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Stock Market

Banking Index slumps to 375.35 Index points, as Sterling and Wema shares lose over 10%

The NSE Banking Index in the first week of March declined by 1.94% to close at 375.35 index points.

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Global stocks sell-off persists as resurgence of COVID-19 frighten investors 
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The Nigerian Stock Exchange Banking Index at the close of trading activities in the first week of March, declined by 1.94% to close at 375.35 index points.

This is according to data from the Nigerian Stock Exchange, seen by Nairametrics.

The slump was due to the underperformance of most banking stocks during the week, notably, Sterling and Wema Bank which recorded the worst decline of 14.04% and 12.70% respectively, for the period under review.

This loss placed the aforementioned banks in the top 10 decliners for the week. It is also pertinent to note that only Unity Bank (among the listed banking stocks) emerged in NSE top 10 gainers for the week, with a share price appreciation of 8.96%.

Nairametrics had earlier reported that investors in the elite banks in Nigeria (FUGAZ) lost a total of N34.68 billion in a single trading session on Thursday, 4th of March 2021, due to downward pressure on their respective share prices caused by sell-offs.

On the other hand, the Financial Services Industry led the activity chart by volume with 1.63 billion shares valued at N10.73 billion traded in 13,269 deals; thus contributing 78.06% and 36.06% to the total equity turnover volume and value respectively.

What you should know:

  • The NSE Banking Index had earlier appreciated by 0.69% to close at 382.76 index points, last week.
  • On a general note, the NSE All-Share Index and Market Capitalization depreciated by 1.18% to close the week at 39,331.61 and N20.578 trillion respectively.
  • Trading in the top three equities namely Wema Bank Plc, Axamansard Insurance Plc, and Zenith Bank Plc (measured by volume) accounted for 903.561 million shares worth N5.564 billion in 4,017 deals.
  • A total turnover of 2.092 billion shares worth N29.744 billion in 24,238 deals were traded this week by investors on the floor of the Exchange.

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Chidi Emenike is a graduate of economics, a Young African Leadership Initiative Fellow and an Investment Foundations certificate holder. He worked as a graduate Teaching Assistant in the Federal College of Education Kano and is also a trained National Peer Group Educator on Financial Inclusion

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Cryptocurrency

Nigerian stocks that outperformed Bitcoin, Ethereum and Cardano in April

According to data tracked on the NSE, the shares of Japaul Gold and Ventures Plc, Meyer Plc and University Press Plc delivered better returns than Bitcoin, Cardano, Ethereum.

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Crypto
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The recent crypto-mania has presented investors who are nervous about the stock market with key opportunities to capitalize on, through alternative investments in cryptocurrencies.

The attendant effect of this led to the move which saw the total market capitalization of Bitcoin, Ethereum, Litecoin, XRP and other crypto assets surge above the $400 billion mark in Q4 2020 to more than $2 trillion in recent times – the total market capitalization of all cryptocurrencies are valued at about $1.74 trillion as of the time of drafting this report.

Despite the gains Bitcoin, Ethereum and Cardano delivered to their holders, the market performance of these digital assets since the beginning of April has been comparatively unimpressive. Of the three cryptocurrencies, only Ethereum maintains month to date gains in excess of 15%, while the month to date losses in others stand in excess of 12%.

The performance of these digital assets so far in April

Data tracked on Binance, a cryptocurrency exchange that provides a platform for trading various cryptocurrencies revealed that Ethereum’s month to date gains in the month of April is put at about 15% while the month-to-date loss of Bitcoin and Cardano is put at about 16% and 12% respectively.

Stocks on NSE delivered decent returns in the month of April, outperforming some cryptos. Some stocks on the Nigerian Stock Exchange have delivered impressive returns for their holders in the month of April, despite the recent lacklustre state of key shares listed on the exchange.

According to data tracked on the Nigerian Stock Exchange, the shares of the following companies have delivered better returns than Bitcoin, Cardano, Ethereum and some other cryptocurrencies so far in this month.


Japaul Gold and Ventures Plc

(JAPAULGOLD), MtD gains: 46.83%

Hotflex

The rebranded and restructured mining company with a key focus on gold and other solid minerals exploration is the best-performing stock on NSE this month with a month to date gain of about 46.83%.

SSKOHN

Despite the fact that the stock is currently trading slightly below its open price of N0.62 per share for the year, it has risen from a YTD low of N0.41 to the current N0.60 per share price in recent times. Thus returning a gain of 46.8% for its holders.


Meyer Plc (MEYER)

MtD gains: 29.16%

The shares of the key player in the paint and decorative industry increased from N0.41 per share at the open of trade this month, to N0.53 per share as of the open of market this morning, to print a month to date gain of 29.16%.

The stock of the paint manufacturer is presently trading about 6% higher than its open price of N0.50 per share for the month of April.

Stanbic 728 x 90

University Press Plc (UPL)

MtD gains: 19.77%

The shares of one of Nigeria’s foremost publishers of educational and general reading materials, University Press Plc have increased from N1.07 per share at the close of trade on the 31st of March, to N1.28 per share at the open of trade on the Nigerian Stock Exchange today.

The recent surge in the shares of the company was triggered by buying interest on the floor of the exchange and this renewed interest in the shares of the publisher has seen its shares return an impressive 19.77% month to date gains to investors since the start of this month.


What you should know

  • The Nigerian Stock Exchange All-share Index “NGX ASI” is on course to deliver its first weekly gains after weeks of consistent depreciation in the market index and capitalization.
  • This decent performance can be linked to the renewed buying interest in the shares of some key companies with impressive fundamentals as Q1 2021 financial results start to trickle in.

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Markets

Biden’s capital gains tax disturbs Wall street

The Dow Jones Industrial Average fell 321.41 points to 33,815.90, or 0.92%.

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U.S stocks futures rebound , cryptocurrency, ExxonMobil, JP Morgan Chase, MasterCard Up by over 10%
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Following news that President Joe Biden is planning to propose far higher capital gains taxes for the wealthy, Wall Street sank sharply on Thursday. The Dow Jones Industrial Average fell 321.41 points to 33,815.90, or 0.92%. The blue-chip index fell 420 points at its lowest point for the day. The S&P 500 lost 0.94 percent of its earlier gains to close at 4,134.98, while the Nasdaq Composite fell 0.94 percent to 13,818.41.

Bloomberg News announced Thursday afternoon that Biden is considering raising the capital gains tax rate for rich Americans to as much as 43.4 percent. The measure would increase the capital gains tax threshold on people with $1 million or more to 39.6 percent, up from the existing rate of 20%.

  • The Stoxx Europe 600 Index advanced 0.7% while the MSCI All-Country World Index declined 0.2%.
  • Capital gains plan does not exempt crypto as Bitcoin fell for the sixth time in seven days, widening losses. If investors keep the cryptocurrency for longer than a year, they will be subject to capital gains tax.
  • Growth stocks led the intraday downturn on Thursday, with shares of Tesla and Amazon sliding 3.3 percent and 1.6 percent, respectively, as a result of higher capital gains taxes. The iShares S&P 500 Growth ETF fell 1%, outperforming its value counterpart.

.Top gainers  

  1. Equifax up 15.06% to close at $221.64.
  2. Tractor Supply up 4.43% to close at $188.14.
  3. AT&T up 4.15% to close at $31.36
  4. Arconic up 3.67% to close at $27.43
  5. Danaher up 3.43% to close at $252.79

Top losers

  1. Huntington Bancshares -6.71% to close at $14.46
  2. Dow down -6.01% to close at $60.92
  3. LyondellBasell Industries down -5.66% to close at $102.00
  4. Micron down -5.34% to close at $84.71.
  5. Nucor down -5.08.% to close at $76.11

Outlook

  • Long-term buyers will see a significant cost spike as a result of this tax increase. If investors believe the plan has a chance of becoming law next year, they may be expected to sell this year.
  • Some analysts believe that it may be difficult to pass the bill into law in the senate.

Nairametrics advises cautious buying in this era of growing uncertainties.

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