Nigerian Stocks ended the first trading session on a bullish note.
The All Share Index gained 0.21% to close at 41,088.96 index points. Year-to-date return and market capitalization settled at 2.03%, and N21.49 trillion respectively. Investors gain N45.49 billion.
- A total volume of 333 million units of shares, valued at N2.64billion exchanged hands in 5,640 deals. TRANSCORP (-5.26%) finished the most traded shares by volume at 48.9million, while ZENITHBANK (0.00%) topped by value at N418 million.
- Market breadth was however inverse of the broad index with 30 losers against 19 gainers. MRS (+9.82%) led the gainer’s chart today, while CILEASING (-10.00%) was the top loser.
- Performance across sectors was mixed; like Oil & Gas (-0.80%), Consumer Goods (-0.72%) and Insurance (-0.58%) closed in red, while the Industrial and Banking indexes improved by +0.54 and 0.49% respectively.
- MRS up 9.82% to close at N12.3
- JBERGER up 3.17% to close at N19.5
- WAPCO up 1.92% to close at N26.5
- DANGCEM up 0.85% to close at N236
- AIRTELAFRI up 0.38% to close at N855
- CILEASING down 10.00% to close at N5.13
- ARDOVA down 9.78% to close at N18.45
- INTBREW down 6.53% to close at N6.16
- NASCON down 5.81% to close at N16.2
- UNILEVER down 2.22% to close at N13.2
Nigerian Bourse recorded an impressive winning streak this week as some NSE30 stocks including, AIRTELAFRI, DANGCEM, WAPCO triggered the upward run on Monday’s trading session.
- The Nigerian Stock market advance to close in positive territory as buying interest was seen on stocks across the board.
- Nairametrics however, envisages cautious buying, amid improved market conditions in Nigeria’s financial market.
Tesla gains as the Dow plunges; investors shun inflation concerns
The S&P 500 increased by (+0.33%) as the Dow made a loss of (-0.20%).
Investors bet that a higher-than-anticipated increase in inflation would not be enough to slow economic stimulus policies, as equities hit new highs and bond yields dropped. Consumer prices grew faster than expected last month, but investors speculated that the pace was not quick enough to justify any Federal Reserve policy reform. Bank stocks were hurt by the decline in yields. Nasdaq took a hit of (-1.05%) during the session.
The S&P 500 increased by (+0.33%) also. The Dow made a loss of (-0.20%).
Tesla delivered 184,800 new cars in the three months ending in March, up more than 100% from the same span last year and well ahead of Wall Street expectations of about 177,000 vehicles. Hence, Tesla shares soared on Monday after Canaccord Genuity upgraded the clean-tech carmaker’s ranking as it steps toward an “Apple-esque ecosystem” of energy goods.
- On Thursday, the US will release details on initial jobless claims, factory productivity, and retail sales.
- The government’s sale of 30-year bonds was met with high interest, extending Treasuries’ profits.
- Bitcoin hit an all-time high as the cryptocurrency market turned positive ahead of Coinbase Global Inc.’s IPO.
- GameStop and AMC, which fell 11% and 8.5% on Monday, respectively, failed to recoup losses on Tuesday, with Morgan Stanley predicting heightened uncertainty in the market’s speculative pockets in the months ahead.
- Tesla up 8.60% to close at $762.32.
- Danaher up 3.41% to close at $243.84.
- NVIDIA up 3.09% to close at $627.18.
- Newmont Goldcorp up 2.71% to close at $62.25
- Diamondback up 2.54% to close at $75.76.
- Alliance Data System down 5.35% to close at $105.72
- Franklin Resource down 5.25% to close at $27.75
- PVH down 4.25% to close at $108.29
- Synchrony Financial down 3.92% to close at $41.46.
- Micron down 3.60% to close at $92.15
- The first-quarter earnings of banks and financial companies such as JPMorgan Chase & Co., Citigroup Inc., Bank of America Corp., Morgan Stanley, and Goldman Sachs Group Inc are expected to have an impact on the market performance.
- Consumer prices increased a higher-than-expected 2.6% in March, according to data released on Tuesday by the US Bureau of Labor Statistics, with fuel prices spiking 9.1% accounting for nearly half of the index’s price rise.
- Nairametrics, however, advises cautious buying in this era of growing uncertainties.
Burger King to open first outlet by Q4 2021- Franchisee
Burger King is expected to employ about 6,000 people (direct and indirect) in Nigeria between 2021 and 2026.
Burger King, an American multinational hamburger fast food chain, is expected to start its operations in Nigeria by the fourth quarter (Q4) of 2021.
The company is also expected to employ about 6,000 people (direct and indirect) in the country between 2021 and 2026, other things being equal.
These were disclosed by Antoine Zammarieh, the Franchisee of Burger King in Nigeria and Managing Director, Allied Food & Confectionary Services Limited, in an interview with Nairametrics on Tuesday.
He said, “Burger King will start operations by Autumn, i.e between September and November 2021. We have set up the Quality Control unit and have met some of our local suppliers to seal the deal. Also, we have sent some of the ingredients to America to test quality.
As a company, we are delighted to enter this new market being the largest country in Africa and are looking forward to serving our future guests with our world-famous Burger King meals.
Most importantly, our goal is to positively contribute to the economy by creating more jobs and employment opportunities. In five years, we hope to directly or indirectly employ between 5,000 and 6,000 people in Nigeria.”
Zammarieh added that the hamburger maker, in a show of interest in the Nigerian market, had signed a development agreement for the Nigerian market.
He explained that the development agreement of the chain in Nigeria, which was recently signed, would give more confidence to the Nigerian market and consumers in general, especially during these hard times.
What you should know
Nairametrics had reported, three weeks back, when Zammarieh said, “I always believed in Nigeria and in its people. I am confident this venture will go a long way and prove successful for Burger King, Nigeria, and our company.”
“I believe this will be a tremendous step towards giving more confidence to the Nigerian market and consumers in general.”
What to expect
The first outlet of the hamburger chain in Nigeria is expected to be launched in Lagos.
The Florida-based restaurant chain is set to join the likes of Dominos Pizza, Krispy Kreme, KFC, and Chicken Republic (pieXpress) in a stiff competition for market share and dominance in a saturated market, with hundreds of other traditional restaurant chains.
Burger King is expected to dig deep into its quiver of strategies to ensure an impressive performance and success in its first year of operation, as other players have been having it tough following their respective launches into the Nigerian market.
The COVID-19 pandemic however has affected the fast-food industry severely, as the disruption to the industry’s supply chain, especially the on-trade channel, which accounts for a significant percentage of restaurant sales, triggered declines in their profits in 2020.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Friesland Campina Wamco Nigeria Plc announces AGM, proposes dividend of N6.74 per share.
- ETI appoints Akin Dada as Group Executive, Corporate & Investment banking.
- Union Homes REIT proposes final dividend worth N465.03 million for shareholders.
- GT Bank Plc holds FY 2020 investors presentation.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.