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Markets

Flour Mills shares surge by 6.9%, lifting the miller’s capitalization by N8.2 billion

Shares of Flour Mills Nigeria Plc surged by 6.9% recently on the Nigerian Stock Exchange.

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Shares of Flour Mills Nigeria Plc, one of the biggest brands in the food and agro-allied industry in Africa, surged by 6.9%, lifting the company’s market capitalization by N8.2 billion at the close of the market yesterday (Wednesday).

The impressive N2 per share or 6.9% gain in the shares of Flour Mills yesterday was driven by the buying interest in the shares of the flour miller, as investors anticipate an impressive financial performance ahead of the company’s earnings season.

This bullish move in the shares of Flour Mills pushed the market capitalization of the miller up by more than N8.2 billion on the exchange today, from N118.9 billion at market open to N127.1 billion at the close of the market.

READ: Francis Ngannou’s payout of $580k can buy him 1.06 million units of Dangote Cement shares

Market activity

Flour Mills’ market price cleared yesterday at N31 per share, this is 6.9% higher than Tuesday’s closing figure.

During trading hours on the Exchange yesterday, about 1,350,320 ordinary shares of Flour Mills Nigeria Plc worth about N40.6 million, were exchanged in 125 executed deals.

However, the performance of other flour millers on the exchange was rather bland as Honeywell Flour Mills lost about 3.25% of its value, while shares of Northern Nigerian Flour Mills closed flat at N6.2 per share.

READ: Flour Mills declares N5.65 billion profit in Q3 2020

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What you should know

  • The Nigerian Stock Exchange All-Share Index and Market Capitalization appreciated by 0.02% to close the day higher at 38,774.03 index points and N20.287 trillion respectively.
  • The NSE Consumer Goods Index, an investable benchmark designed to track the performance of consumer goods companies like Flour Mills Nigeria, appreciated by 0.88%.
  • The bullish performance of the index can be linked to the increase in the shares of Flour Mills and Nestle Nigeria Plc.
  • Nestle’s shares at the close of the market yesterday increased by N45 per share, this gain in the shares of the FMCG giant pushed the market valuation of the company higher, to N1.126 trillion.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor. He is a business owner and a stern advocate of Financial literacy, who believes in the huge economic prospect of the Nigerian Payment channels and Fintech space.

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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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