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Stock Market

GTBank, UBA, WAPCO halt bullish trend at Africa’s best-performing stock market

The market breadth closed positive as SKYAVN led 21 Gainers as against 8 Losers topped by CHAMPION at the end of today’s session

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Nigerian Stock Exchange

Nigerian stocks ended the last trading session on a near stalemate. The All Share index dropped slightly by -0.01% to close at 38,800.01 index points as against the +2.40% gain seen on Wednesday.

  • Its Year-to-Date (YTD) returns currently stands at +44.55%.  Nigerian Stock Exchange capitalization stood at N20.279 trillion.
  • Nigerian bourse trading turnover plunged significantly closing negative as volume moved down by -73.97% as against +238.56% uptick recorded in the previous session. ZENITHBANK, GUARANTY, and FLOURMILL were the most active to boost market turnover.
  • The market breadth closed positive as SKYAVN led 21 Gainers as against 8 Losers topped by CHAMPION at the end of today’s session – an improved performance when compared with the previous outlook.
  • CHAMPION leads the list of active stocks that recorded an impressive volume spike at the end of today’s session.

READ: New broker-dealer lets Nigerian investors purchase US stocks commission-free

Top Gainers

  • SKYAVN up 9.22% to close at N3.2
  • OANDO up 8.66% to close at N3.64
  • CAP up 7.61% to close at N20.5
  • FLOURMILL up 5.08% to close at N27.95
  • AFRIPRUD up 2.12% to close at N6.25

READ: Airtel, Dangote, WAPCO rebounds strongly, investors gain N310 billion

Top Losers

  • CHAMPION down 7.87% to close at N0.82
  • MAYBAKER down 1.33% to close at N3.7
  • WAPCO down 4.76% to close at N21
  • GUARANTY down 0.61% to close at N32.8
  • UBA down 0.59% to close at N8.45

READ: Honeywell reports N300 million pre-tax profits in Q2 2020

Outlook

Nigerian Stocks ended the last trading session on a slightly bearish note, amid falling oil prices prevailing at the U.S trading session. At the time of writing this report, Brent crude was trading below $51/barrel.

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  • That said, significant gains seen from NSE30 Stocks that include CAP, Flourmill, couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among leading Tier-1 banks and medium capitalized stocks.
  • Nairametrics envisages cautious buying, on the sentiments that recent price action shows a pause in the bullish momentum, however, stock traders anticipate the bullish run is still in play for the long term.

READ: Alibaba in hot water on China’s regulators probe over Ant Group

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

Nasdaq continues to fall as Dow sets new high

The Dow Jones Industrial Average rose 97.31 points or 0.3% to close at 34,230.34, a new high.

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The Dow Jones Industrial Average rose 97.31 points or 0.3% to close at 34,230.34, a new high.

The S&P 500 index increased by 0.1% to 4,167.59 points. However, the Nasdaq Composite dropped 0.4% to 13,582.42, as Amazon, Netflix, and Facebook both fell more than 1%.

The sharp drop in growth stocks the day before came after Treasury Secretary Janet Yellen indicated on Tuesday that interest rates would need to rise to prevent the economy from overheating, with economic activity rebounding much faster than anticipated as vaccines are administered and social distancing requirements are relaxed. Later in her remarks, she clarified that she was not “predicting or suggesting” a near-term interest rate hike because the Federal Reserve makes that decision.

Nonetheless, some companies have stated that rising demand and supply chain shortages have driven prices higher, raising concerns among market participants about signs of overheating. According to an ADP study released on Wednesday, private payrolls increased by 742,000 jobs in April. This result fell short of economists surveyed by Dow Jones’ estimates of 800,000 jobs. The March report from ADP was revised upward by 48,000 workers.

According to economists polled by Dow Jones, the IHS Markit U.S. services purchasing managers index came in at 64.7 in April, beating expectations of 63.3. However, the ISM non-manufacturing index came in at 62.7, which was slightly below estimates. PMIs are measured so that readings above 50 indicate that an economic field is expanding.

After data from the American Petroleum Institute showed a sharp drawdown in U.S. oil inventory, oil prices initially soared, with futures for the U.S. benchmark West Texas Intermediate topping $66 per barrel. The United States of America West Texas Intermediate (WTI) crude settled at $65.63 per barrel, down 6 cents, or 0.09%.

As countries struggle to produce life-saving doses, the Biden administration declared on Wednesday that it supports waiving intellectual patent rights for Covid-19 vaccines. Following the story, large pharmaceutical firms that manufacture vaccines saw their stock prices plummet. Moderna’s stock has fallen by more than 6%.

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Business News

Sterling Bank posts gains amid dip in GT Bank and Zenith

The NGX Banking Index saw another decline for the second time in the month of May.

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Top banks’ stocks plunge, as bears overwhelms Nigerian tier-2 banks’ rally, Financial Institutions generate N24.77 billion VAT in 2020, up by 44.4% Y-o-Y.

The NGX Banking Index saw another decline for the second time in the month of May. The index points dropped to 345.00 depicting a loss of -1.69%. Technical analysis shows that the bears dominated the trading session from start to finish. The NGX Banking Index saw 4 gains opposing 5 losses with 1 stalemate.

Sterling Bank’s performance was outstanding again today with a profit of +8.11% pushing the price upwards from its previous close of N1.53 to N1.60. Technical analysis shows that bullish momentum was maintained throughout the trading session. Access bank also posted a profit of +3.36% pushing the price upwards to N7.70 from N7.45 from its previous day’s close.

Jaiz bank posted a profit of +1.67% pushing the price upward from N0.60 to N0.61. Ecobank was also saved from the claws of the bears as it held profits of +0.97% pushing the price to N5.20. Technical analysis says that the price went up to meet selling pressure plunging it downwards. However, the fall was not sufficient as Ecobank still closed in profit.

Guarantee Trust BANK saw its shares crashing down as it took a -3.65% loss plunging the price downwards from N30.10 at the previous day’s close to N29.00. Technical analysis shows that there was a steady sell-off as the bearish trend was maintained with minimal interruptions.

Zenith Bank was the 2nd biggest loser as it saw its share price crash down by -3.18% pushing price downwards from N22.00 to N21.30. Technical analysis shows that consolidation was maintained almost throughout the trading session before breaking to the selling pressure at the end of the trading session.

Wema Bank saw a dip of -1.64% pushing the price from N0.61 to N0.60. Union bank also posted similar losses of -1.02% to settle the price at N4.85 from N4.90. Fidelity bank was not left out of the loss as it plunged -0.44% settling price at N2.24.

UBA held a stalemate, settling its price N7.20.

Outlook

  • Market sentiments trend bearish as 5 losses were held with 4 gains and 1 stalemate.
  • Nairametrics advises cautious participation amid growing uncertainties.

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