Dangote, GTBank, MTN Sustain Stock Market, Investors Gained N48bn
- Dangote, GTBank, MTN Sustain Stock Market, Investors Gained N48bn
Dangote Cement, MTN Nigeria and Gtbank led top gainers on Tuesday to bolster the Nigerian Stock Exchange to N48 billion profit.
The market capitalisation of listed equities rose by N48 billion from N13.194 trillion to N13.242 trillion on Tuesday. While the NSE All-Share Index expanded by 0.27 percent or 67.28 basis points to settle at 25,338.43 basis points, up from 25,316.15.
Activity level was mixed as 377.9 million shares valued at N6.1 billion were exchanged in 4,585 deals against 253.3 million shares worth N2.7 billion traded in 4,775 transactions on Monday.
Therefore, while the volume and value of stocks traded grew by 49.18 percent and 128.87 percent, respectively, transactions done declined by 3.98 percent.
Accordingly, 20 stocks recorded gains against 18 equities that closed in the red during the trading session.
Dangote Cement led the gainers’ table with N2 to close at N141 per share, while GTBank followed with 55kobo to settle at N25.10 per unit share.
MTN Nigeria added 50 kobo to close at N116.50 per share, NASCON rose by 20 kobo to settle at N11.30 a share, while SAHCO expanded by 18 kobo to traded at N2.07 per unit.
The sectoral analysis showed the insurance sector gained the most on Tuesday, adding 0.44 percent. This was followed by 20kobo from the industrial goods sector.
Further breakdown showed the most attractive stock during the trading hours was Nigerian Breweries that sold 50.5 million shares valued at N2.2 billion.
GTBank traded 40.5 million shares valued at N1.0 billion. Zenith Bank, AIICO Insurance and FBN Holdings traded 34.9 million shares, 29.5 million shares and 27.7 million shares worth N599.0 million, N31.1 million and N151.1 million, respectively.
Coinbase Stock Jumped 60% Amid Crypto Rally
Riding on the wave of a broader market rally, Coinbase stock has rallied upward by more than 60% within the last two weeks exceeding more than $84 per share.
The increase in the stock value of the crypto exchange company is coming amid the banking crises in the United States.
Investors King understands that Coinbase in the past few months has been on an expansion spree, extending its presence in Asia and South America. Recently, the company signed a partnership with MasterCard to ease crypto adoption in Hong Kong.
Coinbase is clearly looking overseas to expand: just last week, the San Francisco-based company said it was accelerating its “Go Broad, Go Deep” strategy to grow its presence on every continent except for Antarctica.
Similarly, the company also revealed an integration plan with the Central Bank of Brazil-led payment platform Pix to “localize” its app allowing customers in the country to buy and sell crypto with Brazilian currency, “Reals”.
Coinbase even added that it would also provide customers with 24/7 chat support in Brazilian Portuguese. The company’s Vice President of International and Business Development Nana Murugesan said Coinbase’s investment arm, “Coinbase Ventures”, had been focusing on Brazil by investing in crypto companies in the country such as Hashdex and Ledn.
“We established a technology hub in the country in 2021, with engineering talent developing crypto and Web3 technologies using Brazilian expertise for Brazil and beyond.”
The recent surge is not so surprising as several factors including those above significantly boosted the value of Coinbase stock. The company’s stock surged by more than 12% during the opening of the market Tuesday.
Coinbase, which went public in 2021 and trades under ticker COIN on the Nasdaq. Founded by Brian Armstrong in 2012, Coinbase is a distributed company; all employees operate via remote work and the company lacks a physical headquarters. It is the largest cryptocurrency exchange in the United States by trading volume.
Nigerian Exchange Limited
Nigerian Stock Market Rebounds on Tuesday as Investors Pocketed N10 Billion
After a period of bearish trends, the Nigerian Exchange Limited (NGX) rebounded on Tuesday to post a N10 billion gain.
The market capitalisation of all the listed equities grew by 0.03% to close the day at N29.909 trillion while the NGX All-Share Index expanded by the same 0.03% to 54,906.65.
Market sentiments were even as both gainers and losers had 12 equities each on their charts at the close of the day’s trading. However, Linkage Assurance, Wapic, and Champion led the gainers’ table, gaining 9.76 per cent, 7.89 per cent, and 4.26 per cent, respectively.
On the other hand, Ikeja Hotel, Cadbury, and UPL topped the losers’ table with 9.65 per cent, 5.83 per cent, and 4.76 per cent loss, respectively, in their share values.
In terms of the most traded stocks, Zenith Bank led with 11,964,640 shares worth N298.835m exchanged in 255 deals, followed by GTCO with 10,472,370 million shares worth N258.239m traded in 252 deals. MTN Nigeria was the third most traded stock with 421,619 of its shares valued at N98.138m.
The rebound of the Nigerian Exchange Limited signifies a positive outlook for investors. As Nigeria’s economy continues to recover from the pandemic’s effects, the stock market is poised to bounce back, providing lucrative investment opportunities for local and foreign investors alike.
It is important to note that investing in the stock market comes with risks and rewards, and it is advisable to seek professional advice before making investment decisions.
Robinhood Users Call Out Company Over Refusal to Pay Out Profits on SVB Stock
American financial services company that facilitates commission-free trading of stocks and exchange-traded funds via mobile app Robinhood has been called out by users over refusal to pay out profits made on Silicon Valley Bank stock (SBNY) following the collapse of the bank.
Several Robinhood users who predicted a possible slump in the bank stock price, swiftly purchased put options on the stocks before it collapsed.
The problem is, according to users of the trading app, Robinhood isn’t allowing them to sell their contracts or get paid, while a slew of the contracts is set to expire on Friday which has left them frustrated.
Several users of the platform who have taken to Twitter to express their grievances disclosed that their trades on SBNY stock were halted by the firm after it disclosed that they won’t be able to cash out their profit as the stock is no longer trading.
Users have continued to ask the all-important question of why they were allowed to buy put contracts on stocks they didn’t own in the first place if that was a condition for getting paid if a situation like this played out. On the request to know if the stock is going to trade again, the company revealed that it doesn’t know yet.
A Twitter user @OmniBubblebear, took to his Twitter handle to share the message he received from Robinhood after trading on SBNY stock, the message reads,
“Per your request, I’ve included some additional details about your SBNY puts. As discussed, you are currently unable to exercise the long puts because you currently do not hold shares of SBNY. As you may know, Robinhood does not allow short positions.
“I also looked into the possibility of transferring the position out of Robinhood, however, ACAT transfers take 5-7 business days to complete, and your options expire on 03/17/2023. There is no way for us to expedite a transfer, so the contracts would most likely expire before the transfer completes.
“I know this is not the outcome you were expecting, but I hope I was able to clarify why we are unable to exercise your long puts. If you have any additional questions regarding the stock or the halt, I recommend reaching out to SBNY investor relations.”
Following the incessant complaints that have seen users call out the company, Robinhood CEO Vlad Tenev took to his Twitter handle to tweet that the firm was working to resolve the issue as soon as possible.
Investors King understands that about three months ago, Robinhood was hit with a huge fine of $70 million for misleading customers and encouraging potentially ruinous trades. The app reportedly used push alerts that encouraged users to make trades that could potentially put them in debt.
The company lost users after federal regulators fined them for several misleading practices. In a bid to lure users back on its platform, it introduced fee-free individual retirement accounts aimed at gig workers, who don’t always have access to retirement savings plans.
According to the Wall Street Journal, roughly 80% of Robinhood’s customers are millennials and the average customer age is just 26. Robinhood typically only supports trading stocks and ETFs listed on the Nasdaq and New York Stock Exchange, and normally does not support over-the-counter securities such as those traded on OTC Markets.
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