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MTN Nigeria, GTBank, WAPCO fired up, investors gain N642 billion

Today’s market upturn was impacted by gains recorded in large and medium capitalized stocks.

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Ecobank, Nigerian Stock Exchange, Beta Glass, Forte Oil, Transcorp lead gainers chart on Wednesday, Law Union, AIICO, Honeywell top gainers’ chart on Wednesday, Investors lose N9.14 billion to bearish trades on Wednesday , Dangote, Cadbury, Flourmills regains bullish momentum run at Nigeria’s Stock Market, AIRTEL, NESTLE, NB lead the Bulls a home win, Investors party with N106.3 Billion 

Nigerian stock market witnesses a bullish run on Monday as market capitalization value appreciated by N641.96 billion. The All-Share Index (ASI) increased by 3.96% to close at 32,243.05 points. Similarly, the overall market capitalization size gained N641.96 billion to close at N16.847 trillion.

Also, the total volume traded increased to 636.01 million shares, worth N8.24billion, traded in 7,210 deals. Transactions in the shares of Zenith Bank topped the activity chart with 70.2 million shares valued at N1.66 billion. FBNH followed with 67.65 million shares worth N474.5 million.

READ: Lafarge, Nigerian Breweries, Stanbic IBTC, others top best performing stocks in Q3 2020

  • The equities market breadth closed positive as 49 stocks posted gains while 11 stocks posted declines. WAPCO (+10.00%) led the gainer’s chart for the day, while NCR (-10.00%) finished the top loser.
  • Sector performance was bullish as all indices appreciated, led by a striking 6.59% gain in the Banking Index.
  • NSE Banking Index: Recorded an impressive 6.59% gain, on buy interest in STERLNBANK (+9.89%), FIDELITY +9.77%), FCMB (+9.35%), and ZENITHBANK (+7.40%).
  • NSE Industrial Index: Up 5.54%, on WAPCO (+10.00%), and DANGCEM (+6.02%) upturn.
  • NSE Insurance Index: Advanced by 1.57%, on the price increase in MBENEFIT (+10.00%), LINKASSURE (+9.76%), and MANSARD (+4.00%).
  • NSE Consumer Goods Index: Improved by 1.78%, on buy interest in DANGSUGAR (9.70%) and INTBREW (+6.15%).
  • NSE Oil & Gas Index: Gained 0.98%, on the back of price appreciation in OANDO (+10.00%) and ARDOVA (+6.32%).

READ: Commissioner attributes high cost of rice to increased production cost

Today’s market upturn was impacted by gains recorded in large and medium capitalized stocks which includes DANGCEM, WAPCO, MTNN, GUARANTY, and ZENITH BANK.

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Top gainers

  • WAPCO up 10.00% to close at N21.45
  • DANGCEM up 6.02% to close at N185
  • GUARANTY up 5.22% to close at N35.25
  • BUACEMENT up 4.42% to close at N44.9
  • MTNN up 4.24% to close at N150.1

READ: Dangote Cement, Ecobank up, investors gain N42.3 billion

Top Losers

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  • NCR down 10.00% to close at N1.8
  • LEARNAFRCA down 8.70% to close at N1.05
  • CONOIL down 6.30% to close at N17.85
  • PZ down 3.13% to close at N4.65
  • AFRIPRUD down 1.45% to close at N6.11

READ: MTN shareholders have made approximately N1 trillion since April 2020

Outlook

Nigerian Stocks were all fired up amid favorable market conditions seen across global financial markets, as Nigerian’s major export earning product (Crude oil) recorded impressive gains.

  • Buying pressure at Nigerian Stock Market at the first trading session got intensified, as institutional investors increased their buying pressure on Nigerian blue-chip stocks; not forgetting Dangote Cement with its recent impressive earning result, kept the bulls roaring high as market confidence across market spectrum improved.
  • However, Nairametrics, envisage you seek the advice of a certified stockbroker on choosing Stocks to buy, on the bias that some Nigerian Stocks exhibit cyclic returns.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

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GTBank, Mobil, Cadbury tick up, amid sell-offs in First Bank, UBA

The market breadth closed flat as NCR led 21 Gainers as against 21 Losers topped by AFRIPRUD at the end of today’s session.

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Closed Period

Nigerian Stocks ended Thursday’s trading session on a slightly bullish note. The All Share Index gained +0.10% to close at 34,803 points, as against the 1.25% gain seen on Wednesday. Its Year-to-Date (YTD) returns currently stands at +29.66%.

Nigerian Stock Exchange trading turnover ended on a bearish note, taking to account that volume dipped by 40.78% as against the +19.02% gain recorded in the previous session.

  • ZENITHBANK, TRANSCORP, and ACCESS were the most active to boost market turnover.
  • The sectorial performance also improved slightly as the Oil & Gas, Insurance, Consumer Goods and banking Indexes advanced by +2.77%, +0.97%, +0.61%, and +0.02 respectively, while the industrial index fell by -0.03%.
  • Sector performance
  • NSE Oil & Gas Index: Up by +2.77%, as a result of price appreciation in MOBIL (+9.89%) and OANDO (+9.23%).
  • NSE Insurance Index: Advanced by +0.97%, on gains in WAPIC (+7.32%), CHIPLC (+6.90%), and AIICO (+5.26%).
  • NSE Consumer Goods Index: Improved by +0.61%, due to renewed buy interest in INTBREW (+9.62%), CADBURY (+9.09%) and GUINNESS (+7.22%).
  • NSE Banking Index: Flat at 0.02%, saved by GUARANTY (+2.61%).
  • NSE Industrial Index: Slipped by -0.03% due to UNIONDAC (-7.41%).

The market breadth closed flat as NCR led 21 Gainers as against 21 Losers topped by AFRIPRUD at the end of today’s session – an unimproved performance when compared with the previous outlook.

Top gainers

  1. INTBREW up 9.62% to close at N7.18
  2. MOBIL up 9.89% to close at N208.8
  3. CADBURY up 9.09% to close at N9.6
  4. GUINNESS up 7.22% to close at N19.3
  5. GUARANTY up 2.61% to close at N35.4

Top losers

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  1. AFRIPRUD down 5.76% to close at N5.89
  2. UBN down 5.17% to close at N5.5
  3. DANGSUGAR down 3.15% to close at N20
  4. UBA down 2.94% to close at N8.25
  5. FBNH down 2.68% to close at N7.25

Outlook

Nigerian bourse ended the fourth trading session on a slightly positive note amid falling oil prices prevailing at the U.S trading session.

  • Top gains from GTBank, Mobil, Cadbury, and Guinness, neutralized the losses that came from First Bank, UBA, and Union Bank.
  • Nairametrics envisage cautious buying on prevailing market conditions seen in Nigeria’s key international markets, particularly Europe.

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Slack gains 22% on Salesforce buyout offer

Salesforce is reportedly interested in buying Slack, the popular workplace for many leading firms.

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Slack gains 22% on Salesforce buyout offer

Salesforce is reportedly interested in buying Slack. The popular workplace for many leading firms like Amazon has sent shares of the smaller firm up over 22% at the most recent trading session.

In a report credited to WSJ, the companies could reach a deal within days and possibly by the time Salesforce reports its third-quarter financial results, Tuesday.

READ: Jumia sees competition from startups in growing African e-commerce market

The anticipated deal has got global investors excited as Slack shares gained over 37%, according to data retrieved from Bloomberg. Slack is worth $40.70 per share as of the time of writing, valuing it at around $23.22 billion.

Salesforce the world’s biggest seller of customer relationship software is led by co-founder Marc Benioff, a pioneer in providing software via the cloud through a subscription.

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READ: DPR approves new Liquefied Petroleum Gas guidelines for investors, operators

What this means

Slack is popularly known among many firms for its user-friendly interface. It empowers global businesses to embed workflows. Stock experts anticipate such a deal would be beneficial to the Salesforce family of products, which spans marketing, sales, service, and more.

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READ: Microsoft Teams’ rival, Slack shares drop on withdrawal of full-year billings guidance

However, at the time of writing of Salesforce fell around 5% as some investors in the American-based SaaS pioneer were not so delighted about such synergy or perhaps worried about the price that would be required to bring such business to Salesforce fold.

READ: Ripple adds Bank of America to payment network

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Bamboo says USD Wire Transfer option is no longer available for deposits

Nigerian based Popular stock broking application, Bamboo, informed its users on Wednesday that it will no longer allow USD wire transfer options for deposits.

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Nigerian based Popular stock broking application, Bamboo, informed its users on Wednesday that it will no longer allow USD wire transfer options for deposits.

Bamboo offers investors a platform to invest in stocks listed on the New York Stock Exchange and NASDAQ. Users can access these markets by depositing dollars in their wallets, or Naira which will then be converting at the prevailing exchange rate (which is usually closer to the parallel market exchange rate).

The company notified its customers via the application’s notification feature leaving the option to fund wallets with United States dollars to USD domiciliary deposits or cash deposits.

“The USD Wire Transfer option is no longer available for deposits. However, you can still make deposits through USD domiciliary transfers or other channels. We apologize for any inconvenience caused.”

(READ MORE: How to own your home in 5 years without a mortgage)

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The company also sent an email stating in part as follows;

“We will like to inform you that our USD Wire transfer option is no longer available for use due to regulatory reasons. Effective immediately, no transfers made to our Silvergate or BBVA accounts will be received. We encourage you to use our USD Domiciliary Transfer option on the Bamboo app, or any other payment method you prefer.  We sincerely apologize for any inconvenience this may cause you.” 

The company did not provide further information detailing which regulator may issue the instruction to stop the service.

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What this means

USD Wire transfers allow investors who have domiciliary accounts in the US to transfer dollars to Bamboo’s corresponding account in the US. It also allowed its users to transfer directly from Nigeria to their US Dollar accounts. This helps investors avoid some of the local USD transfer restrictions from one domiciliary account in a bank to a third party account in another bank.

The is often convenient for investors who have dollars abroad and want to avoid the hassles of sourcing forex locally. Whilst no reason was provided for the regulatory requirement, Nairametrics believes it may not be unconnected with several unscrupulous.  activities associated with wired transfers or a Nigerian regulators trying to block a loophole which would allow investors transfer fx out of the country from their domiciilary accounts.

 

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