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Spotlight Stories

Bulls & Bears fight end in a near stalemate at Nigerian Stock Market

ARDOVA (+10.00%) led the gainer’s chart today, while CUTIX (-10.00%) was the top loser.

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market's, Bears clawing down on the naira, hits N425 to $1

Nigerian stocks ended Monday’s trading session slightly bullish.

To start the week, the All-Share Index advanced marginally by +0.08% to settle at 40,150.78 points due to buying interest in ARDOVA, FLOUR MILLS, and PRESCO.

  • Consequently, YTD return and market capitalization settled at -0.45% and N20.99 trillion respectively.
  • A total volume of 335.6 billion units of shares valued at N2.48billion exchanged hands in 5,338 deals.
  • MBENEFIT was the most traded shares by volume with 104.1 million units, while ZENITHBANK and WAPCO topped by value at N344 million and N320 million respectively.
  • Market sentiment was positive as market breadth came in at 1.16x with 28 advancers and 24 decliners. ARDOVA (+10.00%) led the gainer’s chart today, while CUTIX (-10.00%) was the top loser.

Top gainers

  1. ARDOVA up 9.79% to close at N17.95
  2. BERGER up 9.52% to close at N8.05
  3. FLOURMILL up 2.81% to close at N27.45
  4. PRESCO up 1.41% to close at N72
  5. OKOMUOIL up 0.54% to close at N93

Top Losers

  1. CUTIX down 10.00% to close at N2.16
  2. BOCGAS down 9.96% to close at N11.39
  3. CAVERTON down 7.07% to close at N1.84
  4. UCAP down 3.40% to close at N4.83
  5. GUARANTY down -0.45% to close at N32.85

Outlook

Nigerian Stocks ended the first trading session on a slightly bullish note, amid falling oil prices prevailing at the U.S trading session. At the time of writing this report, Brent crude was trading around $52/barrel.

  • Nairametrics envisages cautious buying, on the sentiments that recent price action shows the bullish run softening in the near term, however, stock traders anticipate more upsides are still in play for the long term at the world’s best-performing 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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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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