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Jeff Bezos Topples Elon Musk as Experts Predict Tesla’s Doom

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Tesla earnings

Jeff Bezos Topples Elon Musk as Experts Predict Tesla’s Doom

Outspoken billionaire and the Chief Executive Officer of Tesla Inc, Elon Musk, is no longer the richest man in the world after Jeff Bezos, the Chief Executive Officer and co-founder of Amazon, surpassed him on Wednesday.

Jeff Bezos’ net worth stood at $191 billion despite declining by $884 million this year so far. While Musk’s net worth declined by $4.58 billion in the last 24 hours after experts said Tesla’s stock could plunge to as low as $100 per share in 2021.

Elon Musk’s net worth stood at $190 billion as at the close of business on Wednesday even though he has gained $20.5 billion this year alone.

Michael Burry, a big short investor, that has criticised the craziness of stocks like Tesla, GameStop and even Bitcoin in recent weeks had taken to his Twitter account to dismiss general consensus among what seems like a cult following behind Tesla bullish run that any plunge in Tesla stock price below $100 per share could crash the system.

He said “$TSLA below $100/share by later this year will not crash the system. There is no reflexivity in such a fall,” he continued, dismissing the risk of a positive feedback loop where investors lose confidence and hoard their money, hurting the economy and scaring investors even more.

He, however, explained that it would put an end to a certain type of investment. “But it would trigger the end of an era for a certain type of investing,” Burry added.

The comments echo his recent criticism of speculative betting on Tesla, bitcoin, and GameStop, and his warning of “dangerous” bubbles in markets last week.

Burry, like other global experts, has criticised and described Tesla as an overpriced stock that could result in a huge bubble.

Tesla shares fell 2.4 percent before rebounding.

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

Stock Investors Gained N25 Billion on Wednesday

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Stock bull - Investors King

Investors that invested in the Nigerian Exchange Limited (NGX) gained N25 billion on Wednesday as more stocks closed in the green.

Investors traded 141,407,914 shares valued at N2.973 billion in 3,079 transactions during the trading hours of Wednesday, contrast to 228,479,010 shares valued at N1.879 billion that exchanged hands in 3,376 deals on Tuesday.

Market value grew by N25 billion from N20.278 trillion it closed on Tuesday to N20.303 trillion on Wednesday,  while the NGX All-Share Index appreciated by 0.12 percent to 38,968.34 index points, up from 38,920.5 index points.

UPDC Plc led gainers for second consecutive day with N0.16 or 9.64 percent to close at N1.82 per share. While N Nig. Flour Mills Plc followed with N0.70 or 9.59 percent to settle at N8 a unit. See the details below.

Top Gainers 

Symbols Last Close Current Change %Change
UPDC N 1.66 N 1.82 0.16 9.64 %
NNFM N 7.30 N 8.00 0.70 9.59 %
OANDO N 4.35 N 4.62 0.27 6.21 %
LEARNAFRCA N 1.36 N 1.44 0.08 5.88 %
HONYFLOUR N 3.92 N 4.07 0.15 3.83 %

Top Losers 

Symbols Last Close Current Change %Change
TRANSCOHOT N 5.00 N 4.50 -0.50 -10.00 %
CHIPLC N 0.53 N 0.48 -0.05 -9.43 %
PRESTIGE N 0.48 N 0.44 -0.04 -8.33 %
CHAMPION N 2.08 N 1.91 -0.17 -8.17 %
LASACO N 1.30 N 1.20 -0.10 -7.69 %

Top Trades

Symbols Volume Value
UNIVINSURE 17987052.00 3597410.40
ZENITHBANK 9711718.00 229355692.90
UCAP 9341841.00 76221425.25
TRANSCORP 9082603.00 8286258.24
ACCESS 9023766.00 83787940.10

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Bonds

Investors Oversubscribed for Access Bank US$500 Million Senior Unsecured Eurobond

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Eurobonds - Investorsking

Access Bank Plc strong financial position has continued to attract global investors to the bank’s financial instruments despite the ongoing global challenges and limitations.

Investors oversubscribed for the bank’s $500 million Senior Unsecured Eurobond issued under Access Bank’s $1.5 billion Global Medium-Term Note Programme. The lender offering received over three times oversubscribed orderbook of over $1.6 billion, the largest orderbook for a Nigerian bank Eurobond.

According to a statement signed by Sunday Ekwochi, the bank’s secretary and seen by Investors King the fund will help enhance the capacity of the Bank to support its general banking process and provide medium term funding for the lender.

The Senior Eurobond is a 5-year unsecured note (144A/RegS) is listed on London Stock Exchange and it will mature in September 2026 with a yield and coupon rate of 6.12 percent. The interest is payable semi-annually in arrears.

Speaking on the success of the Eurobond, Herbert Wigwe, Group Managing Director, said: “At Access Bank we remain committed to our vision to become the World’s Most Respected African Bank and Africa’s Gateway to the World. The success of our USS500 milion Senior Unsecured Eurobond is yet another stride towards the realisation of that vision and underscores our investors confidence in the Access Bank story. We are pleased with the diversity of the order book and the success of this issuance further strengthens our resolve to deliver on our strategic objectives”.

Absa, Barclays Bank, JP Morgan and Standard Chartered acted as Joint Bookrunners on the transaction; and Chapel Hll Denham and Rand Merchant Bank acted as Financial Advisors and Joint Bookrunners.

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Nigerian Stock Exchange

Nigerian Exchange Limited Closes Slightly in Green on Tuesday Following Weeks of Bearish Trend

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Nigerian Exchange Limited - Investors King

The Nigerian Exchange Limited (NGX) rebounded slightly from bearish trends on Tuesday as investors gained N2 billion after weeks of trading in the red.

Market value of all stocks rose to N20.278 trillion on Tuesday, up by N2 billion from N20.276 trillion recorded on Monday. While the NGX All-Share Index gained 0.01 to close at 38,920.5 index points from 38,915.62 index points it settled on Monday.

Investors transacted 228,479,010 shares valued at N1.879 billion in 3,376 deals during the trading hours of Tuesday, against 201,103,282 shares worth N2.526 billion that exchanged hands in 3,340 transactions on Monday.

UPDC Plc led gainers with N0.15 or 9.93 percent to close the day at N1.66 a share while Academy Press Plc followed with N0.03 or 8.33 gain to settle at N0.39 a unit.

Investors renewed interest in Wema Bank as a total of 46,760,667.00 shares valued at N35,973,004.78 were traded during on Tuesday. Access Bank came second with 28239839.00 shares worth N263,494,888.05

Top Gainers

Symbols Last Close Current Change %Change
UPDC N 1.51 N 1.66 0.15 9.93 %
ACADEMY N 0.36 N 0.39 0.03 8.33 %
COURTVILLE N 0.27 N 0.29 0.02 7.41 %
VITAFOAM N 16.75 N 17.40 0.65 3.88 %
LIVESTOCK N 2.08 N 2.14 0.06 2.88 %

Top Losers 

Symbols Last Close Current Change %Change
SOVRENINS N 0.27 N 0.25 -0.02 -7.41 %
UPL N 1.09 N 1.02 -0.07 -6.42 %
REGALINS N 0.48 N 0.45 -0.03 -6.25 %
UACN N 10.30 N 9.80 -0.50 -4.85 %
CHAMS N 0.22 N 0.21 -0.01 -4.55 %

Top Trades

Symbols Volume Value
WEMABANK 46760667.00 35973004.78
ACCESS 28239839.00 263494888.05
UBA 17767249.00 135078503.15
MBENEFIT 17243869.00 4879080.30
FIDELITYBK 14799631.00 36065747.39

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