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Coinbase Stock Jumped 60% Amid Crypto Rally

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Coinbase Global- Investors King

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. 

About Coinbase 

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. 

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Nigerian Exchange Limited

Equity Market Rebounds by N144bn, Led by Nigerian Breweries and NEM Insurance

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The Nigerian equity market surged by N144 billion on Thursday, largely on the strong performances of key players like Nigerian Breweries and NEM Insurance.

This recovery comes after the market experienced a dip earlier in the week.

The market indices closed with the All Share Index (ASI) rising by 0.2% to settle at 99,832.25 points, while market capitalization increased to N56.47 trillion.

Despite lower trading volumes and values compared to previous sessions, the market saw increased activity in terms of the number of deals, which rose by 20% to 9,686.

Market Activity and Performance

Trading on Thursday resumed following the Democracy Day holiday, with 502.6 million shares exchanged in various deals valued at N8.65 billion.

The bullish trend was evident with 30 gainers outnumbering 18 losers, highlighting the positive sentiment that dominated trading.

Top Gainers and Losers

Nigerian Breweries emerged as a top performer with a significant 10% increase in its share price to close at N31.90. Unity Bank followed closely with a 9.91% gain, closing at N1.22 per share, while NEM Insurance recorded a 9.77% increase, ending the trading session at N9.55 per share.

Conversely, Ecobank Transnational led the losers’ chart with a 9.92% decline, closing at N21.35 per share. Daar Communications and C&I Leasing also experienced losses, shedding 8.77% and 7.14% respectively.

Trading Insights

Zenith Bank emerged as the most traded stock by volume, with 71.2 million shares exchanged, followed by AIICO Insurance with 67.3 million shares and Access Holdings with 58.5 million shares.

The trading activities were spread across various sectors, with notable gains observed in the insurance, banking, pension, and consumer goods industries.

Market Outlook

The rebound in the equity market reflects renewed investor confidence following recent downturns. Analysts anticipate continued volatility amid global economic uncertainties but remain optimistic about the resilience of Nigerian stocks in the long term.

Overall, the market’s recovery by N144 billion underscores the dynamism of Nigeria’s financial landscape and the strategic positioning of key market players like Nigerian Breweries and NEM Insurance in driving positive market sentiment and performance.

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Nigerian Exchange Limited

Nigerian Equity Market Sees N92.32bn Loss Amid Declines in Key Stocks

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The Nigerian equity market experienced a significant downturn on Tuesday, losing N92.32 billion in market value.

This decline was largely driven by drops in the share prices of key companies, including National Salt Company, Thomas Wyatt Nigeria, and May and Baker Nigeria.

The market capitalisation and the All-Share Index (ASI) decreased by 0.16 per cent, closing at N56.36 trillion and 99,630.51 points, respectively. This downturn affected the year-to-date return, which fell from 33.5 per cent to 33.24 per cent.

Despite the overall market decline, market breadth remained positive, with 29 stocks advancing against 19 that declined, across 8,064 deals. This indicates a mixed sentiment among investors, with some stocks seeing substantial gains.

Key Gainers and Losers

Total Nigeria led the list of gainers with a 9.98 percent increase to close at N388.90. Presco followed closely with a 9.97 percent rise to N323.30, and UPDC leveraged a 9.92 percent gain to end the day at N1.33.

Conversely, National Salt Company recorded a significant drop of 9.91 percent to close at N36.80. Thomas Wyatt Nigeria saw a 9.66 percent decrease to N1.59, and May and Baker Nigeria fell by 7.13 percent to close at N5.60.

Trading Volume Leaders

In terms of trading volume, Fidelity Bank led the market with 293.18 million shares exchanged in 340 deals. Nigerian Breweries followed, trading 101.584 million shares in 145 deals, reflecting strong investor interest in these companies.

Market Dynamics

The losses come on the heels of a robust performance on Monday, where the equity market gained N323 billion, buoyed by appreciations in stocks like Flour Mills Nigeria, Total Nigeria, and Access Holding.

The contrasting performance over two consecutive days underscores the volatility in the market.

Investor Sentiment

The decline in the equity market highlights the fluctuating investor sentiment influenced by various macroeconomic factors and corporate performance. Despite the losses, the positive market breadth indicates underlying resilience, as a larger number of stocks posted gains than losses.

Economic Context

The broader economic environment continues to pose challenges, with inflationary pressures and currency devaluation impacting investor confidence. However, strategic moves by companies and expectations of economic reforms provide some optimism for market recovery.

Outlook

Analysts suggest that the market could see further fluctuations in the short term, with investor focus likely to remain on corporate earnings reports and economic policy developments. The ability of companies to navigate the current economic landscape will be crucial in determining future market performance.

As the market adjusts to these dynamics, stakeholders remain hopeful that strategic investments and economic reforms will foster a more stable and growth-oriented environment for the Nigerian equity market.

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Nigerian Exchange Limited

Flour Mills Nigeria, Others Bolster Nigerian Equity by N323 Billion

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Flour Mills Nigeria, alongside other key players in the Nigerian equity market, propelled the market to a significant gain of N323 billion in market capitalization on Monday.

The bullish momentum saw the market capitalization and the All Share index rising by 0.58 percent to settle at N56.52 trillion and 99,793.71 points, respectively.

This surge represents a notable increase from the previous trading session and contributed to a year-to-date return of 33.5 percent, up from 32.8 percent.

Market participants witnessed heightened activity levels as both volume and value exchanged surged by 148.3 percent and 83.6 percent, reaching 963.5 million units and N13.5 billion, respectively.

The banking and oil & gas sectors emerged as the leading gainers, with respective increases of 2.7 percent and 3.1 percent.

This sectoral performance further fueled investor optimism and contributed to the overall market rally.

Flour Mills Nigeria stole the spotlight among gainers with a remarkable 10 percent appreciation, closing at N41.80 per share.

Similarly, Total Nigeria and Access Holding recorded significant gains of 9.88 percent and 9.86 percent, closing at N353.60 and N18.95, respectively.

However, not all stocks shared in the bullish sentiment, as E-Tranzact International, Daar Communications, and Champion Breweries emerged as the top losers, shedding 9.90 percent, 9.52 percent, and 6.67 percent, respectively.

Fidelity Bank emerged as the most traded security by value, with N6.03 billion worth of shares exchanged in 417 deals.

On the other hand, Abbey Mortgage Bank led the volume chart with 2,919 units traded in 12 deals.

The significant surge in market capitalization and the robust trading activity reflect growing investor confidence and optimism in the Nigerian equity market.

Despite recent fluctuations, the market continues to attract interest from both domestic and foreign investors, driven by promising economic indicators and corporate performance.

Looking ahead, analysts anticipate continued market resilience, with expectations of increased capital raising operations and sustained investor appetite for high-yielding assets.

However, uncertainties surrounding interest rate movements and global economic dynamics remain key factors influencing market sentiment in the near term.

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