YTD) returns currently stands at -6.22%. The Nigerian Stock Exchange market capitalization stood at N13.149 trillion.

Investors gained N18.06 billion.

Trading volume turnover closed negative, with volume moving down by -0.26% as against -33.58% downtick that was recorded during the previous session.

TRANSCORP, GUARANTY, and LASACO were the most active to boost market turnover. NESTLE and GUARANTY topped market value list.

NESTLE also led the list of active stocks that recorded an impressive volume spike at the end of today’s session.

Market breadth closed positive as INTBREW led 17 Gainers, compared with 10 Losers topped by STUDPRESS. This marks an improved performance when compared with the previous outlook.

READ: AIRTEL, MTN, Nigerian banking stocks lift Nigerian bourse, investors gain N104 billion 

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Top gainers

  • INTBREW up 10.00% to close at N3.3
  • CAP up 5.56% to close at N16.15
  • FIDSON up 6.74% to close at N3.96
  • GLAXOSMITH up 5.15% to close at N5.1
  • STANBIC up 1.47% to close at N34.5

Top Losers

  • STUDPRESS down 9.60% to close at N1.79
  • UAC-PROP down 9.47% to close at N0.86
  • ABCTRANS down 8.51% to close at N0.43
  • UBA down 0.75% to close at N6.65
  • UHOMREIT down 0.12% to close at N40.6

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Outlook

The Nigerian bourse continued its bullish run on Thursday in spite of the recent downtrend in market liquidity. Buying pressures from STANBIC, CAP, and INTBREW helped the bourse to finish the trading session green. Nairametrics envisages cautious buying amid prevailing political and economic uncertainty.

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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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Dividends

SEC accuse CMOs of frustrating e-dividend mandate process

The DG of SEC revealed that 4.01 million accounts still have incomplete KYC information as of April 8 despite the government’s efforts.

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Unclaimed dividends: SEC wades in, reduces processing time to 1 week for beneficiaries

The Securities and Exchange Commission (SEC) has faulted the activities of some Capital Market Operators (CMOs) which frustrates the e-dividend mandate process, leading to a rise in unclaimed dividends in the capital market.

This is as the unclaimed dividends in the capital market were estimated to have risen to over N200 billion.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Director-General of SEC, Lamido Yuguda, while speaking at the 2021 first post-Capital Market Committee (CMC) virtual news conference.

What the Director-General of SEC is saying

Yuguda, in his statement, said that the commission was aware that some CMOs were frustrating the e-dividend mandate process.

He said, “We implore all stakeholders to comply with all directives of the Commission in this regard, as defaulters would be sanctioned appropriately. We have observed that the growth in the number of mandated accounts has been on the decline for some time.

The capital market community has directed its e-Dividend Committee to engage with the Committee of Heads of Banking Operations to encourage better cooperation from banks as we tackle the challenges of unclaimed dividends.’’

The SEC boss reminded all CMOs that the commission’s directive on the update of investors’ Know Your Customer information was still in effect noting that the level of compliance had been low in spite of several engagements by the commission.

Yuguda revealed that 4.01 million accounts still have incomplete KYC information as of April 8 despite the government’s efforts.

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He said, “Despite several engagements, we realised that as of April 8, there were still 4,012,311 accounts with incomplete KYC information. This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority.’’

In case you missed it

  • SEC had earlier urged all Capital Market Operators (CMOs) to update their investors’ Know Your Customer information due to the low level of compliance.
  • The CMOs were also warned by SEC to stop providing any form of support to unregistered entities operating unlawfully in the country within the capital market as that would not be condoned.

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Markets

Wall Street upsurges as unemployment and treasury yields fall

The S&P 500 increased by (+1.11%). The Dow also made a gain of (+0.90%).

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U.S Stocks set to surge higher, on hopes of a stimulus package deal, What Does The Circuit Breaker Tell Us

Stocks soared to new highs on Thursday, as investors awaited a far stronger-than-expected reading on consumer spending and a dramatic drop in the number of new jobless claims.

Retail revenues increased by 9.8%, with stimulus checks and lowered social distancing expectations contributing to the increase. Nasdaq surged (+1.31%) at the end of the trading session. The S&P 500 increased by (+1.11%). The Dow also made a gain of (+0.90%).

Treasury Yields fell. Retail sales increased to their highest level since May 2020, in March.

  • The yield on 10-year Treasuries was at 1.58%, after falling six base points.
  • The volume on U.S. exchanges was 9.3 billion shares, versus the 11.4 billion average for the last 20 trading days.
  • Unemployment claims fell to 576,000, the lowest level since the Covid-19 pandemic began, adding to the good economic news.

READ: Walls Street upsurges as unemployment declines

Top gainers  

  1. AMD up 5.68% to close at $83
  2. NVIDIA up 5.63% to close at $645.49
  3. Coty Inc up 5.55% to close at $9.13
  4. Xilinx Goldcorp up 5.25% to close at $130.10
  5. Newmont Goldcorp up 4.74% to close at $64.78

Top losers

  1. Trust Financial Corp -4.14% to close at $57.22
  2. MGM down -3.81% to close at $39.69
  3. Nordstom down -3.21% to close at $35.94
  4. Norwegian Cruise Line down -3.18% to close at $28.28
  5. Charles Schwab down -2.88% to close at $65.50

READ: Bitcoin ETF in North America has reached $1 billion in assets

Outlook

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  • Among the best ETFs, the Innovator IBD 50 ETF (FFTY) climbed 0.8%, while the Innovator IBD Breakout Opportunities ETF (BOUT) was up 0.7%. The iShares Expanded Tech-Software Sector ETF (IGV) gained 1.85%, with Microsoft and ADBE stock major components.
  • Nvidia (NVDA), Adobe (ADBE), and Facebook (FB) were among the first to make bullish movements around entry points. Apple (AAPL), Microsoft (MSFT), Amazon.com (AMZN), and Alphabet (GOOGL), the parent company of Google, have made significant gains.
  • Nairametrics, however, advises cautious buying in this era of growing uncertainties.

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