The Nigerian Stock Exchange market recovered from its bearish end in Friday’s trading session and posted a profit at the end of the trading session today. The All-Share Index increased by 0.71% to close at 39,493.37 index points as against the -0.20% loss recorded on Friday.
- Nigerian Stock Exchange market value currently stands at N20.52 trillion. Its Year-to-Date (YTD) returns currently stand at -1.93%.
- The market breadth closed positive with COURTVILLE leading 28 gainers, as against 12 losers topped by CORNERST at the end of today, showing bullish momentum.
- COURTVILLE up 10.00%to close at N0.22
- CUSTODIAN up 10.00% to close at N6.60
- LINKASSURE up 9.80% to close at N0.56
- CAVERTON up 9.52% to close at N2.07
- JAIZBANK up 8.47%to close at N0.64
- CORNERST down 9.84% to close at N0.55
- OANDO down 6.06% to close at N3.10
- HONYFLOUR down 4.84% to close at N1.18
- PZ down 3.00% to close at N4.85
- FCMB down 2.68% to close at N2.90
Nigerian Stocks started the first trading session of the week on a bullish note amid soaring oil prices. Trading turnover at Monday trading session was boosted by GUARANTY, UBN and WEMABANK
- Nairametrics, however, advises cautious buying in this era of growing uncertainties.
Exchange rate remains stable at NAFEX window as bitcoin drops below $50k
The exchange rate between Naira and Dollar closed at N410/$1 at the NAFEX window as bitcoin plunged below $50k.
Thursday, 22nd April 2021: The exchange rate between the naira and the US dollar closed at N410/$1 in the Importers and Exporters window.
Naira remained stable on Thursday, at the Nigerian Autonomous Foreign Exchange (NAFEX) window, as the rate closed at N410 to a dollar, the same as recorded on Wednesday, 21st April 2021.
Meanwhile, the naira gained marginally in the parallel market to close at N485/$1 on Thursday. The rate appreciated by 0.21% compared to N486/$1 recorded a day before.
The price of the world’s most popular digital instrument dropped on Friday, 23rd April 2021, while Nigeria’s external reserve continues to record a decline.
Trading at the official NAFEX window
The naira remained stable against the US dollar at the Investors and Exporters window on Thursday to close at N410/$1, the same as recorded on Wednesday.
- The opening indicative rate closed at N409.68 to a dollar on Thursday, 22nd April 2021. This is a 14 kobo depreciation, compared to N409.54/$1 recorded on Wednesday.
- Also, an exchange rate of N436.4 to a dollar was the highest rate recorded during intra-day trading before it settled at N410/$1. It also sold for as low as N394/$1 during intra-day trading.
- Forex turnover at the Investor and Exporters (I&E) window surged by 169.2% on Thursday, 22nd April 2021.
- Data tracked by Nairametrics from FMDQ showed that forex turnover increased from $40.13 million recorded on Wednesday, 21st April 2021, to $108.04 million on Thursday.
The world’s most priced digital asset plunged 3.68% on Friday morning to trade at $49,710
- It dipped below $50k, as of 4:20 am on Friday, 23rd April 2021 as sell-offs by investors put pressure on the most sought-after cryptocurrency in the world.
- Bitcoin has experienced a massive drop over the past few weeks, having enjoyed a significant rise earlier in the year.
- According to a report, the decline signals an imminent reversal from its initial gains witnessed in 2020 and earlier in 2021.
- Historically, Bitcoin has not stayed down for very long, and it has been known to be quite volatile and swing quickly and unexpectedly. Hence, it is hoped that the digital instrument will spring back up, in coming trading sessions.
Crude oil price
The price of crude oil recorded positive growth in the early hours of Friday, 23rd April 2021.
- Brent Crude increased by 0.32% to trade at $65.61, indicating a growth of $0.21, compared to $65.83 recorded at the end of trade on Thursday
- WTI Crude increased by 0.5% to trade at $65.61, while Natural Gas currently sells for an average of $2.752.
- Meanwhile, Libya’s crude oil production has fallen significantly after a company said it would have to reduce output by 100,000 barrels per day.
- Recall that, Nairametrics had reported that Libya’s National Corporation declared force majeure on exports from the port of Hariga due to lack of maintenance funds, consequently shutting down several fields and bringing the country’s production to less than 1 million barrels per day.
Nigeria’s external reserve position, reduced by 0.09% on Wednesday 21st April 2021 to stand at $35.15 billion.
- Data obtained from the Central Bank of Nigeria (CBN), revealed that Nigeria’s external reserve dipped from $35.218 billion recorded on 20th April 2021 to $35.15 billion on Wednesday, April 21, 2021.
- This represents the third consecutive decline recorded in the week, having had 19 successive growths in Nigeria’s external reserve.
- The growth recorded was attributed to increasing global oil prices and the movement by the Apex bank to improve dollar inflow into the county.
Bulls enjoy slight victory at the NSE
The NSE ASI saw a bullish move supporting Wednesday’s gains and showing bullish dominance since the start of the week.
The Nigerian Stock Exchange market posted gains at the end of the trading session today, making it the fourth day of a bullish run. The All-Share Index increased by +0.01% to close at 39,131.80 from 39,128.34 index points. CUTIX made the top of the gainers list.
- Nigerian Stock Exchange market value currently stands at NGN 20.48Tr. Its Year-to-Date (YTD) returns currently stands at – 83%.
- The market closed in profit as CUTIX led 17 Gainers, and 15 Losers topped by EKOCORP with a slightly bullish movement by the NSE ASI.
- CUTIX up +7.00% to close at N2.14
- PZ up +6.93% to close at N5.40
- LINKASSURE up +5.00% to close at N0.84
- COURTVILLE up +4.35% to close at N0.24
- OANDO up +3.96% to close at N3.15
- 1. EKOCORP down -10.00% to close at N5.40
- SUNUASSUR down -9.09% to close at N0.60
- HONYFLOUR down -8.45% to close at N1.30
- SOVRENINS down -8.00% to close at N0.23
- UNITYBNK down -6.78% to close at N0.55
The NSE ASI saw a bullish move supporting Wednesday’s gains and showing bullish dominance since the start of the week. However, the following stocks are on our watchlist: PZ, Guaranty, Access bank, STANBIC, HONYFLOUR, GUINNESS and Flourmills.
- Nairametrics advises cautious participation in the stock market in this era of growing uncertainties.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Sovereign Trust Insurance Plc notifies stakeholders of 26th Annual General Meeting.
- Dangote Cement Plc to hold AGM on May 26th
- Linkage Assurance Plc proposes N500million as final dividend for 2020, and a bonus issue on its existing shares.
- VFD Group set to raise additional capital of N9.01 billion through rights issue and private placement.
- GT Bank records a 9% dip in profit to N45.55 billion in Q1 2021.