Nigerian Stocks ended the first trading session of the week on a bearish note.
The All Share Index dipped by 0.34% to close at 41,566.86 index points as against the -0.18% plunge recorded last Friday. Its Year-to-Date (YTD) returns currently stands at +3.22%. Investors lose N74.4 billion.
- Nigerian bourse trading turnover on Monday dipped lower as volume plunged by 29.43% as against 23.39% drop recorded at its last trading session. UBN, FBNH and ACCESS were the most active to boost market turnover.
- The market breadth closed positive as UPDCREIT led 23 Gainers as against 16 Losers topped by CHAMPION at the end of today’s session – an improved performance when compared with the previous outlook.
- UPDCREIT up 9.09% to close at N6
- FIDSON up 8.30% to close at N6
- AFRIPRUD up 8.21% to close at N7.25
- GUINNESS up 4.47% to close at N19.85
- UBA up 4.14% to close at N8.8
- CHAMPION down 9.75% to close at N2.5
- PZ down 9.73% to close at N5.1
- GUARANTY down 8.75% to close at N32.85
- UNILEVER down 2.05% to close at N14.3
- FLOURMILL down 1.43% to close at N31
Nigerian stocks ended the first trading session of the week on a bearish note, amid soaring oil prices prevailing at the U.S trading session.
- At the time of writing this report, Brent crude was trading around $60/barrel.
- Nairametrics envisages cautious buying, on the sentiments that recent price actions reveal Nigerian stocks’ bullish run is softening in the near term.
- However, stock traders anticipate more upsides are still in play for the long term at the world’s most outstanding stock market.
TCN hits power transmission of 5,615.40MW
The TCN has broken its own transmission record twice in the space of a week.
The Transmission Company of Nigeria (TCN) announced that it hit another record milestone on transmission, as it recorded a national peak of 5,615.40MW.
This was disclosed in a statement by Ms Ndidi Mbah, General Manager, Public Affairs, TCN, on Tuesday in Lagos, she added that the TCN hit the record on the 28th of February.
The TCN added that the transmission was distributed at a frequency of 50.20Hz by 9.30 pm of the same day, as the TCN has broken its own transmission record twice in the space of a week.
“Also, on Feb.26, 2021, TCN equally transmitted a new Maximum Daily Energy of 116,891 14MWH which is higher than the previous value of 116,121 42MWH achieved on Feb. 25, 2021 by 769.72MWH,” the TCN said.
Mr Sule Abdulaziz, Managing Director, TCN, said the company would remain focused on its goal to complete ongoing projects and undertake new ones as it strives to put in place a robust transmission and, despite challenges posed by vandalism and insecurity.
What you should know
- Nairametrics reported on March 1st that The Transmission Company of Nigeria announced it has broken its transmission record once again, after hitting a record of 5,584.40 MW.
Battle of Titans: Elon Musk, Jeff Bezos share world’s richest title
Stiff competition prevails as both Jeff Bezos and Elon Musk share the world’s richest title.
The battle for the worlds richest has suddenly become so intense that both Elon Musk and Jeff Bezos both share the world’s richest man title on the account they both have a net worth of $184 billion.
Bezos, the man behind the world’s most valuable retail company, Amazon, has steadily been seeing his wealth valuation appreciate amid high market volatility currently prevailing at global financial markets.
The 49-year-old self-made billionaire, Elon Musk is sharing, the world’s richest when recent data revealed Tesla recorded impressive gains of about $9.75 at the end of Monday’s trading session.
Investors are currently increasing their buying pressure on Tesla as they weigh reports that the electric vehicle industry is expected to grow into a $5 trillion market over the next decade, thereby giving the world’s most valuable car company room for more upside.
It’s important to note that both mega billionaires have in recent times focused their considerable brainpower on space technology as Bezos recently accelerated his space-travel efforts through his firm popularly known as Blue Origin.
Recent reports suggest SpaceX founded by Musk raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.
Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.
Bezos who is now the Chairman of the $1.58 trillion valued company, Amazon has about $9.63 billion cash in the bank.
The online retail giant returns have under his tenure as the chief executive officer of the e-commerce giant actually ranked second among all S&P stocks since the IPO in May 1997.
The 57-year-old billionaire is the founder of Amazon, the world’s biggest online retailer company on earth. The American-based company sells books, household goods, and other retail products through its flagship platform.
His company also controls the Whole Foods grocery chain and offers video streaming services and remains the biggest cloud computing provider worldwide.
That being said, both Elon Musk and Jeff Bezos’s wealth valuation would currently buy 107 million troy ounces of gold or 2.91 billion barrels of crude oil.
Nairametrics | Company Earnings
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