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Profit-taking at Nigerian Stock Market persists, NEM, NNFM drop

The market breadth closed positive as CHAMPION led 23 Gainers as against 22 Losers topped by NNFM at the end of today’s session.

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Nigerian stocks ended Tuesday’s trading session on a poor note. The All Share Index dropped by 0.13% to close at 41,510.16 index points as against the 0.34% plunge recorded on Tuesday. Its Year-to-Date (YTD) returns currently stands at +3.08%.

Nigerian bourse trading turnover today also printed negative, as volume dipped by 10.10% as against -29.43% downtick recorded yesterday FBNH, GUINNESS and RTBRISCOE were the most active to boost market turnover.

The market breadth closed positive as CHAMPION led 23 Gainers as against 22 Losers topped by NNFM at the end of today’s session – an improved performance when compared with the previous outlook.

READ: Telecom stocks reach record high, Nigerian stock market value hit N22 trillion

Top gainers

  • LINKASSURE up 10.00% to close at N0.66
  • MORISON up 10.00% to close at N0.55
  • RTBRISCOE up 10.00% to close at N0.22
  • CHAMPION up 10.00% to close at N2.75
  • WEMABANK up 7.69% to close at N0.7

READ: UBA, Zenith Bank keep Nigerian Stocks fired up, investors gain N36 billion

Top losers

  • NNFM down 9.94% to close at N7.79
  • NEM down 9.20% to close at N2.27
  • NIGERINS down 9.09% to close at N0.2
  • JAPAULGOLD down 8.86%to close at N0.72
  • MULTIVERSE down 7.69% to close at N0.24

Outlook

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Sigma Pensions

Nigerian stocks ended the second trading session of the week on a bearish note amid profit-taking across the market spectrum.

  • Downtrend was driven by price depreciation medium and small capitalized stocks amongst which are; NEM, NNFM, JAPAUL GOLD, MULTIVERSE.
  • That being said, Nairametrics envisages cautious buying on the account that certain market indicators reveal investors are taking some of their gains across the market spectrum.

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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Cryptocurrency

Bitcoin is on fire, breaks above all-time high

The flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion.

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Bitcoin on high demand, hits 2-year high, trading $17,000

Bitcoin prices ascended to a record high on Tuesday, hitting another milestone at above $62,000, a move that many reaffirm to be a bullish trend in the cryptoverse and one that can make other digital assets surge.

At the time of writing this report, the flagship crypto traded at $62,645.26 with a daily trading volume of about $60 billion. Bitcoin is up 2.99% for the day. The world’s most popular crypto now has a market value of about $1.17 trillion.

Adding credence to the strong bullish run in play is data retrieved from Glassnode pointing to the fact that holders of the flagship crypto are selling less, as Bitcoin deposits on exchanges hit a 30-day low.

BTC Number of Exchange Deposits (7d MA) just reached a 1-month low of 2,837.702.

READ: Why Bitcoin might likely hit $100,000 soon

READ: Bitcoin produces 4 billionaires worth at least $3 billion each

More details later…

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Cryptocurrency

Why Bitcoin might likely hit $100,000 soon

The 12-month BTC price forecast was more evenly distributed, though a majority of respondents see prices above $50,000.

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From late February to the end of March, currency.com conducted a survey among its users to get their take on Bitcoin, which has skyrocketed about 1500% from where it was a year ago.

The Crypto exchange surveyed 1,572 respondents on their exposure, perspective, and outlook of digital assets. The crypto-asset platform revealed that about 20% of its customers expect the price of Bitcoin to hit at least $100,000 or above in the next 12 months. 54% of the respondents predict the price of the world’s most popular cryptocurrency will hover at $50,000-$100,000 in the same period.

The survey also revealed that 2% of customers indicated that they already have $1 million or more stashed in Bitcoin. However, nearly 27.2% were sceptical about whether they can achieve this goal.

READ: 1 Bitcoin will buy you a house in Nigeria’s rich suburb

The 12-month BTC price forecast was more evenly distributed, though a majority of respondents see prices above $50,000.

Specifically, 40% keep in their portfolio not only Bitcoin, which makes up about 50% of the entire crypto market, but also altcoins.

READ: Ripple scores early legal victory, XRP breaks above $1 for first time in 3 years

When asked whether the firm believes the price prediction is accurate, Currency.com’s head of strategy, Vitaly Kedyk, said:

Sigma Pensions

‚ÄúOver the course of 2020, we have seen interest in crypto gain mainstream attention and validation following take-up by large institutional investors. We expect this trend to continue in 2021 with greater diversification across altcoins.‚ÄĚ

READ: Meet the billionaire twins who bought $10m worth of Bitcoin when it still sold for‚ÄĮ$8

Bitcoin believers already say that the biggest cryptocurrency has shifted from the fringes of retail speculation towards embrace by major investors. The total market capitalization of cryptocurrencies tops $2 trillion, mostly spurred by rising institutional demand. Bitcoin’s market cap makes up more than half of that figure and it is now worth more than $1 trillion.

That being said, a significant number of its users are also diversifying their holdings in the exchange beyond investing in crypto, into traditional financial assets like equities, indices, and commodities with a token that mirrors the value of each asset.

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