Connect with us
iubh
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
app

Stock Market

Bears sink claws deeper into NSE banking

Jaiz Bank was the top gainer in today’s trading session.

Published

on

Stock investing - Bulls and Bears
0

At the end of the closing session today, the NSE banking loss (-0.65%) settled at 358.78 from 361.11 index points.

NSE banking index started today’s trading session on a bearish note, despite the bullish prediction by market sentiments of the last trading session. The market ended with 3 gains, 5 losses, and 2 stalemates.

Jaiz Bank made a substantial profit of (+4.69%) eliminating the previous gains on Monday of (-4.48%) thereby moving back to N0.67 from N0.64. Jaiz Bank was the top gainer in today’s trading session. Zenith Bank broke the stalemate and trended downwards with a loss of (-2/22%) pushing the price to N22.

Access Bank saw an increase of (+1.23%) which was slightly more than (+1.24%) gained on the previous trading session. Guaranty Trust Bank (GTB) recovers from the previous day’s stalemate to post gains of (+0.16%).

Ecobank canceled the significant increase of (+5.15%) in the previous trading session to post a loss of (-5.86%) pushing the price to N4.75 at the end of the trading session. Technical analysis showed that the Ecobank market price started the trading session on a bearish note and continued in the momentum to close at a loss.

Fidelity Bank made a loss of (-0.45%) which opposed the previous gains of (+1.29%), putting the price at N2.34.  Sterling Bank also made a loss of (-0.67%) which was less than (+1.36%) at the previous session to put the price at N1.5.

Union Bank decreased by (-0.94%) canceling out the previous gains of (+0.94%) which pushed the share price back to N5.10 from N5.35.

UBA and Wema bank both held a stalemate at the end of the trading session today, the price of the two companies settled at N6.9 and N0.60, respectively.

Hotflex

Outlook

  • Market sentiment trends bearish as five companies in the NSE banking make a loss at the end of the trading session as opposed to two stalemates and three losses.
  • Nairametrics counsels cautious buying amidst growing uncertainty in Nigeria.

SSKOHN
0

Ubah,Jeremiah ifeanyi is a PhD candidate of Economics in Covenant university. He has held positions as the financial manager in Opera and is also a research ambassador in M&S research Hub. Ifeanyi is currently the financial market analyst for Nairametrics. Follow Ifeanyi on Twitter @ubahjc

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

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.

Published

on

Crypto
0

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.

0
Continue Reading

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%.

Published

on

U.S stocks futures rebound , cryptocurrency, ExxonMobil, JP Morgan Chase, MasterCard Up by over 10%
0

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%.

READ: A Joe Biden presidency and its impact on Nigeria’s oil

  • 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

READ: U.S Stock futures propel high amid low volatility

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.

SSKOHN
0
Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.