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Spotlight Stories

STANBIC, GUINNESS, OANDO trigger Nigerian stocks high

The performance of the index was largely influenced by buy interest in STANBIC, GUINNESS, and OANDO which gained 9.99%, 8.76%, and 8.68%, respectively.

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Nigerian stocks ended the mid-week trading session on an impressive note. The All Share Index added 0.98% to close at 39,085.78 index points.

  • Year-to-date return and market capitalization settled at -2.39% and N20.44 trillion, respectively.
  • Investor sentiment as measured by the market breadth closed positive at 1.25x on 20 advancers and 16 decliners.
  • Performance across sectors improved, as the Consumer Goods, Oil & Gas, and Industrial Indexes gained +0.73%, +0.68%, and +0.65% respectively, while the Insurance and Banking sector fell by -0.56% and 0.12%.

Top gainers

  1. STANBIC up 9.99% to close at N48.45
  2. NPFMCRFBK up 9.60% to close at N1.94
  3. CORNERST up 8.93% to close at N0.61
  4. GUINNESS up 8.76% to close at N27.3
  5. OANDO up 8.68% to close at N3.38

Top losers

  1. MRS down 9.70% to close at N12.1
  2. WAPIC down 9.09% to close at N0.5
  3. WAPCO down 7.11% to close at N20.9
  4. AFRIPRUD down 5.45% to close at N5.2
  5. LIVESTOCK down 4.74% to close at N1.81

Outlook

Nigerian stocks ended Wednesday’s trading session on a bullish note. The performance of the index was largely influenced by buy interest in STANBIC, GUINNESS, and OANDO which gained 9.99%, 8.76%, and 8.68%, respectively.

  • STANBIC (+9.99%) led the gainer’s chart today, while MRS (-9.70%) closed the top loser. The Nigerian Stock market advance to close in positive territory as buying interest was seen on stocks across the board.
  • Nairametrics however, envisage cautious buying, amid improved market conditions in Nigeria’s financial market.

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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Business News

Power Minister explains why power outages have risen

The Minister cited a breakdown of some National Integrated Power Plants supplying electricity to the national grid as being behind the recent power outages.

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The Minister of Power, Engr. Sale Mamman explained why power outages have increased in Nigeria citing a breakdown of some National Integrated Power Plants supplying electricity to the national grid.

The Minister disclosed this in a statement on Thursday morning, assuring Nigerians that the FG is working assiduously to restore the National grid to its previous historical levels and exceed that.

What the Minister is saying

  • I sincerely regret the recent power outages across the Nation and the difficulties it has brought with it.
  • The problem is caused by the breakdown of some National Integrated Power Plants supplying electricity to the national grid. The plants are namely, Sapele, Afam, Olonrunsogo, Omotosho, Ibom, Egbin, Alaoji and Ihovbor. The Jebba Power Plant was shut down for annual maintenance.

The Minister added that seven power plants are currently experiencing gas constraints including Geregu, Sepele, Omotosho, Gbarain, Omuku, Paras and Alaoji while Shiroro hydroelectric power plant has water management issues.

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Cryptocurrency

Ripple’s CTO advises investors to reduce their crypto investments

The crypto leader recently made the warning on Twitter.

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XRP

David Schwartz, Ripple’s Chief Technology Officer has advised investors and crypto traders to consider offloading some amounts of their crypto holdings to reduce risk. The crypto leader recently made the warning on Twitter.

“This is probably going to be my least popular tweet ever, but: If you have life-changing amounts of cryptocurrency, please take some time to seriously consider selling some to reduce your risk and exposure. This is not any kind of prediction about what the market will do,” his tweet stated.

To lend credence to his advice, about $1.39 billion dollars were liquidated in the crypto market arbitrarily with about 240,759 traders liquidated.

The largest single liquidation order happened on Huobi-XRP valued at $11.69 million.

Despite the recent pullback in some trending crypto assets, some crypto traders remain upbeat that crypto assets are the best tools for hedging against rising inflation, offer better returns than many traditional assets, and are set to win more attention from the corporate world.

Many weeks ago, the Financial Conduct Authority, a leading United Kingdom financial regulator, issued a piece of stern advice on the risk associated with trading crypto assets.

The statement highlighted the risks associated with investing in Bitcoin and other crypto-assets and warned the public that there were high chances that all their funds could be lost.

Sigma Pensions

“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.

Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money,” said the FCA.

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