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Markets

Nigerian stock market closes the day beneath expectation

The Nigerian Stock Exchange market made another bearish end posting a loss at the end of the trading session.

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NSE delists Skye Bank and Skye Bank and Fortis Microfinance Bank

The Nigerian Stock Exchange market made another bearish end posting a loss at the end of the trading session. The All-Share Index decreased by +0.02 % to close at 38,774.03 from the 38,766.61 index points.

  • The Nigerian Stock Exchange market value currently stands at NGN 20.29Tr. Its Year-to-Date (YTD) returns currently stand at -3.72%.
  • The market closed beneath expectation as JAIZBANK led 12 Gainers, and STERLNBANK topped the chart of 27 Losers, showing a bearish movement by the NSE ASI.

Top gainers

  1. JAIZBANK up +10.00%to close at N0.66
  2. INITSPLC up +9.52% to close at N 0.46
  3. ROYALEX up +8.33% to close at N0.39
  4. JAPAULGOLD up 8.16% to close at 0.53
  5. CHIPLC up +6.90% to close at N0.31

Top losers

  1. STERLNBANK down -9.47% to close at N1.53
  2. PHARMDEKO down -9.46% to close at N1.34
  3. PRESTIGE down -8.70% to close at N0.42
  4. ARDOVA down -6.91% to close at N14.15
  5. LIVESTOCK down -5.88% to close at N1.76

Outlook

Nairametrics had a chat with an expert in the stock market Mr. Olodun Emmanuel, Research Analyst, Edgefield Capital Management Limited. He opines that we should be expecting a recovery tomorrow saying, “Tomorrow we expect a slight form of recovery in the financial services sector which is supposed to positively impact the overall performance of the market.”

He also draws our attention to stocks in the financial services saying, “Due to the financial sector volatility and the expected recovery for the negatives recorded today particularly the banking subsector:  Zenith Bank, GTBank and Access bank. Based on Fundamentals, we expect Q1 results any moment from now as such, the following stocks are on our watchlist: Zenith Bank, GTBank, UCAP, Flourmills, and WAPCO.”

  • Nairametrics, however, advises cautious buying in this era of growing uncertainties.

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

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.

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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.

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Markets

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.

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Stocks drop after the S&P 500 sets a new high

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.

Top gainers

  1. JAPAULGOLD up +8.70% to close at N0.75
  2. NAHCO up +7.39% to close at N 2.18
  3. STERLNBANK up +7.14% to close at N1.80
  4. STANBIC up +5.75% to close at N46.00
  5. CHAMS up +5.00% to close at N0.21

Top losers

  1. GUINNESS down -9.91% to close at N24.10
  2. TRIPPLEG down -9.72% to close at N0.65
  3. NCR down -9.68% to close at N2.52
  4. CHAMPION down -9.09% to close at N2.00
  5. JAIZBANK down -7.69% to close at N0.60

Outlook

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.

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