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You Need to be Elon Cool and Buffet Savvy to Grow Your Wealth: deVere CEO

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Elon Musk's SpaceX Raised $850 million at $74 billion valuation

Elon Musk has democratised the stock market but to seriously grow your wealth you need both Elon’s cool and Warren Buffet’s old-school savvy, warns the CEO of one of the world’s largest independent financial advisory and fintech organisations.

The warning from Nigel Green, the deVere Group CEO and founder, comes as the surge in day-trading frenzies, triggered by so-called ‘activist investors’ on social media platforms and online forums like Reddit urging others to invest their cash into unloved stocks, appears to be fizzling out.

Many of these so-called ‘meme stocks’ jumped exorbitantly on the back of these small-scale investments. However, platforms that facilitated this are reporting a flatlining of the ‘movement.’

Mr Green says: “The first quarter of 2021 was a crazy ride in stock markets, and this was driven by online investment communities who adore the likes of the billionaire electric vehicle and space travel entrepreneur Elon Musk, amongst others.

“He’s successfully pitched himself as being both a future first, counterculture activist and part of the establishment. Small-scale day-traders can’t get enough of it and hang off his every word.

“In many respects, this is a good thing. His immense global influence has brought into focus the huge benefits of investing to millions, many of whom would have ordinarily baulked at the idea of putting their money into the hands of Wall Street traders.

“In this way, Elon has helped democratise the stock market.”

He continues: “I believe whilst the mass hype and hysteria might be fading, this phenomenon of retail investors acting as a collective and led by social media and celebrity investors, is here to stay.

“Moving forward, they are likely to be as influential as major hedge funds in moving markets.”

Mr Green goes on to say: “However, as we’re now seeing, many of these small-scale investors – typically inexperienced, younger people who might not necessarily have the financial resources to be resilient against usually highly speculative and volatile investments – are playing a potentially hugely costly game.

“I would urge them to adopt the cool of Elon Musk and the savvy of Warren Buffet.

“Elon can spot future trends like very few others, focuses on sustainability, has utter conviction, takes risks, and is a master at harnessing the power of social media for business.

“Meanwhile, Warren’s focus is on time-honoured fundamentals including diversification, cash flow and profitability.

“The instincts and skillsets of both these mega investors combined will be a powerful strategy for any investor.”

Last month, the deVere CEO noted: “If you do want the thrill or novelty of chasing big gains, you really should ensure that you have a sound, diversified, long-term plan beforehand.

“There’s a major difference between investing and gambling.”

Nigel Green concludes: “The stock market is becoming ever-more democratised. This is a good thing.

“But the leaders of this new era must exercise responsibility and investors must exercise caution.

“The future of investment is this fine line between forward-thinking drive and old-fashioned principles – and it underscores that nothing can help you create, grow and safeguard your wealth, like quality advice.”

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.

Dividends

GTBank Approves N79.464 billion Final Dividend for 2020 Financial Year

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Shareholders of Guaranty Trust Bank Plc, a leading financial institution in Nigeria, have approved the payment of N79,464,186,000 as the final dividend from the N201.4 billion profit after tax recorded for the financial year ended December 31, 2020.

At the bank’s thirty-first Annual General Meeting held on Friday, April 9, 2021 at the Oriental Hotel in Victoria Island in Lagos, shareholders received and passed final dividend of N2.70k per 50 ordinary share for the 2020 financial year. Bringing the total dividend paid to shareholders for the 2020 financial year to N3.00k per ordinary share of 50 kobo each.

In the year under review, the leading financial institution realised N253.668 billion net interest income in the year under review, up from N231.363 billion achieved in 2019.

Commenting on 2020 financial year, Segun Agbaje, the Managing Director and Chief Executive Officer, GTBank, said “2020 was arguably the most challenging year that the world has faced in decades. In such unprecedented times, we sought to live out the full extent of our values; safeguarding lives and livelihoods for our people, our customers and across the communities where we operate.”

“We were on solid footing going into 2020; the strength, scale and liquidity of our balance sheet, coupled with the quality of our past decisions and the efficacy of our digital-first customer-centric strategy gave us the resilience and flexibility to navigate the economic shocks and market volatility that dominated the year.”

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Dividends

Jaiz Bank Proposes N0.03k as Final Dividend in 2020

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Jaiz Bank

Jaiz Bank Plc, a non-interest bank operating under Islamic banking principles in Nigeria, has proposed N0.03k per 50k ordinary share for the financial year ended December 31, 2020.

The amount is subject to appropriate withholding tax and approval will be paid to shareholders whose names appear in the Register of Members as at the close of business on June 10, 2021.

Jaiz Bank said the Register of Shareholders will be closed from Friday June 11, 2021 to Friday June 18, 2021.

It said the qualification date is June 10, 2021 but the payment date will be announced later.

However, shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation For, from the company’s Registrar’s website at https://africaprudential.com/forms-offers/, complete and submit to the Registrar or their respective Banks.

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Nigerian Stock Exchange

Hallmark Insurance, Japaul Gold Lead Gainers as Equities Market Closed in Green

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Consolidated Hallmark Insurance Plc and Japaul Gold led gainers on Thursday as the Nigerian Stock Exchange closed in the green.

Investors exchanged 145.332 million shares valued at N1.576 billion in 3,525 transactions during the trading hours of Thursday.

Market value of listed equities inched slightly higher to N20.300 trillion while the Nigerian Stock Exchange All-Share Index gained 0.07 percent to 38,799.83 index points.

Banks’ stocks led the most traded stocks with First Bank of Nigeria Holdings leading with 21,851,331 shares valued at N157,179,233.85. This was followed by GTBank’s 20,500,310 shares estimated at N589,173,071.90. See the details below.

Top Trades

Symbols Volume Value
FBNH 21,851,331 N157,179,233.85
GUARANTY 20,500,310 N589,173,071.90
ZENITHBANK 17,584,133 N379,878,208.55
ACCESS 8,596,059 N68,887,206.60
JAPAULGOLD 7,580,118 N4,339,371.64

Top Gainers

Symbols Last Close Current Change %Change
CHIPLC N0.31 N0.34 0.03 9.68%
JAPAULGOLD N0.53 N0.58 0.05 9.43%
OANDO N3.1 N3.26 0.16 5.16%
AIICO N1.2 N1.26 0.06 5.00%
ZENITHBANK N21 N21.8 0.8 3.81%

Top Losers

Symbols Last Close Current Change %Change
ROYALEX N0.39 N0.36 -0.03 -7.69%
JAIZBANK N0.66 N0.62 -0.04 -6.06%
HONYFLOUR N1.19 N1.13 -0.06 -5.04%
LINKASSURE N0.84 N0.8 -0.04 -4.76%
DAARCOMM N0.21 N0.2 -0.01 -4.76%

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