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Stock Market Opens The Week in Red

The Nigerian Exchange Limited (NGX) opened the week in the red on Monday as just 10 stocks appreciated amid growing uncertainty surrounding the Nigerian economy.



stock market - Investors King

The Nigerian Exchange Limited (NGX) opened the week in the red on Monday as just 10 stocks appreciated amid growing uncertainty surrounding the Nigerian economy.

Investors transacted 140,610,346 shares valued at N1.6 billion exchanged in 3,895 deals during the trading hours of Monday. Japaul Gold led the most traded equities with 23,180,182 shares worth N8,951,218.33. AIICO came second with 14,848,501 shares valued at N8,448,727.89.

A critical look into each sector showed that the banking index gained 60bps on the back of a 7.07% gain in the value of Ecobank. Jaiz Bank and UBA shed 1.14% and 0.69%, respectively.

The consumer goods index dipped by 29 on a 6.25% decline in Champion, 4.76% depreciation Intbrew and 4.75% Honey Flour.

Also, the oil and gas index lost 27bps on a 1.80% decline in the worth of Oando shares. As expected, 9.06% depreciation in the value of Dangote Cement plunged the industry index by 483bps.

The NGX All-share index lost 2.26% to 49,350.71 index points while the market value of all listed equities dropped by N740 billion to N26.618 trillion from N27.358 trillion.

The year-on-year gain moderated by 15.53%.  See other details of top gainers and losers below.

Top Gainers 

Symbols Last Close Current Change %Change
PRESTIGE N 0.40 N 0.44 0.04 10.00 %
NEM N 3.40 N 3.74 0.34 10.00 %
ELLAHLAKES N 3.58 N 3.93 0.35 9.78 %
MULTIVERSE N 1.88 N 2.06 0.18 9.57 %
IKEJAHOTEL N 0.97 N 1.06 0.09 9.28 %

Top Losers

Symbols Last Close Current Change %Change
CORNERST N 0.75 N 0.68 -0.07 -9.33 %
DANGCEM N 265.00 N 241.00 -24.00 -9.06 %
JAPAULGOLD N 0.37 N 0.34 -0.03 -8.11 %
SOVRENINS N 0.27 N 0.25 -0.02 -7.41 %
STANBIC N 31.00 N 29.00 -2.00 -6.45 %

Top Trades

Symbols Volume Value
JAPAULGOLD 23180182.00 8951218.33
AIICO 14848501.00 8448727.89
STERLNBANK 14301701.00 21410942.23
SOVRENINS 10110600.00 2578650.00
GTCO 7850003.00 160968657.15

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


Global Bonds Surge at Swiftest Pace Since 2008 Crisis as Rate Hike Speculations Subside



Bonds- Investors King

Global bonds are experiencing their most rapid surge since the 2008 financial crisis, with a Bloomberg measure of global sovereign and corporate debt returning 4.9% in November.

This marks the largest monthly gain since December 2008 when it soared 6.2% during the depths of the recession.

The surge is fueled by growing speculation that central banks, led by the Federal Reserve, have completed interest rate hikes and are poised to initiate cuts in the coming year.

The recent rally has been accentuated by comments from Fed Governor Christopher Waller, signaling a dovish stance. James Wilson, a senior portfolio manager, noted the significance of Waller’s dovish remarks, stating, “It sounds like the Fed is all but done in their hiking cycle.”

US 10-year yields slid to 4.26%, and Australian bonds experienced a surge, with 10-year yields dropping 14 basis points.

The current bond rally reflects a shift in expectations towards looser central bank policies, providing relief for corporate bonds.

Spreads on global investment-grade corporate debt are hovering near the lowest levels since April 2022, indicating increased investor optimism about a gentle economic slowdown.

The average yield on corporate bonds has retreated to around 5.3%, down from nearly 6% in October, according to Bloomberg data.

Despite this positive trend, there remains a divergence in views between credit investors and rates traders, with the latter anticipating more aggressive Fed rate cuts that would necessitate a more pronounced economic deceleration.

The resolution of this tension is likely to be a focal point as central banks navigate economic uncertainties in the months ahead.

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Nigerian Exchange Limited

Market Sheds N132 Billion as Union Bank Bows Out from NGX Official List



Union bank - Investors King

The official delisting of Union Bank of Nigeria from the Nigerian Exchange Limited (NGX) on Monday triggered a notable N132 billion loss from the market capitalization.

NGX Regulations Limited, the regulatory arm of the Nigerian Exchange Group, confirmed the delisting in a notice to trading license holders.

Union Bank’s shares were suspended on November 14, leading to the delisting, which resulted in a market cap loss.

On its last day on the NGX Daily Official List, Union Bank had a market cap of N193.65 billion, with shares closing at N6.65 per unit.

Titan Trust Bank Limited, Union Bank’s core investor, had earlier announced plans to acquire minority shareholders’ shares, leading to the delisting.

Despite the delisting impact, the All-Share Index closed positively at the end of Monday’s trading, rising by 0.17% or 123.33 points to 71,353.81.

However, the market cap closed at N39.040 trillion, N132 billion lower than the N39.172 trillion recorded on the previous Friday.

Key performers in the market included AccessCorp, United Bank for Africa, Zenith Bank Plc, and Universal Insurance Plc.

Positive investor sentiments resulted in 32 gainers and 20 losers. Notable gainers included First Bank of Nigeria Holding, John Holt, and Tantalizer, each gaining 10%.

ETranZact led the losers’ chart with a 9.09% dip, and Unity Bank, amidst reported business combination talks with Providus Bank, landed on the losers chart with a 9.24% loss.

The volume of transactions on the NGX slightly increased to 746.67 million units from 582.77 million units traded on Friday.

Banking stocks, including AccessCorp, UBA, and Zenith Bank, were the major drivers of the day’s trend, accounting for volume and value in the market.

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Stock Market

Asian Shares Slip Ahead of Key Inflation Data and OPEC+ Meeting



Asian equities

Asian shares experienced a dip on Monday as investors awaited crucial inflation data from the United States and Europe later in the week.

The gold rose to a six-month high of $2,017.82 per ounce before moderating to $2,009 while Japan’s Nikkei eased by 0.3%, although it still maintained an 8.6% gain for November.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.3%, boasting a monthly gain of 6.4%.

Meanwhile, Chinese blue chips lost 1.1%, representing a 2% downturn for the month.

Investors approach the month-end cautiously due to substantial gains recorded with markets like the S&P 500 that have been rallying for four consecutive weeks to post a 8.7% gain for November—its best performance since mid-2022.

Central banks, including the Federal Reserve, are closely watched for signals on future monetary policy.

The Fed’s preferred inflation measure, due Thursday, is expected to show a slowdown, reinforcing expectations of potential rate cuts.

The oil market faces uncertainty ahead of the OPEC+ meeting on Nov. 30, with discussions on production caps and potential extensions of voluntary cuts.

While European Central Bank President Christine Lagarde signals no rush to ease, the euro hovers near its recent four-month high against the dollar, which weakened against several major counterparts.

Oil prices experienced a brief dip in anticipation of OPEC+ decisions.

The week ahead is pivotal for financial markets, balancing inflation indicators, central bank messages, and crucial oil market decisions.

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