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Markets

ACCESS BANK and Sterling Bank plunge as NSE banking upsurge

At the close of trading activities today, 7 banks which the Index tracks appreciated in value, 2 printed losses while 1 remain unchanged.

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Global stocks sell-off persists as resurgence of COVID-19 frighten investors 
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The NSE Banking Index at the end of trading session today printed a gain of 2.06%, to close higher at 369.33 index points, at the back of strong bullish momentum in banking stocks.

At the close of trading activities today, 7 banks which the Index tracks appreciated in value, 2 printed losses while 1 remain unchanged.

Access bank was not on the winning team today posting a loss of (-0.60%), as opposed to the previous profit of (+1.22%), putting the price at N8.30. Sterling Bank also made a loss of (-1.18%) placing the price at N1.67. Technical analysis for sterling shows a consolidation before trending bearish. Union Bank continues to post (0.00%) in line with the last trading session results holding the price at N5.30.

Jaiz Bank topped the market with gains of (+8.47%) which was much higher than the previous gains (+1.56). Jaiz Bank showed a positive momentum as profits push prices to N0.64. Ecobank was the second-best gainer with (+6.00%) as opposed to (+4.26%) held in the previous trade, at the end of today’s trading session the price rose from N4.95 to N5.30. Technical analysis shows that the bull run met some resistance but maintained momentum towards the end of the trading session.

GTB also made a profit of (+4.28%) which supported the previous profit of (+0.48%), putting the price at N32.90. Fidelity Bank posted profit of (+3.45%) also supporting (+1.31%) held at the previous trading session to put the price at N2.4. Wema posted profits of (+3.33%) to settle its price at N0.62. UBA posted profits of (+1.47%) to settle its price at settle at N6.90. Zenith joined the winner with a gain of (+0.23%) putting the price at N22.05.

Outlook 

  • Market sentiment trends bullish as seven companies in the NSE banking recorded positive growth as opposed to one stalemate and one loss, at the end of the trading session.
  • Nairametrics counsels cautious buying amidst growing uncertainties in Nigeria.

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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

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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%

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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%.

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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%.

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.

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