Stock Market
S&P 500 futures suffer longest run of losses since February
Futures contracts on the S&P 500 Index plunged by 1.4% at the time this report.
U.S. Stock futures started the trading week on a bearish footing, signaling losses at the opening U.S trading session on Monday. U.S stocks were hit by growing concern about new restrictions triggered by rising COVID-19 cases.
What we know; Futures contracts on the S&P 500 Index plunged by 1.51% at the time this report was drafted, pointing to a fourth straight daily decline, the longest stretch of losses for the gauge since the end of February.
Contracts on the Dow Jones Industrial Average and Nasdaq 100 fell 1.85% and 1.5%, respectively.
Quick fact; American Stock futures are simply standardized contracts that global traders use in purchasing or selling the U.S stock in a future date. This means that the U.S stock futures give an insight into what global investors see before the market opens, or after it close
Stephen Innes, Chief Global Market Strategist at AxiCorp, in a note to Nairametrics spoke on the prevailing fundamentals, giving stock bears an edge. Stock futures opened uncertain as investors remain confused about which way to move this morning as lockdown fears take charge with the UK government sounding alarm bells as the Covid-19 curve moves in the wrong direction.
After the initial economic bounce from full-blown lockdowns, both the UK and Europe’s economic trajectory could be entering a gloomy second phase characterized by ongoing social distancing, elevated unemployment, and increasing damage to the supply side.
(READ MORE: Nigerian Stocks on a 3-day losing streak, triggered by Dangote Sugar, Ecobank)
He also spoke on the parabolic nature of the world’s largest equity market, as the U.S election sets in, by saying;
“However, they remain weighed down by a drip-feed of negativity around Covid-19 resurgence, US fiscal impasse and as the market starts to factor in US election risk in earnest. Retail and hedge funds bought the initial Nasdaq dip after the September 2 carnage. But since then, there has been a noticeable shift in trading behavior where bounces are quickly faded.”
Political tensions also making global investors shaky as Democrats and Republicans prepare to fight over who will be the next Supreme Court justice.
Stock Market
GTBank, Cadbury, keep Nigerian Stocks fired up, Investors gain N105.76 Billion
Market breadth closed positive as LINKASSURE led 46 Gainers as against 2 Losers topped by WEMABANK
Nigerian Stock Market ended the Tuesday trading session on a bullish note.
The All Share Index gained by 0.28% to close at 28,777.96 basis points as against +0.28% appreciation recorded previously. Its Year-to-Date (YTD) returns currently stand at +7.21%, and investors gained 105.76 Billion.
READ: #EndSARS protests curb Bulls at the Nigerian Stock Market
- Nigerian bourse trading turnover also ended positively as volume ticked up by +20.44%, as against the +20.44% uptick recorded in the previous session.
- FBNH, ACCESS, and FIDELITYBK were the most active to boost market turnover. CILEASING led the list of active stocks that recorded an impressive volume spike at the end of today’s session.
- Market breadth closed positive as LINKASSURE led 46 Gainers as against 2 Losers topped by WEMABANK at the end of today’s session – an improved performance when compared with the previous outlook.
READ: Why you should avoid investing long term in Nigeria’s stock market
Top gainers
- FLOURMILL up 9.50% to close at N26.5
- CONOIL up 9.81% to close at N17.35
- CADBURY up 9.21% to close at N8.3
- GUINNESS up 5.63% to close at N16.9
- GUARANTY up 1.96% to close at N31.25
READ: #EndSARS: FG creates new N25 billion Youth Fund, to increase to N75 billion in 3 years
Top Losers
- WEMABANK down 1.72% to close at N0.57
- NEM down 1.46% to close at N2.03
- DEAPCAP flat to close at N0.27
- UNIONDICON flat to close at N10.95
- MOBIL flat to close at N178.3
READ: Nigerian bourse close flat, triggered by low market liquidity
Outlook
Nigerian Stocks were all fired up at Tuesday’s trading session. The surge is partially attributed to the leading blue-chip stocks that includes GTBank, Cadbury, Conoil, and Flour mills.
- Buying pressure got intensified as Nigeria’s major export earning – crude oil recorded impressive gains amidst the falling US dollar.
- Nairametrics, however, advises that you seek to buy stocks from a certified stockbroker, as some local equities exhibit cyclic returns.
Stock Market
Dangote Cement, Ecobank up, investors gain N42.3 billion
The market breadth index was positive with 27 gainers against 15 losers.
Stock Market
Bulls keep Nigerian Stocks fired up W/W amid #EndSARS
Twenty-eight (28) equities appreciated at price during the week, lower than thirty-five (35) equities in the previous week.
COVID-19 Update in Nigeria
Oyo sets up N500 Million fund each for youth entrepreneurs, compensation for victims of police brutality
Federal Government declares Thursday October 29 public holiday, to mark Eidl-Mawlid
FG disburses MSMEs Survival Fund in Lagos, Kano, FCT and 9 other states
VP Osinbajo leads Committee to address unemployment, poverty among others
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦461/$1
ASUU discloses why it is yet to call off nationwide strike
Guinness Nigeria Plc jostles to improve from its insipid 2020 financial year
CACOVID reacts to looting of food items, explains why distribution of palliatives was delayed
