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Stock Market

GTBank, Zenith Bank, Seplat boost Nigerian stocks

Major gains by large capitalized stocks that include GTBank, Zenith Bank, Seplat added gains to the Nigerian Stock market capitalization.

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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  

Nigerian Stocks ended the second trading session of the week on a positive note. The All Share Index gained 0.30% to close at 35,147.62 basis points as against +0.45% appreciation recorded on Monday. Its Year-to-Date (YTD) returns currently stands at +30.94%.

Nigerian Stock Exchange capitalization stands at N18.364 Trillion. Investors gained N55.17 billion.

  • Nigerian Stocks trading turnover dipped lower at Tuesday’s trading session on the basis that volume dipped by 25.83% as against +118.38% uptick recorded in the previous session.
  • ACCESS, FBNH, and MBENEFIT were the most active to boost market turnover.
  • The Market breadth closed negative as CAVERTON led 15 Gainers as against 21 Losers topped by CORNERST at the end of today’s session – an unimproved performance when compared with the previous outlook.
  • PRESTIGE leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.

Top gainers

CAVERTON up 9.88% to close at N1.89
CUTIX up 9.80% to close atN1.68
GUARANTY up 5.42% to close at N35
ZENITHBANK up 1.67% to close at N24.4
SEPLAT up 0.40% to close at N402.3

Top losers

FCMB down 3.60% to close at N3.21
GUINNESS down 2.91% to close at N18.35
PZ down 2.00% to close at N4.9
FLOURMILL down 0.90% to close at N27.6
MTNN down 0.13% to close at N155

Outlook

Nigerian stocks recorded gains amid falling oil prices prevailing at the US trading session on Tuesday.

  • Major gains by large capitalized stocks that include GTBank, Zenith Bank, Seplat added gains to the Nigerian Stock market capitalization.
  • Nairametrics envisages cautious buying amid significant price volatility currently in play at the Nigerian Stock market.

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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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

Sigma Pensions
  • 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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Markets

Jaiz Bank and EcoBank survive the plunge of the NSE Banking Index

Market sentiments trend strongly bearish as the losers outweighed the gainers substantially.

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Nigerian Stock Exchange, sound, C & I Leasing Plc, NSE launches factbook, Top 10 stockbroking firms, Steroids from GTBANK, ZENITH Lift Nigerian bourse, as investors gain N94.2 billion , Steroids from GTBANK, ZENITH Lift Nigerian bourse, as investors gain N94.2 billion

The NSE Banking Index traded bearish at the end of the trading session yesterday as two banks posted gains as opposed to two stalemates and six losses. The NSE Banking Index finished in the red with a loss of -0.97% to put the index point at 344.83. Market sentiments trend strongly bearish as the losers outweighed the gainers substantially.

Jaiz Bank continued with its outstanding performance to post profit of +6.67% pushing the price to N0.61 from its N0.60 held on the previous day. EcoBank was also saved from a sudden dip of the NSE Banking Index with gains of +2.08% putting the price at N4.90. Fidelity Bank posted zero profit, to put the price at N2.47. Access Bank also saw a stalemate holding the price at N8.10 once again.

Union Bank topped the losers with a loss of 7.14% putting the price at N4.75 from its previous N4.90. Wema Bank declined from its previous day gains pushing the price downwards from N0.60 to N0.55 showing a -6.67% loss. UBA was 3rd among the losers with a loss of -2.16% pushing the price downwards to N6.80.

Zenith Bank also saw a loss of 0.91% pushing the price from N22.00 to N21.80 technical analysis shows major consolidations with a downward pressure felt during midday. Zenith Bank shares saw recovery during the late hours of the trading session but it was not substantial enough to put it above the opening price.

Sterling Bank was not left out of the claws of the bears with losses of -0.61% pushing the price downwards to N1.70. GT Bank also posted a loss of -0.17% moving the price from N28.95 to 28.75.

Outlook

  • Market sentiment trended bearish as 6 companies made losses as opposed to 2 stalemates and 2 gains at the end of the trading session yesterday.
  • Nairametrics counsels cautious participation in the market amid growing uncertainties in Nigeria.

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