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Stock Traders Lose N12 Billion on Tuesday

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Stock Traders Lose N12 Billion on Tuesday as Weak Sentiment Persists

Stock traders at the Nigerian Stock Exchange (NSE) lose N12 billion on Tuesday as business sentiment remains weak across the board.

The NSE All-Share Index declined by 0.09 percent or 23.44 basis points from 24,954.32 bps attained on Monday to 24,930.88 bps on Tuesday.

The market capitalisation of listed equities declined by N12 billion from N13.017 trillion on Monday to close at N13.002 trillion on Tuesday.

Accordingly, 200.39 million shares were traded in 4,194 transactions by investors on Tuesday.

In terms of volume traded, the premium subsector was the most active on Tuesday as investors traded 74.93 million shares in 1,604 deals. The subsector was largely driven by activities in FBN Holdings and Zenith Bank Plc.

The financial subsector also came alive with a turnover of 28.14 million shares exchanged in 186 transactions.

Fidson Healthcare Plc, Skyway Aviation Handling Company and Caverton Plc led gainers’ table with an increase of 10 percent, 8.06 percent and7.35 percent to close at N3.63 per share, N2.95 per share and N2.19 per share respectively.

On the other hand, Neimeth International Pharmaceuticals Plc that led gainers’ table last week and on Monday top losers’ chart on Tuesday with 9.91 percent decline to settle at N2.09 per share.

This was followed by a 9.52 percent decline from Prestige Assurance Plc and a 9.38 percent decline from C&I Leasing Plc.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Nigerian Exchange Limited

Nigerian Exchange Extends Bullish Run as Investors Gain N2.123 Trillion Last Week

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The Nigerian Exchange Limited (NGX) extended its bullish run last week as investors gained N2.123 trillion following a N3.258 trillion profit reported in the previous week.

During the week, investors exchanged 1.773 billion shares worth N52.867 billion in 44,713 deals, against a total of 2.157 billion shares valued at N108.824 billion that exchanged hands in 51,556 deals in the previous week.

The Financial Services Industry led the activity chart with 1.136 billion shares valued at N23.185 billion traded in 19,896 deals. Therefore, contributing 64.04% and 43.86% to the total equity turnover volume and value respectively.

The Conglomerates Industry followed with 339.390 million shares worth N5.874 billion in 3,650 deals.

The third place was the Consumer Goods Industry, with a turnover of 82.645 million shares worth
N6.724 billion in 6,155 deals.

Transnational Corporation Plc, Guaranty Trust Holding Company Plc and Access Holdings Plc were the three most traded equities and accounted for a combined 677.439 million shares worth N17.287 billion in 7,789 deals. The three equities contributed 38.21% and 32.70% to the total equity turnover volume and value respectively.

The NGX All-Share Index appreciated by 3.71% or 3,754.40 index points from 101,330.85 index points reported in the previous week to 105,085.25 index points last week.

The market capitalization rose by 3.71% to close the week at N59.416 trillion, up from N57.293 trillion filed in the previous week.

Similarly, all other indices finished higher with the exception of NGX Oil and Gas and NGX Sovereign Bond which depreciated by 0.11% and 3.12% respectively.

Fifty-five equities appreciated in price during the week higher than twenty-two equities in the previous week. Twenty-four equities depreciated in price lower than fifty-six in the previous week, while seventy-five equities remained unchanged, lower than seventy-six recorded in the previous week.

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US Equity Funds Fueled by Record $56 Billion Inflows Amid Stagflation Concerns

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Despite looming concerns over stagflation, US equity funds have experienced an unprecedented surge as $56 billion inflows into the market.

Bank of America Corp. revealed the influx, underscoring investors’ apparent dismissal of the risks associated with the economic phenomenon.

The influx, reported by strategist Michael Hartnett, cited data from EPFR Global and highlighted a remarkable turnaround for technology stocks, which witnessed the largest inflow among sectors, tallying $6.8 billion.

This resurgence follows a previous record outflow, indicating a notable shift in sentiment among investors.

However, amidst this bullish wave, Bank of America Corp. strategist Michael Hartnett has sounded a cautionary note, noting the shift in the macroeconomic landscape from a Goldilocks scenario to one potentially characterized by stagflation.

Stagflation, marked by high inflation and stagnant economic growth, poses a significant threat to traditional asset classes.

Hartnett’s observations are not without merit, as economic data presents a mixed picture. While prices paid to US producers exceeded forecasts in February and consumer prices rose briskly, fewer people applied for jobless benefits.

Such contradictions underscore the complexity of the economic environment investors currently navigate.

Yet, despite the ominous signs, US equity markets seem undeterred, with Barclays Plc strategist Emmanuel Cau noting that investors maintain a positive outlook, bolstered by the Federal Reserve’s endorsement of market expectations.

Cau points to a prevailing narrative of a soft landing, further fueled by ample liquidity awaiting deployment into risk assets.

As the markets continue to grapple with the specter of stagflation, the resilience of US equity funds in the face of such concerns reflects a potent cocktail of investor optimism and risk appetite, tempered by cautious optimism amidst an uncertain economic landscape.

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Nigerian Exchange Limited

UBA, MTN Nigeria Propel Nigerian Stock Market to N273 Billion Gain

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The Nigerian stock market closed in the green on Wednesday with a N273 billion gain in market capitalization.

This surge was largely attributed to the impressive performance of key players like United Bank for Africa (UBA) and MTN Nigeria Communication Plc, along with 30 other listed companies.

The stock market rally saw UBA recording a 2.37% gain to close at N25.90 per share while MTN Nigeria Communication Plc gained 2.26% to close at N249.00 per share.

These gains contributed significantly to the overall positive sentiment in the market.

As a result of these advancements, the NGX All-Share Index (ASI) rose by 482.87 basis points or 0.47% to close at 104,007.31 basis points from the previous day’s opening of 103,524.44 basis points.

The market capitalization also experienced a commendable surge, increasing from N58.534 trillion to N58.807 trillion by the close of trading.

Investor sentiment remained overwhelmingly positive with 32 stocks recording gains compared to 23 losers.

ETI and Julius Berger emerged as the highest price gainers, each surging by 10% to close at N22.00 and N67.10, respectively.

Other gainers included NEM Insurance, RT Briscoe, and Omatek Ventures, among others.

Despite the overall positive trend, some stocks experienced declines, with Skyway Aviation Handling Company leading the losers’ chart.

However, the market’s resilience and the substantial gains recorded underscored the growing confidence among investors and the resilience of the Nigerian stock market amid economic challenges.

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