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GameStop Jumps 80 Percent on Friday on Track to Do 300 Percent in January 2021

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GameStop Jumps 80 Percent on Friday on Track to Do 300 Percent in January 2021

The stock price of GameStop, an American video game, consumer electronics, and gaming merchandise retailer headquartered in Grapevine, Texas, United States, jumped by almost 80 percent on Friday following the surge in short-sellers and amateur traders interest in the once struggling video company.

GameStop, whose 5,509 retail stores spread across the United States, Canada, Australia, New Zealand, and Europe as of February 1, 2020, struggled for sales during the lockdown. However, it has found interests in amateur retail traders that are predicting that the gradual reopening of the economy due to COVID-19 vaccine distribution would boost the company’s sales in 2021.

Operating mainly under the GameStop, EB Games, ThinkGeek, and Micromania-Zing brands, GameStop has gained 245 percent in 2021 alone and could do as much as 30 percent today in US premarket trading.

According to Kim Doo-yong, chief executive officer at Must Asset Management, a Korean hedge fund that invested in GameStop and had a 4.7 percent stake in the company as of April 2020, Must Asset management is now less bullish on GameStop due to its volatile and unpredictable nature.

“We have become less bullish and turned more neutral on GameStop,” Kim said in an interview with Bloomberg on Monday. “This stock will continue to be very volatile and unpredictable in the short term.”

He, however, said “We are still very positive about the new management at GameStop. We believe Ryan Cohen and his team can repeat the success he realized at Chewy.com.”

Ryan Cohen co-founder of Chewy.com that was sold for $3.35 billion in 2017 invested $76 million in GameStop, the amount has now risen by 400 percent to over $380 million, according to a SEC filing.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Nigerian Stock Exchange

Dangote Sugar Board of Directors Approves 2020 Audited Financial Statement

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1 day ago

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February 25, 2021

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Dangote Sugar Refinery Plc

Board of Directors Has Approved 2020 Audited Financial Statement for Dangote Sugar

The board of directors, Dangote Sugar Refinery Plc, has approved the Financial Statement for the period ended December 31, 2020.

The company disclosed in a statement filed with the Nigerian Stock Exchange on Thursday.

According to the statement signed by Mrs. Temitope Hassan FCIS, Company Secretary/Legal Adviser, Dangote Sugar, the board also recommended the declaration of dividends subject to the approval of shareholders at the Company’s Annual General Meeting to be held in due course.

It stated that “the Closed Period remains in force until 24 hours after the filing of the Financial Statements.

“No insider of the Company, including its Directors, Employees, Advisers and Consultants and their connected persons may deal directly or indirectly in the Shares of the Company during the Closed Period.”

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Stock Market

Refinitiv Partners With Nairobi Stock Exchange to Enhance Transparency of Secondary Fixed Income Market in Kenya

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2 days ago

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February 24, 2021

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Refinitiv Partners With Nairobi Stock Exchange to Enhance Transparency of Secondary Fixed Income Market in Kenya

 KENYA – Refinitiv partnered with the Nairobi Stock Exchange (NSE) to enhance Fixed Income (FI) price discovery and raise market transparency in Kenya.

As part of the partnership, the NSE will roll out Refinitiv Fixed Income Callouts in Kenya, an automated workflow that facilitates negotiations and agreements of secondary Fixed Income (FI) bond trading among banks, brokerage firms, and real-time integration with the Central Securities Depository (CSD).

The primary FI market has been steadily growing in Sub-Saharan Africa (SSA) as governments explore better access to financing. According to the 2020 Refinitiv investment banking review, SSA debt issuance totalled US$19.0 billion in 2020. With the increased accessibility to technology, electronic trading has emerged as a significant channel to the growth of a secondary FI market across the continent.

The deployment of Refinitiv’s solution will enable the NSE to benefit from an automated Over the Counter (OTC) FI workflow that is integrated in real time with both, the Securities Exchange and the CSD in Kenya.

Geoffrey Odundo, Chief Executive Officer, Nairobi Securities Exchange, said: “We are excited to be working with Refinitiv and the fixed income community to drive innovations in our market and adopt global best practices. Refinitiv’s trading workflow combined with NSE’s post-trade system will help us improve trade life cycle, reduce operational risks and encourage price discovery and transparency in the market.”

Nadim Najjar, Managing Director, Middle East and Africa, Refinitiv, said, “We are proud to partner with the NSE and the local regulators to foster transparency, latency and liquidity. Refinitiv Fixed Income Callouts will allow market participants to benefit from real-time price discovery across bonds and bills. The deployment will also facilitate collaboration among Kenyan banks, brokerage firms, and the CSD.”

“The Kenyan financial markets have seen significant growth over the past few years. This partnership reinforces our commitment to enable the local regulators and financial community with advanced technologies and workflows to achieve efficiency and growth. The adoption of Refinitiv Fixed Income Callouts will create an effective market infrastructure, build greater long-term confidence amongst investors, and ensure strong governance processes,” he added.

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Nigerian Stock Exchange

Stock Market Gains as AIICO, Zenith Bank, Flour Mills, Others Close in the Green

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2 days ago

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February 24, 2021

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stock bull

Stock Market Gains as AIICO, Zenith Bank, Flour Mills, Others Close in the Green

Nigerian Stock Exchange (NSE) closed in the green as stocks of AIICO, Livestock, Flour Mills, Zenith Bank and others closed strong.

Investors traded 337.955 million shares valued at N3.845 billion in 5,232 transactions during the trading hours of Tuesday.

The market value of listed equities grew by N5 billion from N21.009 trillion on Monday to N21.014 trillion on Tuesday while the NSE All-Share Index gained 0.03 percent from 40,154.09 index points recorded on Monday to 40,164.86 index points.

FBNH led the most trade stocks with 64,588,247 shares valued at N471,801,052.30 as shown below.

Top Trades

Symbols Volume Value
FBNH 64,588,247 N471,801,052.30
ZENITHBANK 52,673,009 N1,341,206,505.80
TRANSCORP 41,987,880 N38,118,654.63
UCAP 20,968,270 N128,224,244.12
UBA 18,146,830 N153,239,636.30

Top Losers

Symbols Last Close Current Change %Change
SUNUASSUR N0.81 N0.73 -0.08 -9.88%
LASACO N1.52 N1.37 -0.15 -9.87%
AFRIPRUD N6.6 N5.95 -0.65 -9.85%
ABCTRANS N0.35 N0.32 -0.03 -8.57%
UPL N1.29 N1.18 -0.11 -8.53%

Top Gainers

Symbols Last Close Current Change %Change
AIICO N1.12 N1.2 0.08 7.14%
LIVESTOCK N2.1 N2.25 0.15 7.14%
FLOURMILL N29.2 N31 1.8 6.16%
ZENITHBANK N24.8 N26 1.2 4.84%
CUTIX N2.15 N2.25 0.1 4.65%

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