Connect with us
deals book
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Markets

GUINNESS, UNITYBNK plunge as HONYFLOUR surges

The All-Share Index increased by +0.17% to close at 38,866.39 from 38,799.83 index points.

Published

on

The Nigerian Stock Exchange market made a bullish run at the end of the trading session today. The All-Share Index increased by +0.17% to close at 38,866.39 from 38,799.83 index points. Overall, a total volume of 160 million shares valued at N1.28 billion in 3,507 deals was exchanged on the floor of the Nigerian Stock Exchange.

  • Nigerian Stock Exchange market value currently stands at NGN 20.31Tr. Its Year-to-Date (YTD) returns currently stands at -3.49%.
  • The market closed in profit today as HONYFLOUR led 14 Gainers, and GUINNESS topped the list of 14 Losers, showing a bullish movement by the NSE ASI.

READ: NSE fines Mortgage bank, Conoil, others over N1 billion for account filing default

Top gainers

  1. HONYFLOUR up +8.85% to close at N1.23
  2. SOVRENINS up +8.70% to close at N 0.25
  3. JAPAULGOLD up +8.62% to close at N0.63
  4. LIVESTOCK up +7.22% to close at N1.96
  5. FCMB up +6.57% to close at N2.92

Top losers

  1. GUINNESS down -10.00% to close at N29.70
  2. UNITYBNK down -9.86% to close at N0.64
  3. ABCTRANS down -9,09% to close at N0.30
  4. MBENEFIT down -7.14% to close at N0.39
  5. UAC-PROP down -6.25% to close at N0.75

READ: S&P 500 sets record highs on the back of tech stocks

Outlook

Nairametrics had a chat with an expert in the stock market Ogunwale Oluwadamilola, Research Analyst, Edgefield Capital Management Limited. She opines that the bullish momentum will continue on Monday saying, “We expect another positive trend in the overall performance of the market by next week, since today marks the end of trade this week.”

She also drew attention to stocks in the Consumer and financial services saying, “Stocks in the consumer and financial services sector seem to be performing well. However, in the meantime, our watchlist remains unchanged, the following stocks are on our watchlist: Zenith Bank Plc, Guaranty, Access bank, UCAP, and Flourmills.”

Nairametrics, however, advises cautious participation in the stock market 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

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Commodities

Lagos Commodities Exchange to start gold trading

The move is in support of the Federal Government’s effort to reduce dependence on oil, diversify the economy and boost the country’s foreign exchange earnings.

Published

on

Nigeria's first gold refinery to provide over 500,000 jobs

The Lagos Commodities and Futures Exchange has concluded plans to commence trading of gold with the admission of Dukia Gold’s diversified financial instruments, backed by gold as the underlying asset.

The move is in support of the Federal Government’s effort to reduce dependence on oil, diversify the economy and boost the country’s foreign exchange earnings.

Dukia Gold said the financial instruments, which would be in form of exchange-traded notes, commercial papers and other gold-backed securities would enable the company to deepen the commodities market in Nigeria, increase capacity, generate foreign exchange for the government to diversify external reserves and create jobs across the metal production value chain.

While making the disclosure, during a Pre-Listing media interactive session in Lagos on Thursday, the Chairman of Dukia Gold, Mr Tunde Fagbemi, applauded the Ministry of Mines and Steel Development and the Security and Exchange Commission (SEC) for supporting trading of gold in Nigeria.

What the Chairman of Dukia Gold is saying

He said, “We are proud to be the first gold company whose products would be listed on the Lagos Futures and Commodities Exchange. The listing shall enable us to facilitate our infrastructure development, expand capacity and create fungible products.

This has the potential to shore up Nigeria’s foreign reserve and create an alternative window for the preservation of pension funds. Gold-backed security is a hedge against inflation and convenient preservation of capital.”

Fagbemi pointed out that the company has refinery services to smelt metals with the capacity to meet local and international demand.

Going further, he said, “As a global player, we comply with the practices and procedures of London Bullion Market Association and many other international bodies. Our refinery will also have multiplier effects on the development of rural areas anywhere it is located.’’

Hotflex

What you should know

It can be recalled that the Federal Government, in June 2020, commissioned the operations of Dukia Gold and Precious Metals Project (DGPMP). The project is expected to enable Nigeria to mine its gold reserves properly, trade responsibly and refine locally.

The Vice President, Prof. Yemi Osinbajo, while performing the virtual commissioning of the project, said Nigeria has potential reserves of 200 million ounces of gold reserves.

Osinbajo said that he believed that the Dukia gold project would encourage the emergence of smaller-scale mining companies which, for the first time, would have a transparent and welcoming market for their mined gold and precious metals.

Continue Reading

Cryptocurrency

Altcoin season? Ether, ADA, Doge and others hit all-time highs

The cryptocurrency market is said to be in “Altseason” as the majority of the altcoins in the top 100 on CoinMarketCap.com rallied yesterday.

Published

on

The cryptocurrency market is said to be in “Altseason” as the majority of the altcoins in the top 100 on CoinMarketCap.com rallied yesterday. Ether, ADA, Doge, and Ethereum Classic hit new all-time highs.

Several large-cap tokens reached multi-year highs but Bitcoin’s price struggles to hold any of the news-driven gains that it has accrued throughout the week. The recent pump in altcoins has led to the decline in the market dominance of Bitcoin over the past few weeks. According to analysts, this is another indication that the Altcoin season is here.

The market dominance of Bitcoin has dropped to 45.31% from the previous peak of 72.48% (as of January 2021) representing a 37.48% decline in market dominance. This means that the altcoin correlation with Bitcoin is relatively low and bitcoin is no longer a “drag” on other altcoins as bitcoin trades $56,500 (down by 12.84% from its all-time high) as at the time of writing this report.

READ: 3 altcoins likely to get price explosions in the next few months in 2021

What is causing the rally?

For Ethereum, over the past few months, high gas fees (transaction charges of the crypto world) have plagued the Ethereum network as a result of the volume of transactions executed on the network which is majorly driven by DeFi (decentralized finance) platforms such as Uniswap (UNI Token). This has caused investors to switch to other networks such as the Binance smart chain network which has cheaper gas fees. Ethereum just announced that its London hard fork network will be upgraded with the implementation of “EIP-1559.” This upgrade is expected for July 2021 and the network claims it will help to significantly reduce the gas fees.

ADA is going into the smart contract space with its “Alonzo Testnet” scheduled for lunch in May 2021. The recent rally in ADA should come as no surprise, as the popular saying in the crypto world goes, “Buy the testnet and sell the mainnet launch.”

READ: Crypto aftershocks send Doge crashing by 10%

Dogecoin, which started as a meme, created an all-time high following its listing on eToro and Gemini exchanges. The listing should come as no surprise because of the calibre of individuals that are pushing for the adoption of the coin – Mark Cuban, Elon Musk, Snoop Dogg just to mention a few names.

Ethereum Classic, popularly known as the “first Ethereum” has gained about 295% to create a new all-time high. Despite the security issues of the cryptocurrency, the coin has surged to new levels without any changes.

Other altcoins like Litecoin, EOS, Vechain, Steller have also surged significantly with gains of 20% or higher.

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.