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Markets

Walls Street upsurges as unemployment declines

The yield on the 10-year Treasury note jumped down slightly to about 1.71%.

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Stocks, U.S. approves New York Stock Exchange listing plan to cut off investment banks
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Wall Street soared this Monday as investors digested the monthly job reports. The Dow gained 1.13%, reaching a record high.

The S&P 500 also reached an intraday and closing record high and the Nasdaq jumped 1.67% as technology stocks stretched recent gains. The yield on the 10-year Treasury note jumped down slightly to about 1.71%. The S&P 500 increased by 1.44%.

  • The current job growth being experienced by the US economy is a catalyst for economic growth.
  • Despite lawsuits from the Federal Trade Commission and 48 state attorneys generally alleging anticompetitive business practices, shares of social-networking giant, Facebook scaled by 3.4% to $308.91 per share.
  • Google parent company GOOGLE, +4.19%, Alphabet Inc. GOOG, +4.11% and Microsoft Corp. MSFT, +2.77% closed at record highs Monday.
  • Also, more gains were seen in; Texas Instruments Inc. TXN, +2.54%, Lam Research Corp. LRCX, +3.36%, Applied Materials Inc. AMAT, +1.08%, and KLA Corp. KLAC, +2.24%

READ: U.S leading stocks suffer biggest daily plunge since October 28, 2020

Top gainers

  1. Norwegian Cruise Line up 7.18 % to close at $29.71
  2. General Motors up 5.61% to close at $61.04
  3. MGM up 5.04% % to close at $41.70
  4. Freeport-McMoran up 4.74% to close at $35.36
  5. Carnival Corp up 4.65 %to close at $28.11

Top losers

  1. Occidental down 7.56% to close at $25.31
  2. Pioneer Natural down 7.55% to close at $152.18
  3. Diamondback down 7.17% to close at $75.40
  4. APA Corp down 6.95% to close at $17.54
  5. Helmerich Payne down 5.59% to close at $26.85

READ: Meet the 39 years old Chinese billionaire electric car maker 

Outlook

Technology stocks such as Apple, Facebook, Google & Microsoft shares hit a record high.

  • Nonfarm payrolls increased by 916,000 for the month while the unemployment rate fell to 6%. Hence, signs of economic growth may also lead to a bull market.
  • Cautionary spike of the Bond market draws trades attention to the uncertainty of the market.
  • Nairametrics, however, advises cautious buying in this era of growing uncertainties.

SSKOHN
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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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Markets

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.

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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.

Top gainers

  1. CUTIX up +7.00% to close at N2.14
  2. PZ up +6.93% to close at N5.40
  3. LINKASSURE up +5.00% to close at N0.84
  4. COURTVILLE up +4.35% to close at N0.24
  5. OANDO up +3.96% to close at N3.15

Top losers

  1. 1. EKOCORP down -10.00% to close at N5.40
  2. SUNUASSUR down -9.09% to close at N0.60
  3. HONYFLOUR down -8.45% to close at N1.30
  4. SOVRENINS down -8.00% to close at N0.23
  5. UNITYBNK down -6.78% to close at N0.55

Outlook

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.

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Markets

The NSE Banking Index plunges as Zenith Bank dips

The NSE Banking Index trended bearish at the end of the trading session today; 5 gains were posted opposing 3 losses and 2 stalemates.

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The NSE Banking Index trended bearish at the end of the trading session today; 5 gains were posted opposing 3 losses and 2 stalemates. The Index finished in the red with a loss of -0.04% pushing the Index point down to 357.76 from 357.89

UBA topped the gainers with a +2.07% increase. Technical analysis showed that UBA share price saw a noticeable upward trend from the start of the trading session pushing the price from its previous day’s close of N7.25 to N7.40.

Wema bank also posted gains of +1.75% pushing the price from the previous day’s close of N0.57 to N0.59 at today’s close of market. Wema Bank technical analysis shows a slightly correlated trend with that of UBA for today’s trading session.

EcoBank saw a +1.01% gain at the end of the trading session today. Price was moved from its previous gains of N4.95 to N5.00 showing a N0.05 increase that was sufficient enough to earn EcoBank 4th place on the gainers’ side at the end of the trading session today.

Access Bank escaped the bear’s claws with a +0.67% profit at the end of the trading session, technical analysis shows massive consolidation today before price moved from N7.50 to N7.55.

GTBank was also saved after posting a profit of 0.16% pushing the price to N31.30 from its previous N31.25.

Fidelity Bank held top spots on the losing side of today’s trading session with a noticeable decline from -1.77% pushing the price downwards from N2.26 to N2.22.

Jaiz Bank saw a noticeable bearish turn of -1.59% holding the price at N0.62 from N0.63.

Zenith Bank was next to feel the claws of the bear as it took a hit of -1.35% pushing price downwards from N2.30 to N2.00. Union Bank and Sterling Bank both saw a stalemate at the end of the trading session today to hold at N5.00 and N1.60 respectively.

SSKOHN

Outlook

  • Market sentiments indicate that tomorrow might see a bullish recovery with 6 gainers being opposed to 3 losers and 3 stalemates.
  • Nairametrics advises cautious participation in the market amid growing uncertainties.

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