European Stocks hovered at 8-month highs, on optimism around signs of a breakthrough of Pfizer’s COVID-19 vaccine. Although concerns on the negative disruption caused by the COVID-19 pandemic weighed heavily on global investors.
- On a W/W performance review, the Spanish Stock index, IBEX, up 13.13%.
- French Stock in CAC 40 up 12.59% outmatched its American rivals Dow Jones 30 up 6.11% and S&P 500 up by 5.38%
What this means: European equity markets are consolidating following yesterday´s impressive rally. The US presidential election and the COVID-19 pandemic were the two major topics that kept investors on the edge during the past few weeks. Now, they can finally breathe a sigh of relief.
European stocks are all fired up on the bias that investors cheer the possibility of a peaceful global trade regime under U.S. President-elect, Joe Biden. However, surging COVID-19 cases have threatened a fragile economic recovery at home.
What they are saying
Stephen Innes, Chief Global Market Strategist at Axi, in an explanatory note to Nairametrics, provided key insights on macros boosting European Stocks rally.
“US and European equities soared overnight amid a most frothy global risk rally, but gold was down nearly 5% on the back of far better than expected results by the vaccine candidate developed by Pfizer and BioNTech.
“Those results showed a more than 90% effectiveness rate among 94 subjects infected with COVID-19 and who had at least one symptom.
“Pfizer indicated it remains on target to seek sale permission from regulators by the end of this month. Depending on how long regulators take to review it, the distribution could then start within months.”
There is a lot for Stock traders to take in right now, not to mention that the blue party’s electoral victory at the U.S presidential election has ushered in a perceived transformation in geopolitical risk, as investors debate how the world might be a more peaceful place during the next four years.
Strong gains from WAPCO, Unity Bank limit Bears grip on Nigerian Stocks
Strong gains from WAPCO couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among medium capitalized stocks.
Nigerian stocks ended the last trading session on a near-stale mate. the All Share Index dropped by -0.08% to close at 39,331.61 index points as against the -0.40% plunge recorded on Thursday. Its Year-to-Date (YTD) returns currently stand at -2.33%.
- However, the market trading turnover on Friday printed positive as volume ticked up by +19.18% as against the +101.84% uptick recorded yesterday.
MANSARD, ZENITHBANK, and FBNH were the most active to boost market turnover.
- The market breadth closed negative as MORISON led 20 Gainers as against 27 Losers topped by TRIPPLEG at the end of today’s session – an unimproved performance when compared with the previous outlook.
- MORISON up 10.00% to close at N0.66
- WAPCO up 9.90% to close at N22.2
- NEM up 9.88% to close at N1.89
- SKYAVN up 9.54% to close at N3.33
- UNITYBNK up 8.96% to close at N0.73
- TRIPPLEG down 10.00% to close at N0.72
- TRANSEXPR down 10.00% to close at N0.81
- UHOMREIT down 9.96% to close at N36.6
- CUTIX down 9.95% to close at N1.81
- SCOA down 9.90% to close at N2.64
Nigerian Stocks ended the mid-week trading session on a slightly bearish note, amid soaring oil prices prevailing at the U.S trading session. At the time of writing this report, Brent crude was trading below $68.70/barrel.
- That being said, strong gains from WAPCO couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among medium capitalized stocks.
- Nairametrics envisages cautious buying, on the sentiments that recent price action shows further market correction as bargain hunters keep a tab on Nigerian macros.
Bears take Nigerian stocks hostage, investors lose N82.4 billion
Investor sentiment as measured by the market breadth closed negative with 12 advancers and 47 decliners.
Nigeria’s all-share index fell further at the close of trading today, down by -0.40% to 39,364.67 points. Investors losses today stood at N82.35 billion.
- Year-to-date return and market capitalization settled at -2.26% and N20.5 trillion, respectively.
- Investor sentiment as measured by the market breadth closed negative with 12 advancers and 47 decliners.
- Across coverage sectors, the performance was bearish. The NSE insurance, banking, consumer goods, and oil & gas sectors dipped 4.04%, 1.54%, 1.47%, 64 basis points, and 0.65%, respectively.
- The flip side saw only the industrials improved marginally by 0.19%.
- UPL up 9.91% to close at N1.22
- MORISON up 9.09% to close at N0.6
- CAP up 5.26% to close at N20
- WAPCO up 3.59% to close at N20.2
- LIVESTOCK up 3.17% to close at N2.28
- FIDSON down 10.00% to close at N4.41
- NNFM down 9.97% to close at N6.32
- ENAMELWA down 9.95% to close at N19.9
- NEM down 9.95% to close at N1.72
- NCR down 9.91% to close at N3.09
Nigerian stocks ended the fourth trading session on a weaker note amid soaring oil prices prevailing at the U.S trading session.
- Today’s bearish trading session was inclined by sell pressure on consumer ticker, DANGSUGAR which lost -6.25%. JBERGER, ARDOVA, and UBA also declined by -7.88%, 9.85%, and -3.64%, respectively.
- Nairametrics expects intending buyers to seek the advice of certified stockbrokers.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.