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Markets

Stocks drift around record highs as bond yields decline

Assumptions for prolonged apex bank support and world extension can be seen as the main driver of stocks’ expectational performance.

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Global market stocks are drifting around untouched highs as financial backers anticipated news of the Federal Reserve’s latest gathering. Security yields fell. The yield on America’s 10-year Treasury Bonds fell by 1.63%. Germany’s 10-year yield dropped to -0.34%. The U.K. 10-year yield also fell to 0.78%.

S&P 500 and Nasdaq 100  Futures edged higher after the fundamental measures withdrew for the time being as volume on U.S. trades dwindled under 10 billion. Interestingly, for the first time this year. The 10-year Treasury Yield dropped, while the dollar stopped a four-day slide. The STOXX Europe 600 file was minimally changed.

READ: JP Morgan, Wells Fargo, Goldman Sachs settle lower in unison following Fed’s decision

Assumptions for prolonged apex bank support and world extension can be seen as the main driver of stocks’ expectational performance. Worries about higher lending costs destabilizing the stock market have subsided as investors pull out from risk-free FED bonds. Minutes of the last Fed rates meeting expected on Wednesday may give more insights on the standpoint. Amundi SA made 3% gains owing to approval of the $980 million deal with Societe Generale SA’s asset, the executive’s arm Lyxor amounting to 825 million euro ($980 million); thereby making it the biggest provider of exchange-traded products in Europe.

READ: FY 2020: Fidelity Bank posts N28.1bn profit

Central bank support and economic growth in at least four decades have driven stock benchmarks to unprecedented heights. Moreover, Concerns about higher borrowing costs destabilizing the market have eased, with bond yields subsiding as traders revert to their aggressive positioning for Fed policy austerity.

Some key events to watch out for this week are the 2021 Spring Meetings of the IMF and the World Bank Group which is to take place virtually and the Federal Reserve Chairman, Jerome Powell’s participation in a panel about the global economy on Thursday.

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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

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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