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Spotlight Stories

Profit-taking at Nigerian stock market, industrial stocks waned by 4.09%

Market sentiment was however positive, as there were 29 advancers and 9 decliners.

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Nigerian stock market ended the week on a negative note as the All Share Index fell further by 0.94% to 34,250.74 points. Consequently, year-to-date return and market capitalization settled at 27.86% and N17.90 trillion respectively.

  • A total volume of 796.0million units of shares, valued at N4.46billion exchanged hands in 4,810 deals. JAIZ BANK was the most traded shares by volume at 401.1million units, while ZENITHBANK topped by value at N1.08billion.
  • Market sentiment was however positive, as there were 29 advancers and 9 decliners.
  • The sectorial performance also improved as Banking, Insurance, Oil & Gas, and Consumer Goods advanced by 2.54%, 2.10%, 0.37%, 0.18% respectively. Conversely, the industrial index waned by -4.09%.

Top Gainers

  1. FBNH up 8.73% to close at N6.85
  2. VITAFOAM up 8.66% to close at N6.9
  3. GUINNESS up 5.92% to close at N17
  4. ZENITHBANK up 3.18% to close at N22.7
  5. GUARANTY up 1.70% to close at N32.9

Top Losers

  1. DANGCEM down 8.04% to close at N183
  2. NEIMETH down 5.98% to close at N2.2
  3. JBERGER down 4.62% to close at N17.55
  4. GLAXOSMITH down 2.99% to close at N6.5
  5. UNILEVER down 1.15% to close at N12.9

Outlook

Nigerian bourse ended the last trading session on a negative note. NSE30 stocks like Dangote Cement, Unilever dragged the Sub-Saharan based index lower as profit-taking was notable among blue-chip stocks.

  • Selling pressures intensified on macros coming from Nigeria’s currency market, on recent economic macros facing an unusual level of FX scarcity, which kept significant pressure on Nigeria’s local currency.
  • Nairametrics envisages you seek the advice of a certified financial advisor when choosing stocks to buy.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Cryptocurrency

Breaking: Bitcoin surges past $51,500

Bitcoin traded above $51,508.78 with a daily trading volume of $51.7 billion and is up 4.83% for the day.

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Crypto, Investors flock to US dollar, Gold, Bitcoin, as Global Stocks record heavy sell-offs, Twitter Poll: Bitcoin price expected to reach $100,000 by 2021, cybercriminals, What it will take Bitcoin to hit $100,000?

The flagship crypto-asset, Bitcoin surged past a one-week high as risk appetite in markets gained momentum despite growing concerns facing the crypto industry.

At the time of writing this report, Bitcoin traded above $51,508.78 with a daily trading volume of $51.7 billion. Bitcoin is up 4.83% for the day.

The world’s most popular crypto asset had been under pressure, particularly on Tuesday when Gary Gensler, nominee for chairman of the U.S. SEC disclosed that ensuring crypto market’s manipulation and illicit activity is a challenge for the agency.

More details shortly …

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Business

Just-in: FG approves establishment of SIM Swap centres by MTN, Airtel, Glo, others

FG has approved the establishment of SIM Swap Centres by Mobile Network Operators (MNO).

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The Federal Government has approved the establishment of SIM Swap Centres by Mobile Network Operators (MNO) and also extended their enrolment license tenure.

This was disclosed by the National Identity Management Commission (NIMC) via it’s Twitter handle on Wednesday.

Shortly after a meeting of Ministerial Task Force on the NIN/SIM registration, the Minister of Communication, Isa Pantami explained that the decision was taken to allow MNO to open SIM Swap centres across all Local Government Areas in Nigeria.

He said, “Approval was also given for the extension of the tenure of NIN enrollment agent licenses for MNOs from 1 to 5 years in consideration of their satisfactory performance, subject to continuous monitoring.”

 

Details soon …

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