U.S tech Stocks dropped massively at the last U.S trading session, adding to September’s woeful performance.
Top tech brands drifted lower, as investors fretted over uncertainty around the COVID-19 pandemic, and pending stimulus package awaited from the world’s largest economy.
What we know: Shares of Amazon and Netflix plunged by 4.1% and 4.2%, respectively, to lead Big Tech lower. Facebook dropped 2.3%. Alphabet closed 3.5% lower. Apple ended the day down 4.2%, and Microsoft dipped 3.3%.
The Dow Jones Industrial Average closed 525.05 points lower – 1.9%, at 26,763.13. Earlier in the session, the Dow was up 176 points. The S&P 500 dropped 2.4% to 3,236.92; and the Nasdaq Composite pulled back by 3%, to close at 10,632.99.
Stephen Innes, Chief Global Market Strategist at AxiCorp, in a detailed note to Nairametrics, gave deep insights on the bearish trend, in view of the tech-dominated stock index,
“Fading prospects for US fiscal stimulus, and the stepping up of mobility restrictions on concerns about the second wave of Covid-19, are smacking global stock markets again.
“The NASDAQ got hammered, after the US Department of Justice submitted a proposal for Congress to curb legal protections for tech companies, and compel them to take more responsibility for site content, following through President Donald Trump’s bid from earlier this year to crack down on tech giants,” Innes said.
He also spoke on the role of monetary stakeholders on the prevailing market condition, stating:
“The regulatory overhang is just such an imposing factor, and extremely difficult to the backburner
“Added to that, and in a not too subtle reminder, that we are still smack dab in the COVID-19 abyss, a procession of US Federal Reserve speakers voiced more concerns about the ongoing impasse on additional fiscal stimulus.”
Finally, you should note that global investors and stock traders are showing high rates of rotation out of tech, and into cyclical stocks in September.
Nigerian stocks on steroids, investors on hat trick
Market breadth closed positive as NESTLE led 41 Gainers as against 5 Losers topped by ROYALEX.
Nigerian bourse continued its impressive run for 3 days amid many odds weighing other financial markets.
- The All Share Index gained by +1.58% to close at 29,437.60 points, as against +0.70% appreciation recorded on Tuesday. Nigerian Stock Exchange market capitalization now stands at N15.4 trillion.
- Its Year-to-Date (YTD) returns currently stands at +9.67%.
- That said, Nigerian bourse trading turnover dropped by 2.68%, as against the 13.14% gain recorded on Tuesday. ZENITHBANK , FIDELITYBK, and ETI were the most active to boost market turnover.
- Market breadth closed positive as NESTLE led 41 Gainers, as against 5 Losers topped by ROYALEX at the end of today’s session – an unimproved performance when compared with the previous outlook.
- NESTLE up 10.00% to close at N1292.5
- CONOIL up 9.80% to close at N19.05
- FLOURMILL up 6.42% to close at N28.2
- TOTAL up 5.97% to close at N118.9
- DANGCEM up 2.17% to close at N155.3
- ROYALEX down 8.00% to close at N0.23
- CUTIX down 6.84% to close at N1.77
- HONYFLOUR down 1.03% to close at N0.96
- AFRIPRUD down 0.85% to close at N5.85
- MAYBAKER down 0.33% to close at N3.05
Nigerian Stocks got fired up amid falling oil prices and the U.S dollar gained strongly at the mid-week trading session.
- Buying pressure was significantly seen across leading NSE 30 Stocks like Dangote Cement, Nestle, and not forgetting Total which recently declared a profit after tax of N500million in Q3 thereby beating market analysts forecasts.
- Nairametrics, however, envisages cautious buying as the COVID-19 crisis seems to be getting out of hand in Nigeria’s key international markets that include Western Europe and the United States.
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.
- 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.
- 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
- 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
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.
Dangote Cement, Ecobank up, investors gain N42.3 billion
The market breadth index was positive with 27 gainers against 15 losers.
Nigerian bourse continued its bullish run as seen in the first trading session of the week. The All Share Index ticked up by 0.28%, to close at 28,777.96 points, with the year-to-date return at +7.19% and market capitalization at N15.04 trillion. Investors were up by N42.28 billion
- A total volume of 340.8 million units of shares, valued at N5.56billion exchanged hands in 4,235deals. GUARANTY was the most traded shares by volume and value at 56.7million and units and N1.73billion, while ZENITHBANK followed with 47.7million units and N1.01 billion respectively,
- The market breadth index was positive with 27 gainers against 15 losers. CUSTODIAN (+5.50%) led the gainer’s chart today, while NASCO (-8.39%) topped the laggards.
- Sector performance
- NSE Banking Index: Up by +1.01%, due to price appreciation in ETI (+7.69%), STERLNBANK (3.57%) and UBA (+2.13%).
- NSE Industrial Index: Up by +0.38%, on gains in DANGCEM (+0.66%) and WAPCO (+0.56%)
- NSE Oil & Gas Index: Improved slightly by +0.07%, as OANDO advanced by (+0.87%).
- NSE Insurance Index: Down by -0.99%, on price depreciation in CHIPLC (-8.82%) and WAPCO (-7.50%).
- NSE Consumer Goods Index: Down by -0.34% price decline in INTBREW (-4.60%).
- CUSTODIAN up 10.00% to close at N5.5
- ETI up 7.69% to close at N4.9
- FLOURMILL up 5.22% to close at N24.2
- GLAXOSMITH up 4.63% to close at N5.65
- DANGCEM up 0.66% to close at N152
- MORISON down 10.00% to close at N0.54
- NASCON down 8.39% to close at N13.1
- INTBREW down 4.60% to close at N6.01
- NAHCO down 2.38% to close at N2.05
- DANGSUGAR down 0.72% to close at N13.7
Nigerian Stocks recorded impressive gains amid falling crude oil prices.
- Investors increased their buying pressure on notable blue-chip stocks, most prevalently seen in Dangote Cement, Ecobank, and Flour mills.
- Investors are rushing into Nigerian Stocks on the hunt for alpha-yielding investments in the face of increasingly negative real returns in the debt market remain positive for Nigerian equities.
- That said Nairametrics advise investors to trade stocks that exhibit good fundamentals amid growing political uncertainty in spite of the fact that investors await Q3 earnings across the market spectrum.