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Nigerian Stock Exchange closes 2020 with 50% return

Nigerian stocks end 2020 as best in the world with 50% return.

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Nigerian Stocks ended the last trading session of the year on an impressive note.

The All Share Index gained +1.92% to close at 40,270.72 index points as against the +1.03% surge recorded on Wednesday. Its Year-to-Date (YTD) returns currently stands at +50%.

READ: Dangote, WAPCO, PZ surge, investors gain N334 billion

  • It’s important to note that such yearly returns seen in the Nigerian Stock Exchange were the first in 17 years.
  • Nigerian Stock Exchange capitalization settled at N21.057 trillion.

To close the year, a total volume of 710.7 billion units of shares, valued at N10.0billion exchanged hands in 4,396 deals. AIICO was the most traded shares by volume with 205.9 million units, while ZENITHBANK topped by value at N1.09 billion.

READ: Dark Clouds loom for investors as stocks fall 8% in first half of 2020

  • Market breadth was however inverse of the broad index with 24 losers and 18 gainers. BOCGAS (+10.00%) led the gainer’s chart today, while ETERNA (-9.09%) was the top loser.
  • The sectorial performance was mixed as the Industrial and Oil & Gas sectors appreciated by 3.90% and 0.65%, while the Banking, Consumer Goods and Insurance sectors fell by -0.89%, -0.80% and -0.41%, respectively.

READ: U.S stocks fired up, triggered by COVID-19 vaccine

Sector Performances

  • NSE Industrial Index: Up by 3.90% on continued buy-interests in BUACEMENT (+9.87%).
  • NSE Oil & Gas Index: Gained 0.65% on OANDO (+5.71%).
  • NSE Banking Index: Down by -0.89% on price depreciation in ETI (-7.69%), ACCESS (-3.43%), and FIDELITYBK (-0.79%).
  • NSE Consumer Goods Index: Fell by -0.80% as a result of the price shed in INTBREW (-8.32%) and DANGSUGAR (-1.68%)
  • NSE Insurance Index: shed -0.41%, as AIICO (-8.87%) and LASACO (-5.41%) closed south.

READ: How to avoid considerable losses using winning market strategies

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Top gainers

  1. BOCGAS up 10.00% to close at N9.57
  2. NNFM up 9.95% to close at N6.74
  3. CILEASING up 9.94% to close at N5.2
  4. BUACEMENT up 9.87% to close at N77.35
  5. MTNN up 6.19% to close at N169.9

READ: Alibaba drops 8% amid regulator’s clampdown on Ant Group

Top losers

  1. ETERNA down 9.09% to close at N5.1
  2. INTBREW down 8.32% to close at N5.95
  3. ETI down 7.69% to close at N6
  4. ACCESS down 3.43% to close at N8.45
  5. PRESCO down 1.18% to close at N70.95

READ: NERC says electricity consumers will be refunded for meter payment

Outlook

The world’s best performing stock market ended the last trading session of the year on an impressive note, as investors increased their buying pressure, especially on blue-chip stocks that include MTN Nigeria, BUA cement.

  • Investors’ appetite for riskier assets has remained strong amid an ultra-low yield prevailing on Nigerian fixed-income instruments.
  • However, Nairametrics envisages cautious buying, amid stringent capital controls set in place by Nigeria’s Apex bank that could trigger lower Foreign Portfolio participation in the future.

Jaiz bank

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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    Currencies

    “Don’t deposit more than $5k monthly,” banks inform customers

    Reports reaching Nairametrics indicate some commercial banks have started sending new transfer limits to their customers.

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    The US dollar remains king, U.S dollar gains against major currencies, America threatens China with sanctions., U.S dollar slumps against major currencies, investors become optimistic about global demand, U.S Dollar Stands Firm, Foreign Exchange Traders Remain Neutral 

    Reports reaching Nairametrics indicate some commercial banks have started sending new transfer limits to their customers.

    Emails sent to some customers that were shared with Nairametrics reveal banks are informing customers that they can only deposit $5,000 in cash into their accounts monthly. They also advised the customers to transfer electronically instead of cash deposits. One of the banks also indicated that cash deposits are no longer allowed for some account holders.

    “There is a $5,000 monthly cash deposit limit. We encourage you to make more deposits via electronic transfers. Cash funded transfers to beneficiaries with accounts in other banks in Nigeria are no longer allowed. There will be no restriction to the frequency or value of transactions for accounts funded through inflows but supporting documents are required before payments are processed. Cash deposits are no longer allowed for Wealth Management Investments.”

    Some of these rules are actually not new as they contain forex transaction guidelines issued by the central bank last year as part of its efforts to curtail demand for forex and reduce the utilization of the banking system to facilitate black market dealing in forex.

    What this Bank Transfer Limit means

    • You cannot deposit more than $5,000 cash monthly (cumulative) into your bank domiciliary accounts.
    • However, you can deposit more than this if it is an electronic transfer. This is a lot more difficult to achieve for retail buyers of forex and the exchange rate is often higher.
    • You are also required to provide supporting documents backing the inflow of dollars into your account especially if the transfers are from one personal account to another.

    Last week, the CBN announced it was indefinitely extending its Naira 4-dollar scheme for diaspora remittances which was introduced in March, suggesting the program may have achieved success by its standards.

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    Cryptocurrency

    Bitcoin bounces as Ether hits new all-time high

    Data from coinmarketcap shows bitcoin erasing almost all the previous day’s losses to trade as high as $57,939.36 in the last 24 hours.

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    New all-time highs for Ether after sell-off earlier in the week. Bitcoin (BTC) also gained 4.03% in the last 24 hours as cryptocurrencies recovered losses despite increasing turmoil in global stock markets.

    BTC price bullish

    Data from coinmarketcap shows bitcoin erasing almost all the previous day’s losses to trade as high as $57,939.36 in the last 24 hours. The move came amid concerns in tech stocks, fueled by problems in Taiwan which saw the country’s equities index post its biggest one-day loss in history.

    Bitcoin and altcoins had sold off with tech stocks more broadly earlier in the week, but the latest macro dip failed to worsen their performance. “BTC is bouncing here and Altcoins are recovering strongly,” popular Twitter commentator Rekt Capital summarized on Tuesday as the United States Federal Reserve buoyed the crypto cause by refusing to suggest that economic interventions could be lessened.

    READ: Crypto-Tsunami as over 247,000 investors lose $1.7 billion

    Bitcoin is currently trading $57,122.96 as of the time of writing this report.

    Ethereum keeps breaking all-time highs

    In continuation of “altseason,” Ether led gains, touching new all-time highs while maintaining support at $4,000. Gas fees, however, remain a headache for traders and Ethereum network users. Due to the network congestion, Ethereum gas fees are as high as $700 during peak periods. This presents a significant concern for investors and developers on the network.

    READ: Companies are now accepting Bitcoin payments – How does it affect Bitcoin exchange and trading?

    Ether is currently trading $4,317.25 as of the time of writing this report.

    Amid continued debate over “meme” coins, Dogecoin (DOGE) was flat, while Shiba Inu (SHIB) lost 23% to fall out of the top twenty cryptocurrencies by market cap. Weekly gains for the coin still stand above 1,500%.

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