MTN, Stanbic IBTC lead Nigerian stocks in a hat trick A turnover of 353.32 million shares valued at N7.03billion in 4,659 deals was recorded in today’s trading as FBNH was the most traded stock. Published 1 min ago on June 3, 2020By Olumide Adesina Moving averages, MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market The Nigerian stock market extended its positive stance into the third trading session, as the All Share Index (ASI) rose marginally by 0.10 % to settle at 25,407.96 basis points, pegging Year-to-Date return at -5.33% while the market capitalization sits at N13.25 trillion. A turnover of 353.32 million shares valued at N7.03 billion in 4,659 deals was recorded in today’s trading. FBNH was the most traded stock by volume at 50.2 million units, while NB topped by value at N2.02 billion. Market breadth finished flat, with 19 gainers led by SKYEAVN (+9.66%) and PRESCO (+9.04%), while 19 stocks declined, topped by PZ (-9.43%). Analyzing by sectors, the Insurance index recorded 0.05% increase as LASACO and AIICO gained +8.00% and +4.55% respectively, while losses recorded in ACCESS (-3.54%), UBA (-1.47%), GUINNESS (-5.00%), and WAPCO (-0.87%) closed the Banking, Consumer Goods and Industrial indices by -0.58%, -0.38% and -0.16% respectively. The Oil and Gas index remained flat. (READ MORE:Why Nigeria’s banking stocks performed well in May) GTBank 728 x 90 Top gainers SKYAVN up 9.66% to close at N2.27; PRESCO up 9.04% to close at N45.25; ETI up 7.77% to close at N5.55; STANBIC up 2.15% to close at N33.2; and MTNN up 1.29% to close at N118. MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market Top losers PZ down 9.43% to close at N4.8; CILEASING down 9.35% to close at N4.85; UACN down 8.33% to close at N7.7; GUINNESS down 5.00% to close at N19; and DANGCEM down 0.35% to close at N140.5. Outlook The bullish momentum continued for the third day, passing the market capitalization resistance level of N13 trillion, triggered by favorable macro fundamentals as the price of crude gained past $40 a barrel. app Nairametrics recommends you seek counsel from a certified financial advisor when buying stocks. Related Nigerian banking stocks remain most liquid stocks, as investors gain N25.1 billion June 1, 2020 In "Markets" Nigerian stocks are on a 8 day winning streak May 6, 2020 In "Business News" Dangote, Mobil, BUA, Zenith, GTbank win a home run at Nigerian stock market May 21, 2020 In "Markets" RELATED TOPICS:STANBICSTANBIC 9M 2019 RESULTSSTOCK MARKET Olumide AdesinaOlumide Adesina a French-born Nigerian, is an Investment Professional at Nairametrics Financial Advocates, owners of Nairametrics.com. Olumide Adesina is a certified Investment trader, with more than 14 years of working experience. His work experience covers trading commodity derivatives and analysis of global equities, currencies, commodities, cryptocurrencies, and Fixed Income instruments. A member of the Chartered Financial Analyst Society. You can follow Olumide on twitter @tokunboadesina and email via olumide.adesina@nairametrics.com.CLICK TO COMMENT BUSINESS NEWSBitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market Bitcoin rose above $10,000 for the first time in six weeks in a move that seems to show a bullish momentum has the $10,000 resistance mark been broken. Published 10 hours ago on June 3, 2020By Olumide Adesina Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market Some hours ago, Bitcoin rose above $10,000 for the first time in six weeks in a move that seems to show a bullish momentum as the $10,000 resistance mark been broken. However, during the rally, over $100 million worth of Bitcoin short positions were liquidated as Bitcoin plunged by nearly $1,500 in less than 3 minutes, before rebounding to around $9,458. Bitcoin is trading at $9,540 4 am local time. Bitcoin’s plunge was bad news for the bulls. By falling back below the $10,000 psychological support, it has shown a likely downward trend as investors start to close their positions. According to data retrieved from crypto derivatives platform, Skew.com, an approximate $96 million worth of long positions were wiped with this lower move. This is lower than the $125 million liquidation event that took place when BTC took out $10,000 yesterday, suggesting that the market was leaning to such a trend. (READ MORE:Tether, the most promising stable coin, now the third most valuable cryptocurrency) GTBank 728 x 90 Things you need to understand about Bitcoin’s volatility The price of Bitcoin is?so volatile?because of its high use for financial gain by investors and crypto traders. As such, individuals and hedge funds sell and buy Bitcoins?like they would do for any other financial asset (Stocks, bonds) with regulatory limitations. Bears extend reign to crypto market, drops by about 50%, Answering the big Bitcoin question - buy, sell or hold?, Why cryptocurrencies are falling lately, Nigerians passion for bitcoin, Bulls push Bitcoin pass $7200 level, Bitcoin breaks past $7500 for the first time since early March, Nigerians Beware Of Bitcoin Fraudsters, Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market One of the key biases touted by Bitcoin bears is that Bitcoin remains below the key resistance of $10,500 and has refused to break that mark since early 2020. $10,500 is the level at which the bitcoin price was rejected during two crucial rallies over the past 12 months. The fact that BTC has made successive takes at the level without breaking past it suggests that the crypto market is still situated in a downtrend. app (READ MORE:Electroneum, a Cryptocurrency, to launch electricity Top-Ups in Nigeria) Robert Sluymer of Fundstrat Global Advisors, for instance, recently commented on the importance of the level. He said: “Next directional move on tap for BTC’s as bull-bear convictions are about to be tested. Bears can point to the downtrend at 10-10.5K. Bulls have the long-term uptrend (200-week SMA) at their back and the past week’s resilience as BTC’s quickly rebounded from its 200-DMA.” CONTINUE READINGMARKETSNaira weakens against the dollar by 1.14% amid market uncertainty The reopening of the economy is expected to put additional pressure on the naira as more businesses try to meet up with accumulated obligations. Published 11 hours ago on June 3, 2020By Chike Olisah Central Bank Continues intervention in Forex market to stabilize Naira, Naira to depreciate slightly over $1.52 billion maturing contracts expires, Naira hits N388.84 to $1 at the currency spot market, Investors and Exporters (I&E) window, Naira weakens against the dollar by 1.14% amidst uncertainty The naira was weakened at the parallel market on Monday, thereby depreciating against the dollar. This is the first depreciation of the naira in about two weeks, after four consecutive rounds of appreciation against the dollar. According to information obtained from Abokifx, the naira depreciated to N445 to a dollar on Monday, June 2, 2020. This shows a loss of N5 (or 1.14% decline) when compared to the N440 to a dollar that was recorded last week Friday. The local currency was weakened at the parallel market following the announcement of the resumption of domestic flight operations on June 21, 2020, by the Federal Government. The uncertainty resulting from the delayed resumption of sales of dollars to the Bureau De Change (BDC) operators also contributed. In a related development, the local currency was stable at the Investors and Exporters (I&E) window, having recorded no movement. The naira exchanged at N385.50 to a dollar on Monday, June 2, 2020, which was the same rate it ended with on Friday last week. This came against the backdrop of a marginal increase in the daily turnover to $34.35 million at the I&E window, marking an increase of $2.95 million when compared to the $31.40 million that was recorded the previous trading day. In other words, this represents a 9.4% increase in dollar supply to the window. (READ MORE: Naira drops to N460 against dollar) GTBank 728 x 90 Recall that on April 29, 2020, the Central Bank of Nigeria had announced the resumption of weekly sales of $100 million dollars for school fees and the Small and Medium Enterprises (SMEs), in order to help reduce the pressure on the naira in the foreign exchange market. To a large extent, this has helped to reduce pressure on the naira. However, despite improvement in the price of crude oil around the world and its positive effect on the country’s foreign exchange earnings, the reopening of the economy is expected to put more pressure on the naira as more businesses try to meet up with accumulated obligations. CONTINUE READINGCRYPTOCURRENCYNigeria holds the aces in the peer to peer use of Bitcoin Nigeria leads the pack in the peer to peer use of bitcoin in African continent with more than $35 million, while the closest rival, South Africa Published 11 hours ago on June 3, 2020By Olumide Adesina Bitcoin has halved, what happens next?, Naira should watch out; Nigeria leads in the peer to peer use of Bitcoin than all African countries combined Nigerians’ use of Bitcoin in the past month has surged exponentially, as the use of Bitcoin for peer to peer lending in the country recorded a feat. Recent statistics showed that Nigeria led the pack with more than $35 million, while the closest rival, South Africa, had a transactional value of just $7 million during the last thirty days, according to usefultulips (a Bitcoin analytic data provider). READ ALSO: Hedge funds, institutional investors rush to own stakes in Bitcoin Among the top countries in the last 30 days leading in peer to peer Bitcoin transactional trades on the African continent are: Nigeria – $35, 147, 166 GTBank 728 x 90 South Africa – $7, 130, 711 Kenya – $6, 904, 750 Ghana – $4, 007,376 Central African Republic – $336, 579 Tanzania – $220, 463 app In addition the report showed that Nigeria’s transactional value of Bitcoin’s peer to peer lending outsized all African countries totaling ($18, 599, 579) What you should know: In Bitcoin’s case, Peer to peer is the exchanging of Bitcoins between parties (such as individuals) without the involvement of a central authority. (READ MORE:A mysterious Bitcoin Whale causes brief panic sell-offs at Bitcoin’s Market) This means peer to peer use of Bitcoin takes a decentralized approach in the exchange of Bitcoins between individuals and groups. It shows that Bitcoin’s long-running narrative as the “digital gold” for hedging against global economic turmoil is gaining the trust of Nigerians for payments and transfers. The financial market turmoil triggered by COVID-19 has definitely changed the way Nigerians view the whole financial system as data also obtained from Google trend shows Nigeria leading the pack around the world in Bitcoin searches. This is a testament to the fact that Nigerians truly love their Bitcoin. CONTINUE READINGADVERTISEMENT Wealth.ng ADVERTISEMENT ADVERTISEMENT Patricia ADVERTISEMENT devland ADVERTISEMENT financial calculator LATEST TRENDINGMoving averages, MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market MARKETS1 min agoMTN, Stanbic IBTC lead Nigerian stocks in a hat trickOPEC+ AROUND THE WORLD6 hours agoWho will ruin the OPEC+ party?CONSUMERS|UACN: Weak operating performance, UAC of Nigeria Plc. Announces Annual General Meeting BUSINESS NEWS6 hours agoUAC of Nigeria Plc. Announces Annual General MeetingADVERTISEMENT app ADVERTISEMENT Nairametrics ABOUT US TEAM NAIRAMETRICS CONTACT US CAREERS ANDRIOD APP IOS APP DISCLAIMER PRIVACY POLICY Copyright © 2020 :)MTN, Stanbic IBTC lead Nigerian stocks in a hat trick A turnover of 353.32 million shares valued at N7.03billion in 4,659 deals was recorded in today’s trading as FBNH was the most traded stock. Published 1 min ago on June 3, 2020By Olumide Adesina Moving averages, MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market The Nigerian stock market extended its positive stance into the third trading session, as the All Share Index (ASI) rose marginally by 0.10 % to settle at 25,407.96 basis points, pegging Year-to-Date return at -5.33% while the market capitalization sits at N13.25 trillion. A turnover of 353.32 million shares valued at N7.03 billion in 4,659 deals was recorded in today’s trading. FBNH was the most traded stock by volume at 50.2 million units, while NB topped by value at N2.02 billion. Market breadth finished flat, with 19 gainers led by SKYEAVN (+9.66%) and PRESCO (+9.04%), while 19 stocks declined, topped by PZ (-9.43%). Analyzing by sectors, the Insurance index recorded 0.05% increase as LASACO and AIICO gained +8.00% and +4.55% respectively, while losses recorded in ACCESS (-3.54%), UBA (-1.47%), GUINNESS (-5.00%), and WAPCO (-0.87%) closed the Banking, Consumer Goods and Industrial indices by -0.58%, -0.38% and -0.16% respectively. The Oil and Gas index remained flat. (READ MORE:Why Nigeria’s banking stocks performed well in May) GTBank 728 x 90 Top gainers SKYAVN up 9.66% to close at N2.27; PRESCO up 9.04% to close at N45.25; ETI up 7.77% to close at N5.55; STANBIC up 2.15% to close at N33.2; and MTNN up 1.29% to close at N118. MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market Top losers PZ down 9.43% to close at N4.8; CILEASING down 9.35% to close at N4.85; UACN down 8.33% to close at N7.7; GUINNESS down 5.00% to close at N19; and DANGCEM down 0.35% to close at N140.5. Outlook The bullish momentum continued for the third day, passing the market capitalization resistance level of N13 trillion, triggered by favorable macro fundamentals as the price of crude gained past $40 a barrel. app Nairametrics recommends you seek counsel from a certified financial advisor when buying stocks. Related Nigerian banking stocks remain most liquid stocks, as investors gain N25.1 billion June 1, 2020 In "Markets" Nigerian stocks are on a 8 day winning streak May 6, 2020 In "Business News" Dangote, Mobil, BUA, Zenith, GTbank win a home run at Nigerian stock market May 21, 2020 In "Markets" RELATED TOPICS:STANBICSTANBIC 9M 2019 RESULTSSTOCK MARKET Olumide AdesinaOlumide Adesina a French-born Nigerian, is an Investment Professional at Nairametrics Financial Advocates, owners of Nairametrics.com. Olumide Adesina is a certified Investment trader, with more than 14 years of working experience. His work experience covers trading commodity derivatives and analysis of global equities, currencies, commodities, cryptocurrencies, and Fixed Income instruments. A member of the Chartered Financial Analyst Society. You can follow Olumide on twitter @tokunboadesina and email via olumide.adesina@nairametrics.com.CLICK TO COMMENT BUSINESS NEWSBitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market Bitcoin rose above $10,000 for the first time in six weeks in a move that seems to show a bullish momentum has the $10,000 resistance mark been broken. Published 10 hours ago on June 3, 2020By Olumide Adesina Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market Some hours ago, Bitcoin rose above $10,000 for the first time in six weeks in a move that seems to show a bullish momentum as the $10,000 resistance mark been broken. However, during the rally, over $100 million worth of Bitcoin short positions were liquidated as Bitcoin plunged by nearly $1,500 in less than 3 minutes, before rebounding to around $9,458. Bitcoin is trading at $9,540 4 am local time. Bitcoin’s plunge was bad news for the bulls. By falling back below the $10,000 psychological support, it has shown a likely downward trend as investors start to close their positions. According to data retrieved from crypto derivatives platform, Skew.com, an approximate $96 million worth of long positions were wiped with this lower move. This is lower than the $125 million liquidation event that took place when BTC took out $10,000 yesterday, suggesting that the market was leaning to such a trend. (READ MORE:Tether, the most promising stable coin, now the third most valuable cryptocurrency) GTBank 728 x 90 Things you need to understand about Bitcoin’s volatility The price of Bitcoin is?so volatile?because of its high use for financial gain by investors and crypto traders. As such, individuals and hedge funds sell and buy Bitcoins?like they would do for any other financial asset (Stocks, bonds) with regulatory limitations. Bears extend reign to crypto market, drops by about 50%, Answering the big Bitcoin question - buy, sell or hold?, Why cryptocurrencies are falling lately, Nigerians passion for bitcoin, Bulls push Bitcoin pass $7200 level, Bitcoin breaks past $7500 for the first time since early March, Nigerians Beware Of Bitcoin Fraudsters, Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market One of the key biases touted by Bitcoin bears is that Bitcoin remains below the key resistance of $10,500 and has refused to break that mark since early 2020. $10,500 is the level at which the bitcoin price was rejected during two crucial rallies over the past 12 months. The fact that BTC has made successive takes at the level without breaking past it suggests that the crypto market is still situated in a downtrend. app (READ MORE:Electroneum, a Cryptocurrency, to launch electricity Top-Ups in Nigeria) Robert Sluymer of Fundstrat Global Advisors, for instance, recently commented on the importance of the level. He said: “Next directional move on tap for BTC’s as bull-bear convictions are about to be tested. Bears can point to the downtrend at 10-10.5K. Bulls have the long-term uptrend (200-week SMA) at their back and the past week’s resilience as BTC’s quickly rebounded from its 200-DMA.” CONTINUE READINGMARKETSNaira weakens against the dollar by 1.14% amid market uncertainty The reopening of the economy is expected to put additional pressure on the naira as more businesses try to meet up with accumulated obligations. Published 11 hours ago on June 3, 2020By Chike Olisah Central Bank Continues intervention in Forex market to stabilize Naira, Naira to depreciate slightly over $1.52 billion maturing contracts expires, Naira hits N388.84 to $1 at the currency spot market, Investors and Exporters (I&E) window, Naira weakens against the dollar by 1.14% amidst uncertainty The naira was weakened at the parallel market on Monday, thereby depreciating against the dollar. This is the first depreciation of the naira in about two weeks, after four consecutive rounds of appreciation against the dollar. According to information obtained from Abokifx, the naira depreciated to N445 to a dollar on Monday, June 2, 2020. This shows a loss of N5 (or 1.14% decline) when compared to the N440 to a dollar that was recorded last week Friday. The local currency was weakened at the parallel market following the announcement of the resumption of domestic flight operations on June 21, 2020, by the Federal Government. The uncertainty resulting from the delayed resumption of sales of dollars to the Bureau De Change (BDC) operators also contributed. In a related development, the local currency was stable at the Investors and Exporters (I&E) window, having recorded no movement. The naira exchanged at N385.50 to a dollar on Monday, June 2, 2020, which was the same rate it ended with on Friday last week. This came against the backdrop of a marginal increase in the daily turnover to $34.35 million at the I&E window, marking an increase of $2.95 million when compared to the $31.40 million that was recorded the previous trading day. In other words, this represents a 9.4% increase in dollar supply to the window. (READ MORE: Naira drops to N460 against dollar) GTBank 728 x 90 Recall that on April 29, 2020, the Central Bank of Nigeria had announced the resumption of weekly sales of $100 million dollars for school fees and the Small and Medium Enterprises (SMEs), in order to help reduce the pressure on the naira in the foreign exchange market. To a large extent, this has helped to reduce pressure on the naira. However, despite improvement in the price of crude oil around the world and its positive effect on the country’s foreign exchange earnings, the reopening of the economy is expected to put more pressure on the naira as more businesses try to meet up with accumulated obligations. CONTINUE READINGCRYPTOCURRENCYNigeria holds the aces in the peer to peer use of Bitcoin Nigeria leads the pack in the peer to peer use of bitcoin in African continent with more than $35 million, while the closest rival, South Africa Published 11 hours ago on June 3, 2020By Olumide Adesina Bitcoin has halved, what happens next?, Naira should watch out; Nigeria leads in the peer to peer use of Bitcoin than all African countries combined Nigerians’ use of Bitcoin in the past month has surged exponentially, as the use of Bitcoin for peer to peer lending in the country recorded a feat. Recent statistics showed that Nigeria led the pack with more than $35 million, while the closest rival, South Africa, had a transactional value of just $7 million during the last thirty days, according to usefultulips (a Bitcoin analytic data provider). READ ALSO: Hedge funds, institutional investors rush to own stakes in Bitcoin Among the top countries in the last 30 days leading in peer to peer Bitcoin transactional trades on the African continent are: Nigeria – $35, 147, 166 GTBank 728 x 90 South Africa – $7, 130, 711 Kenya – $6, 904, 750 Ghana – $4, 007,376 Central African Republic – $336, 579 Tanzania – $220, 463 app In addition the report showed that Nigeria’s transactional value of Bitcoin’s peer to peer lending outsized all African countries totaling ($18, 599, 579) What you should know: In Bitcoin’s case, Peer to peer is the exchanging of Bitcoins between parties (such as individuals) without the involvement of a central authority. (READ MORE:A mysterious Bitcoin Whale causes brief panic sell-offs at Bitcoin’s Market) This means peer to peer use of Bitcoin takes a decentralized approach in the exchange of Bitcoins between individuals and groups. It shows that Bitcoin’s long-running narrative as the “digital gold” for hedging against global economic turmoil is gaining the trust of Nigerians for payments and transfers. The financial market turmoil triggered by COVID-19 has definitely changed the way Nigerians view the whole financial system as data also obtained from Google trend shows Nigeria leading the pack around the world in Bitcoin searches. This is a testament to the fact that Nigerians truly love their Bitcoin. CONTINUE READINGADVERTISEMENT Wealth.ng ADVERTISEMENT ADVERTISEMENT Patricia ADVERTISEMENT devland ADVERTISEMENT financial calculator LATEST TRENDINGMoving averages, MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market MARKETS1 min agoMTN, Stanbic IBTC lead Nigerian stocks in a hat trickOPEC+ AROUND THE WORLD6 hours agoWho will ruin the OPEC+ party?CONSUMERS|UACN: Weak operating performance, UAC of Nigeria Plc. Announces Annual General Meeting BUSINESS NEWS6 hours agoUAC of Nigeria Plc. Announces Annual General MeetingADVERTISEMENT app ADVERTISEMENT Nairametrics ABOUT US TEAM NAIRAMETRICS CONTACT US CAREERS ANDRIOD APP IOS APP DISCLAIMER PR Y

MTN, Stanbic IBTC lead Nigerian stocks in a hat trick

A turnover of 353.32 million shares valued at N7.03billion in 4,659 deals was recorded in today’s trading as FBNH was the most traded stock.

Published 1 min ago on June 3, 2020By Olumide Adesina Moving averages, MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market

The Nigerian stock market extended its positive stance into the third trading session, as the All Share Index (ASI) rose marginally by 0.10 % to settle at 25,407.96 basis points, pegging Year-to-Date return at -5.33% while the market capitalization sits at N13.25 trillion.

A turnover of 353.32 million shares valued at N7.03 billion in 4,659 deals was recorded in today’s trading. FBNH was the most traded stock by volume at 50.2 million units, while NB topped by value at N2.02 billion.

 

Market breadth finished flat, with 19 gainers led by SKYEAVN (+9.66%) and PRESCO (+9.04%), while 19 stocks declined, topped by PZ (-9.43%).

Analyzing by sectors, the Insurance index recorded 0.05% increase as LASACO and AIICO gained +8.00% and +4.55% respectively, while losses recorded in ACCESS (-3.54%), UBA (-1.47%), GUINNESS (-5.00%), and WAPCO (-0.87%) closed the Banking, Consumer Goods and Industrial indices by -0.58%, -0.38% and -0.16% respectively. The Oil and Gas index remained flat.

(READ MORE:Why Nigeria’s banking stocks performed well in May)

GTBank 728 x 90

Top gainers 

SKYAVN up 9.66% to close at N2.27; PRESCO up 9.04% to close at N45.25; ETI up 7.77% to close at N5.55; STANBIC up 2.15% to close at N33.2; and MTNN up 1.29% to close at N118.

MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market 

 

Top losers 

PZ down 9.43% to close at N4.8; CILEASING down 9.35% to close at N4.85; UACN down  8.33% to close at N7.7; GUINNESS down 5.00% to close at N19; and DANGCEM down 0.35% to close at N140.5.

Outlook 

The bullish momentum continued for the third day, passing the market capitalization resistance level of N13 trillion, triggered by favorable macro fundamentals as the price of crude gained past $40 a barrel.

app

Nairametrics recommends you seek counsel from a certified financial advisor when buying stocks.

 

Related

Nigerian banking stocks remain most liquid stocks, as investors gain N25.1 billion

June 1, 2020

In "Markets"

Nigerian stocks are on a 8 day winning streak

May 6, 2020

In "Business News"

Dangote, Mobil, BUA, Zenith, GTbank win a home run at Nigerian stock market

May 21, 2020

In "Markets"

 

RELATED TOPICS:STANBICSTANBIC 9M 2019 RESULTSSTOCK MARKET

Olumide AdesinaOlumide Adesina a French-born Nigerian, is an Investment Professional at Nairametrics Financial Advocates, owners of Nairametrics.com. Olumide Adesina is a certified Investment trader, with more than 14 years of working experience. His work experience covers trading commodity derivatives and analysis of global equities, currencies, commodities, cryptocurrencies, and Fixed Income instruments. A member of the Chartered Financial Analyst Society. You can follow Olumide on twitter @tokunboadesina and email via olumide.adesina@nairametrics.com.CLICK TO COMMENT

BUSINESS NEWSBitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market

Bitcoin rose above $10,000 for the first time in six weeks in a move that seems to show a bullish momentum has the $10,000 resistance mark been broken.  

Published 10 hours ago on June 3, 2020By Olumide Adesina Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market

Some hours ago, Bitcoin rose above $10,000 for the first time in six weeks in a move that seems to show a bullish momentum as the $10,000 resistance mark been broken.

However, during the rally, over $100 million worth of Bitcoin short positions were liquidated as Bitcoin plunged by nearly $1,500 in less than 3 minutes, before rebounding to around $9,458. Bitcoin is trading at $9,540 4 am local time.

 

Bitcoin’s plunge was bad news for the bulls. By falling back below the $10,000 psychological support, it has shown a likely downward trend as investors start to close their positions.

According to data retrieved from crypto derivatives platform, Skew.com, an approximate $96 million worth of long positions were wiped with this lower move. This is lower than the $125 million liquidation event that took place when BTC took out $10,000 yesterday, suggesting that the market was leaning to such a trend.

(READ MORE:Tether, the most promising stable coin, now the third most valuable cryptocurrency)

GTBank 728 x 90

Things you need to understand about Bitcoin’s volatility

The price of Bitcoin is?so volatile?because of its high use for financial gain by investors and crypto traders. As such, individuals and hedge funds sell and buy Bitcoins?like they would do for any other financial asset (Stocks, bonds) with regulatory limitations.

Bears extend reign to crypto market, drops by about 50%, Answering the big Bitcoin question - buy, sell or hold?, Why cryptocurrencies are falling lately, Nigerians passion for bitcoin, Bulls push Bitcoin pass $7200 level, Bitcoin breaks past $7500 for the first time since early March, Nigerians Beware Of Bitcoin Fraudsters, Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market 

One of the key biases touted by Bitcoin bears is that Bitcoin remains below the key resistance of $10,500 and has refused to break that mark since early 2020.

$10,500 is the level at which the bitcoin price was rejected during two crucial rallies over the past 12 months.

The fact that BTC has made successive takes at the level without breaking past it suggests that the crypto market is still situated in a downtrend. 

app

(READ MORE:Electroneum, a Cryptocurrency, to launch electricity Top-Ups in Nigeria)

Robert Sluymer of Fundstrat Global Advisors, for instance, recently commented on the importance of the level. He said:

“Next directional move on tap for BTC’s as bull-bear convictions are about to be tested. Bears can point to the downtrend at 10-10.5K. Bulls have the long-term uptrend (200-week SMA) at their back and the past week’s resilience as BTC’s quickly rebounded from its 200-DMA.”

 

 

CONTINUE READINGMARKETSNaira weakens against the dollar by 1.14% amid market uncertainty

The reopening of the economy is expected to put additional pressure on the naira as more businesses try to meet up with accumulated obligations.

Published 11 hours ago on June 3, 2020By Chike Olisah Central Bank Continues intervention in Forex market to stabilize Naira, Naira to depreciate slightly over $1.52 billion maturing contracts expires, Naira hits N388.84 to $1 at the currency spot market, Investors and Exporters (I&E) window, Naira weakens against the dollar by 1.14% amidst uncertainty

The naira was weakened at the parallel market on Monday, thereby depreciating against the dollar. This is the first depreciation of the naira in about two weeks, after four consecutive rounds of appreciation against the dollar.

According to information obtained from Abokifx, the naira depreciated to N445 to a dollar on Monday, June 2, 2020. This shows a loss of N5 (or 1.14% decline) when compared to the N440 to a dollar that was recorded last week Friday.

 

The local currency was weakened at the parallel market following the announcement of the resumption of domestic flight operations on June 21, 2020, by the Federal Government. The uncertainty resulting from the delayed resumption of sales of dollars to the Bureau De Change (BDC) operators also contributed.

In a related development, the local currency was stable at the Investors and Exporters (I&E) window, having recorded no movement. The naira exchanged at N385.50 to a dollar on Monday, June 2, 2020, which was the same rate it ended with on Friday last week. This came against the backdrop of a marginal increase in the daily turnover to $34.35 million at the I&E window, marking an increase of $2.95 million when compared to the $31.40 million that was recorded the previous trading day. In other words, this represents a 9.4% increase in dollar supply to the window.

(READ MORE: Naira drops to N460 against dollar)

GTBank 728 x 90

Recall that on April 29, 2020, the Central Bank of Nigeria had announced the resumption of weekly sales of $100 million dollars for school fees and the Small and Medium Enterprises (SMEs), in order to help reduce the pressure on the naira in the foreign exchange market. To a large extent, this has helped to reduce pressure on the naira.

However, despite improvement in the price of crude oil around the world and its positive effect on the country’s foreign exchange earnings, the reopening of the economy is expected to put more pressure on the naira as more businesses try to meet up with accumulated obligations.

 

CONTINUE READINGCRYPTOCURRENCYNigeria holds the aces in the peer to peer use of Bitcoin

Nigeria leads the pack in the peer to peer use of bitcoin in African continent with more than $35 million, while the closest rival, South Africa

Published 11 hours ago on June 3, 2020By Olumide Adesina Bitcoin has halved, what happens next?, Naira should watch out; Nigeria leads in the peer to peer use of Bitcoin than all African countries combined

Nigerians’ use of Bitcoin in the past month has surged exponentially, as the use of Bitcoin for peer to peer lending in the country recorded a feat.

Recent statistics showed that Nigeria led the pack with more than $35 million, while the closest rival, South Africa, had a transactional value of just $7 million during the last thirty days, according to usefultulips (a Bitcoin analytic data provider).

 

READ ALSO: Hedge funds, institutional investors rush to own stakes in Bitcoin

Among the top countries in the last 30 days leading in peer to peer Bitcoin transactional trades on the African continent are:

Nigeria – $35, 147, 166

GTBank 728 x 90

South Africa – $7, 130, 711

Kenya – $6, 904, 750

Ghana – $4, 007,376

Central African Republic – $336, 579

Tanzania – $220, 463

app

In addition the report showed that Nigeria’s transactional value of Bitcoin’s peer to peer lending outsized all African countries totaling ($18, 599, 579) 

What you should know: In Bitcoin’s case, Peer to peer is the exchanging of Bitcoins between parties (such as individuals) without the involvement of a central authority.

(READ MORE:A mysterious Bitcoin Whale causes brief panic sell-offs at Bitcoin’s Market)

This means peer to peer use of Bitcoin takes a decentralized approach in the exchange of Bitcoins  between individuals and groups.

It shows that Bitcoin’s long-running narrative as the “digital gold” for hedging against global economic turmoil is gaining the trust of Nigerians for payments and transfers.

The financial market turmoil triggered by COVID-19 has definitely changed the way Nigerians view the whole financial system as data also obtained from Google trend shows Nigeria leading the pack around the world in Bitcoin searches. This is a testament to the fact that Nigerians truly love their Bitcoin. 

 

CONTINUE READINGADVERTISEMENT

Wealth.ng

ADVERTISEMENT 

 ADVERTISEMENT

Patricia

ADVERTISEMENT

devland

ADVERTISEMENT

financial calculator

LATEST TRENDINGMoving averages, MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market

MARKETS1 min agoMTN, Stanbic IBTC lead Nigerian stocks in a hat trickOPEC+

AROUND THE WORLD6 hours agoWho will ruin the OPEC+ party?CONSUMERS|UACN: Weak operating performance, UAC of Nigeria Plc. Announces Annual General Meeting

BUSINESS NEWS6 hours agoUAC of Nigeria Plc. Announces Annual General MeetingADVERTISEMENT

app

ADVERTISEMENT 

 

Nairametrics   

ABOUT US TEAM NAIRAMETRICS CONTACT US CAREERS ANDRIOD APP IOS APP DISCLAIMER PRIVACY POLICY

Copyright © 2020

:)MTN, Stanbic IBTC lead Nigerian stocks in a hat trick

A turnover of 353.32 million shares valued at N7.03billion in 4,659 deals was recorded in today’s trading as FBNH was the most traded stock.

Published 1 min ago on June 3, 2020By Olumide Adesina Moving averages, MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market

The Nigerian stock market extended its positive stance into the third trading session, as the All Share Index (ASI) rose marginally by 0.10 % to settle at 25,407.96 basis points, pegging Year-to-Date return at -5.33% while the market capitalization sits at N13.25 trillion.

A turnover of 353.32 million shares valued at N7.03 billion in 4,659 deals was recorded in today’s trading. FBNH was the most traded stock by volume at 50.2 million units, while NB topped by value at N2.02 billion.

 

Market breadth finished flat, with 19 gainers led by SKYEAVN (+9.66%) and PRESCO (+9.04%), while 19 stocks declined, topped by PZ (-9.43%).

Analyzing by sectors, the Insurance index recorded 0.05% increase as LASACO and AIICO gained +8.00% and +4.55% respectively, while losses recorded in ACCESS (-3.54%), UBA (-1.47%), GUINNESS (-5.00%), and WAPCO (-0.87%) closed the Banking, Consumer Goods and Industrial indices by -0.58%, -0.38% and -0.16% respectively. The Oil and Gas index remained flat.

(READ MORE:Why Nigeria’s banking stocks performed well in May)

GTBank 728 x 90

Top gainers 

SKYAVN up 9.66% to close at N2.27; PRESCO up 9.04% to close at N45.25; ETI up 7.77% to close at N5.55; STANBIC up 2.15% to close at N33.2; and MTNN up 1.29% to close at N118.

MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market 

 

Top losers 

PZ down 9.43% to close at N4.8; CILEASING down 9.35% to close at N4.85; UACN down  8.33% to close at N7.7; GUINNESS down 5.00% to close at N19; and DANGCEM down 0.35% to close at N140.5.

Outlook 

The bullish momentum continued for the third day, passing the market capitalization resistance level of N13 trillion, triggered by favorable macro fundamentals as the price of crude gained past $40 a barrel.

app

Nairametrics recommends you seek counsel from a certified financial advisor when buying stocks.

 

Related

Nigerian banking stocks remain most liquid stocks, as investors gain N25.1 billion

June 1, 2020

In "Markets"

Nigerian stocks are on a 8 day winning streak

May 6, 2020

In "Business News"

Dangote, Mobil, BUA, Zenith, GTbank win a home run at Nigerian stock market

May 21, 2020

In "Markets"

 

RELATED TOPICS:STANBICSTANBIC 9M 2019 RESULTSSTOCK MARKET

Olumide AdesinaOlumide Adesina a French-born Nigerian, is an Investment Professional at Nairametrics Financial Advocates, owners of Nairametrics.com. Olumide Adesina is a certified Investment trader, with more than 14 years of working experience. His work experience covers trading commodity derivatives and analysis of global equities, currencies, commodities, cryptocurrencies, and Fixed Income instruments. A member of the Chartered Financial Analyst Society. You can follow Olumide on twitter @tokunboadesina and email via olumide.adesina@nairametrics.com.CLICK TO COMMENT

BUSINESS NEWSBitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market

Bitcoin rose above $10,000 for the first time in six weeks in a move that seems to show a bullish momentum has the $10,000 resistance mark been broken.  

Published 10 hours ago on June 3, 2020By Olumide Adesina Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market

Some hours ago, Bitcoin rose above $10,000 for the first time in six weeks in a move that seems to show a bullish momentum as the $10,000 resistance mark been broken.

However, during the rally, over $100 million worth of Bitcoin short positions were liquidated as Bitcoin plunged by nearly $1,500 in less than 3 minutes, before rebounding to around $9,458. Bitcoin is trading at $9,540 4 am local time.

 

Bitcoin’s plunge was bad news for the bulls. By falling back below the $10,000 psychological support, it has shown a likely downward trend as investors start to close their positions.

According to data retrieved from crypto derivatives platform, Skew.com, an approximate $96 million worth of long positions were wiped with this lower move. This is lower than the $125 million liquidation event that took place when BTC took out $10,000 yesterday, suggesting that the market was leaning to such a trend.

(READ MORE:Tether, the most promising stable coin, now the third most valuable cryptocurrency)

GTBank 728 x 90

Things you need to understand about Bitcoin’s volatility

The price of Bitcoin is?so volatile?because of its high use for financial gain by investors and crypto traders. As such, individuals and hedge funds sell and buy Bitcoins?like they would do for any other financial asset (Stocks, bonds) with regulatory limitations.

Bears extend reign to crypto market, drops by about 50%, Answering the big Bitcoin question - buy, sell or hold?, Why cryptocurrencies are falling lately, Nigerians passion for bitcoin, Bulls push Bitcoin pass $7200 level, Bitcoin breaks past $7500 for the first time since early March, Nigerians Beware Of Bitcoin Fraudsters, Bitcoin loses $1500 in 3 mins, pigs get slaughtered in BTC market 

One of the key biases touted by Bitcoin bears is that Bitcoin remains below the key resistance of $10,500 and has refused to break that mark since early 2020.

$10,500 is the level at which the bitcoin price was rejected during two crucial rallies over the past 12 months.

The fact that BTC has made successive takes at the level without breaking past it suggests that the crypto market is still situated in a downtrend. 

app

(READ MORE:Electroneum, a Cryptocurrency, to launch electricity Top-Ups in Nigeria)

Robert Sluymer of Fundstrat Global Advisors, for instance, recently commented on the importance of the level. He said:

“Next directional move on tap for BTC’s as bull-bear convictions are about to be tested. Bears can point to the downtrend at 10-10.5K. Bulls have the long-term uptrend (200-week SMA) at their back and the past week’s resilience as BTC’s quickly rebounded from its 200-DMA.”

 

 

CONTINUE READINGMARKETSNaira weakens against the dollar by 1.14% amid market uncertainty

The reopening of the economy is expected to put additional pressure on the naira as more businesses try to meet up with accumulated obligations.

Published 11 hours ago on June 3, 2020By Chike Olisah Central Bank Continues intervention in Forex market to stabilize Naira, Naira to depreciate slightly over $1.52 billion maturing contracts expires, Naira hits N388.84 to $1 at the currency spot market, Investors and Exporters (I&E) window, Naira weakens against the dollar by 1.14% amidst uncertainty

The naira was weakened at the parallel market on Monday, thereby depreciating against the dollar. This is the first depreciation of the naira in about two weeks, after four consecutive rounds of appreciation against the dollar.

According to information obtained from Abokifx, the naira depreciated to N445 to a dollar on Monday, June 2, 2020. This shows a loss of N5 (or 1.14% decline) when compared to the N440 to a dollar that was recorded last week Friday.

 

The local currency was weakened at the parallel market following the announcement of the resumption of domestic flight operations on June 21, 2020, by the Federal Government. The uncertainty resulting from the delayed resumption of sales of dollars to the Bureau De Change (BDC) operators also contributed.

In a related development, the local currency was stable at the Investors and Exporters (I&E) window, having recorded no movement. The naira exchanged at N385.50 to a dollar on Monday, June 2, 2020, which was the same rate it ended with on Friday last week. This came against the backdrop of a marginal increase in the daily turnover to $34.35 million at the I&E window, marking an increase of $2.95 million when compared to the $31.40 million that was recorded the previous trading day. In other words, this represents a 9.4% increase in dollar supply to the window.

(READ MORE: Naira drops to N460 against dollar)

GTBank 728 x 90

Recall that on April 29, 2020, the Central Bank of Nigeria had announced the resumption of weekly sales of $100 million dollars for school fees and the Small and Medium Enterprises (SMEs), in order to help reduce the pressure on the naira in the foreign exchange market. To a large extent, this has helped to reduce pressure on the naira.

However, despite improvement in the price of crude oil around the world and its positive effect on the country’s foreign exchange earnings, the reopening of the economy is expected to put more pressure on the naira as more businesses try to meet up with accumulated obligations.

 

CONTINUE READINGCRYPTOCURRENCYNigeria holds the aces in the peer to peer use of Bitcoin

Nigeria leads the pack in the peer to peer use of bitcoin in African continent with more than $35 million, while the closest rival, South Africa

Published 11 hours ago on June 3, 2020By Olumide Adesina Bitcoin has halved, what happens next?, Naira should watch out; Nigeria leads in the peer to peer use of Bitcoin than all African countries combined

Nigerians’ use of Bitcoin in the past month has surged exponentially, as the use of Bitcoin for peer to peer lending in the country recorded a feat.

Recent statistics showed that Nigeria led the pack with more than $35 million, while the closest rival, South Africa, had a transactional value of just $7 million during the last thirty days, according to usefultulips (a Bitcoin analytic data provider).

 

READ ALSO: Hedge funds, institutional investors rush to own stakes in Bitcoin

Among the top countries in the last 30 days leading in peer to peer Bitcoin transactional trades on the African continent are:

Nigeria – $35, 147, 166

GTBank 728 x 90

South Africa – $7, 130, 711

Kenya – $6, 904, 750

Ghana – $4, 007,376

Central African Republic – $336, 579

Tanzania – $220, 463

app

In addition the report showed that Nigeria’s transactional value of Bitcoin’s peer to peer lending outsized all African countries totaling ($18, 599, 579) 

What you should know: In Bitcoin’s case, Peer to peer is the exchanging of Bitcoins between parties (such as individuals) without the involvement of a central authority.

(READ MORE:A mysterious Bitcoin Whale causes brief panic sell-offs at Bitcoin’s Market)

This means peer to peer use of Bitcoin takes a decentralized approach in the exchange of Bitcoins  between individuals and groups.

It shows that Bitcoin’s long-running narrative as the “digital gold” for hedging against global economic turmoil is gaining the trust of Nigerians for payments and transfers.

The financial market turmoil triggered by COVID-19 has definitely changed the way Nigerians view the whole financial system as data also obtained from Google trend shows Nigeria leading the pack around the world in Bitcoin searches. This is a testament to the fact that Nigerians truly love their Bitcoin. 

 

CONTINUE READINGADVERTISEMENT

Wealth.ng

ADVERTISEMENT 

 ADVERTISEMENT

Patricia

ADVERTISEMENT

devland

ADVERTISEMENT

financial calculator

LATEST TRENDINGMoving averages, MTN, Stanbic lead Nigerian stocks to a hat trick at Nigerian Stock Market

MARKETS1 min agoMTN, Stanbic IBTC lead Nigerian stocks in a hat trickOPEC+

AROUND THE WORLD6 hours agoWho will ruin the OPEC+ party?CONSUMERS|UACN: Weak operating performance, UAC of Nigeria Plc. Announces Annual General Meeting

BUSINESS NEWS6 hours agoUAC of Nigeria Plc. Announces Annual General MeetingADVERTISEMENT

app

ADVERTISEMENT 

 

Nairametrics   

ABOUT US TEAM NAIRAMETRICS CONTACT US CAREERS ANDRIOD APP IOS APP DISCLAIMER PRIVACY POLICY

Copyright © 2020

:)