At the end of the trading session today, the NSE Banking Index posted a loss of (-3.12%) supporting the significant loss posted at the last trading session of -1.95%, putting the index point at 350.36. The market saw 1 gain, 1 stalemate, and 8 losses.
After Jaiz Bank’s losses of -4.76%, putting the price at N0.61 at the previous trading session, the bank, today, made an outstanding profit of 10% pushing its price to N0.64.
Sterling Bank also posted a loss of -9.47% supporting its previously held loss of -8.65% to put the price at N1.54 from N1.69. Wema Bank held a stalemate putting the price at N0.58.
Zenith Bank made a significant loss of -4.11% putting the price at N21.00 which was in support of its -0.90% held on the previous trading day.
Fidelity Bank drifted from its positive momentum of +0.39 held at the previous trading session to post a significant loss of -3.47% putting the price at N2.52 from N2.59. EcoBank also added 2% to its 1% loss held at the previous trading session, putting the price downwards to N4.90 from N4.95.
GT Bank also continued with its bearish momentum after posting losses of -3.28% to push the price downwards from N28.60 to N28.00. Access Bank also posted a loss of -2.47% pushing the price downwards to N7.95 from N8.10. Union Bank posted a loss of -2.97% to put the price at N4.90 from N5.05. UBA was not saved from this bearish trend posting a loss of -0.71% putting the price at N6.95.
- Market sentiment trends strongly bearish as 8 companies in the NSE Banking Index made losses as opposed to 1 stalemate and 1 gain at the end of the trading session today.
- Traders are expecting to see a recovery in the financial service sector.
- Nairametrics counsels cautious participation in the market amid growing uncertainties in Nigeria.
Bitcoin ETF in North America has reached $1 billion in assets
The first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch.
According to a statement from its issuer, the first North American Bitcoin ETF has already reached $1 billion (C$1.25 billion) in assets less than two months after its launch. What exchange-traded funds did to the conventional investing market for decades could happen to cryptocurrency players in a fraction of the time.
Investors are clamoring for crypto exposure, particularly in an exchange-traded fund wrapper, and the product from Toronto-based Purpose Investments, ticker BTCC, has seen a lot of interest. Although there are many crypto funds in Europe that work similarly to ETFs, this is the first ETF anywhere.
More than $165 million worth of shares were traded on the fund’s first trading day in February, a big start for a fund in the much smaller Canadian ETF market.
Its rapid cash accumulation reflects the high demand for Bitcoin products in the United States, as issuers compete for approval of the first Bitcoin ETF in the nation. Despite regulator resistance to accept the tactics, at least eight companies, including VanEck Associates Corp. and WisdomTree Investments, now have live applications with the Securities and Exchange Commission.
On Tuesday, Bitcoin surged to an all-time high of about $63,246 ahead of Coinbase Global Inc.’s upcoming IPO later this week.
There is an increasing expectation that a bitcoin ETF will be available in the United States in the not-too-distant future. Gary Gensler, the nominated chairman of the Securities and Exchange Commission, has taught cryptocurrency classes. The bitcoin market has exploded in popularity in recent months, attracting the attention of major financial institutions. Bitcoin ETFs are once again being sought by VanEck, Fidelity, and others.
One advantage of ETFs is that shares can be readily created and redeemed to arbitrage away any discount or premium, which could greatly broaden their appeal. ETFs are also cheaper, which will put pressure on fees across the bitcoin ecosystem. Hence market sentiment may push the ETF higher.
JAPAULGOLD, STERLNBANK surge, GUINNESS plunges
The All-Share Index decreased by -0.29% to close at 38,601.83 from 38,712.55 index points.
The Nigerian Stock Exchange market made another bearish run at the end of the trading session. The All-Share Index decreased by -0.29% to close at 38,601.83 from 38,712.55 index points.
- The Nigerian Stock Exchange market value currently stands at NGN 20.26Tr. Its Year-to-Date (YTD) returns currently stands at -4.14%.
- The market closed beneath expectation as JAPAULGOLD led 15 Gainers, and GUINNESS topped the chart of 18 Losers with a noticeable bearish movement by the NSE ASI.
- JAPAULGOLD up +8.70% to close at N0.75
- NAHCO up +7.39% to close at N 2.18
- STERLNBANK up +7.14% to close at N1.80
- STANBIC up +5.75% to close at N46.00
- CHAMS up +5.00% to close at N0.21
- GUINNESS down -9.91% to close at N24.10
- TRIPPLEG down -9.72% to close at N0.65
- NCR down -9.68% to close at N2.52
- CHAMPION down -9.09% to close at N2.00
- JAIZBANK down -7.69% to close at N0.60
Analysts’ predictions of a recovery in the market were halted by another bearish trend at the end of the trading session on Tuesday, though there is strong optimism that a recovery from the financial and consumer sectors will push the NSE-ASI back to profit.
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.
- Friesland Campina Wamco Nigeria Plc announces AGM, proposes dividend of N6.74 per share.
- ETI appoints Akin Dada as Group Executive, Corporate & Investment banking.
- Union Homes REIT proposes final dividend worth N465.03 million for shareholders.
- GT Bank Plc holds FY 2020 investors presentation.
- Cornerstone Insurance Plc notifies stakeholders of late submission of financial statements.