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Markets

Jaiz Bank and Wema Bank lead the plunge as NSE Banking Index falls

The NSE Banking Index made a bearish turn at the end of the trading session today with 4 profits opposing 5 losses and 1 stalemate.

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The NSE Banking Index made a bearish turn at the end of the trading session today with 4 profits opposing 5 losses and 1 stalemate. The index recorded a loss of -0.07% pushing it down to 359.32 from 359.57 index points.

Ecobank topped the gainers list again with a profit of +0.96% putting its price at N5.10. Technical analysis shows the bullish trend saw strong consolidation but finished in profit at the end of today’s trading session. Fidelity also posted gains of +0.90% settling its price at N2.25 from N2.23.

Access Bank recovered from the previous decline of -0.66% and posted a profit of +0.67% settling its price at N7.55 from N7.50. Guarantee Trust Bank also saw a profit of +0.32% pushing its price to N31.25 from N31.20.

Jaiz Bank topped the losers in the NSE Banking Index and came 5th in the NSE ASI top losers with a loss of -4.76% pushing its price downwards from N0.63 to N0.61 at the end of the trading session today. Wema Bank came second place with the bears posting a loss of -3.39 % pushing its price downwards from N0.59 to N0.58.

Union Bank posted a significant loss of -2.00% settling its price at N4.85. Sterling Bank also saw a loss of -0.62% pushing its price from N1.61 to N1.48.

Zenith Bank was not saved from the claws of the bears with a dip of -0.45% pushing its price from N22.30 to N22.20. UBA held a stalemate holding its price at N7.50.

Outlook

  • Market sentiments trended bearish as 5 banks post losses that opposed the 4 gains in the NSE Banking Index.
  • Nairametrics advices cautious participation amid 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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Markets

Nigerian stock market soars as UNITYBNK and JAPAULGOLD plummet

The All-Share Index increased by +0.29% to close at 39,312.74 from 39,198.75.

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Nigerian banking stocks remain most liquid stocks, as investors gain N25.1 billion, DANGOTE CEMENT, OKOMUOIL and GUINNESS drag Nigerian Stock market down,  SEPLAT, GUINNESS, Breaks Nigerian Bourse Support Levels, Investors Lose N49 Billion  

The Nigerian stock market maintained a bullish recovery as the trading session began this week. This surge was bolstered by gains made by UBN and AFRIPRUD amongst others. The All-Share Index increased by +0.29% to close at 39,312.74 from 39,198.75.

  • The Nigerian stock exchange market value currently stands at N20.44 trillion. Its Year-to-Date (YTD) returns currently stand at -2.38%.
  • The market breadth closed positive with the bulls as REGALINS led 28 Gainers and UNITYBNK topped the chart of 15 Losers showing a hint of consolation.

Top gainers

1. REGALINS up +9.68% to close at N0.34

2. ABCTRANS up +9.68% to close at N0.34

3. UBN up +9.26% to close at N5.90

4. LINKASSURE up +8.70% to close at N0.75

5. MBENEFIT up +8.11% to close at N0.40

Top losers

1. UNITYBNK down -8.33% to close at N0.55

2. JAPAULGOLD down -6.67% to close at N0.56

3. NEIMETH down -6.04% to close at N1.71

4. FLOURMILL down -4.84% to close at N29.50

5. NAHCO down -4.55% to close at N2.10

Outlook

The stock market maintained the recovery as Union bank and LINKASSURE made an appearance for the second consecutive time, pushing the NGX ASI upwards at the end of the trading session today.

Jaiz bank
  • Market sentiments were bullish as the NGX ASI closed with 28 Gainers and 15 Losers.
  • Nairametrics advises cautious buying in this era of growing uncertainties.

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Markets

Dow hits all-time high as energy stocks surge

The DOW gained 7.5 points, or 0.02%, to open at 34785.27 Index points.

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U.S stocks futures rebound , cryptocurrency, ExxonMobil, JP Morgan Chase, MasterCard Up by over 10%

At the opening bell, the Dow Jones Industrial Index (DOW) hit an all-time high as the commodity and energy markets are bullish.

The DOW gained 7.5 points, or 0.02%, to open at 34785.27 index points. The S&P 500 fell 4.3 points, or 0.10%, to open at 4228.29, while the Nasdaq Composite dropped 64.6 points or 0.47% to open at 13687.595.

This represents an optimism that interest rates would remain lower for longer, while a surge in commodity prices lifted shares of miners, energy and steel companies.

 

More details soon…

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