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Markets

Bulls maintain dominance in the Nigerian stock market

The All-Share Index increased by +0.07 % to close at 38,799.83 from 38,766.61 index points.

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Value of shares traded by top 10 stockbrokers up 133% despite COVID-19, investors, Raging Bulls lift Brent Crude price by 10%

The Nigerian Stock Exchange market made a bullish recovery at the end of the trading session. The All-Share Index increased by +0.07 % to close at 38,799.83 from 38,766.61 index points.

  • Nigerian Stock Exchange market value currently stands at NGN 20.31Tr. Its Year-to-Date (YTD) returns currently stands at -3.65%.
  • The market closed beneath expectation as CHIPLC led 13 Gainers, and ROYALEX topped the 13 Losers chart showing a bullish movement by the NSE ASI.

Top gainers

  1. CHIPLC up +9.68% to close at N0.34
  2. JAPAULGOLD up +9.43% to close at N 0.58
  3. OANDO up +5.16% to close at N3.26
  4. AIICO up +5.00% to close at N1.26
  5. ZENITHBANK up +3.81% to close at N21.80

Top losers

  1. ROYALEX down -7.69% to close at N0.36
  2. STANBIC down -6.85% to close at N48.95
  3. JAIZBANK down -6.06% to close at N0.62
  4. HONYFLOUR down -5.04% to close to N1.13
  5. DAARCOMM down -4.76% to close at N0.20

Outlook

Nairametrics had a chat with an expert in the stock market Ogunwale Oluwadamilola, Research Analyst, Edgefield Capital Management Limited. She opined that we should be expecting a bullish momentum tomorrow saying, “Tomorrow’s market outlook is expected to have a similar upward trend in the overall performance of today’s market.”

She also reiterated attention to stocks in the financial services saying, “Stocks to look out for from deep technical analysis are in the financial service sector. Albeit, as we await the Q1 result of the quoted companies, the following stocks are on our watchlist: Zenith Bank Plc, Guaranty, Access bank, UCAP and Flour Mills.

Nairametrics however, advises cautious participation in the stock market in this era of growing uncertainties.

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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

Dogecoin up 168%, more valuable than Polkadot, Cardano

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

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Dogecoin (DOGE), once again, shocked traders, investors and many crypto analysts by gaining over 200% to flip Cardano and Polkadot, becoming the sixth most valuable crypto asset by market value.

The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.

Dogecoin is up 167.95% for the day on the FTX exchange. The dog meme crypto is now the 6th most valuable crypto with a market value of $46.4 billion.

READ: Bitcoin miners are consistently earning $50 million daily

Recent data from Coinmarketcap reveal it has a circulating supply of 129,210,007,256 DOGE coins and the maximum supply is not available.

Market pundits argue that the credence of the world’s leading billionaires might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market. These two individuals are Elon Musk and Mark Cuban.

A leading crypto social analytic firm revealed the altcoin has the highest number of activities in the past 18 hours and social mentions of over 410, 0000, thereby making it the most popular crypto on social media.

READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500

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Dividends

SEC accuse CMOs of frustrating e-dividend mandate process

The DG of SEC revealed that 4.01 million accounts still have incomplete KYC information as of April 8 despite the government’s efforts.

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Unclaimed dividends: SEC wades in, reduces processing time to 1 week for beneficiaries

The Securities and Exchange Commission (SEC) has faulted the activities of some Capital Market Operators (CMOs) which frustrates the e-dividend mandate process, leading to a rise in unclaimed dividends in the capital market.

This is as the unclaimed dividends in the capital market were estimated to have risen to over N200 billion.

According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Director-General of SEC, Lamido Yuguda, while speaking at the 2021 first post-Capital Market Committee (CMC) virtual news conference.

READ: Why SEC should support democratization of sale of foreign securities

What the Director-General of SEC is saying

Yuguda, in his statement, said that the commission was aware that some CMOs were frustrating the e-dividend mandate process.

He said, “We implore all stakeholders to comply with all directives of the Commission in this regard, as defaulters would be sanctioned appropriately. We have observed that the growth in the number of mandated accounts has been on the decline for some time.

The capital market community has directed its e-Dividend Committee to engage with the Committee of Heads of Banking Operations to encourage better cooperation from banks as we tackle the challenges of unclaimed dividends.’’

READ: Shareholders move against FG’s establishment of unclaimed dividend trust fund

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The SEC boss reminded all CMOs that the commission’s directive on the update of investors’ Know Your Customer information was still in effect noting that the level of compliance had been low in spite of several engagements by the commission.

Yuguda revealed that 4.01 million accounts still have incomplete KYC information as of April 8 despite the government’s efforts.

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He said, “Despite several engagements, we realised that as of April 8, there were still 4,012,311 accounts with incomplete KYC information. This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority.’’

READ: SEC adjusts operations, introduces e-filing, other measures

In case you missed it

  • SEC had earlier urged all Capital Market Operators (CMOs) to update their investors’ Know Your Customer information due to the low level of compliance.
  • The CMOs were also warned by SEC to stop providing any form of support to unregistered entities operating unlawfully in the country within the capital market as that would not be condoned.

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