Connect with us

Stock Market

Traders Shun Cryptocurrency Market As Focus Turns Back To GameStop, AMC Short Squeeze

Published

on

GameStop - Investorsking

The cryptocurrency market remained muted late Thursday as the focus returned to so-called meme stocks and associated short squeezes.

Bitcoin (BTC), the largest cryptocurrency by market capitalization, traded 2.09 percent higher at $36,233.57 at press time over a 24-hour period. The apex coin is down 11.61 percent in a seven-day trailing period.

Ethereum (ETH), the number two coin in terms of market cap, was up 2.34 percent at $2,506.98 over a 24-hour period. In a seven-day period, ETH has fallen 8.78 percent.

The cryptocurrency market cap as a whole stood at $1.57 trillion at press time.

On Thursday, AMC Entertainment Holding Inc (NASDAQ:AMC) shares spiked 35.58 percent to $26.52 in the regular session. This is the fourth straight day of AMC shares moving up with the shares locking in 120 percent gains.

The appreciation in AMC is making short-sellers bleed and has cost them $634 million in losses, as per S3 partners.

Other meme stocks that have spiked recently include Blackberry Ltd (NYSE:BB), which ended the regular session 5.61 percent higher at $9.97 on Thursday and appreciated another 3.01 percent to $10.27 in after-hours trading. At press time BB is up by 4.31 percent pre-trading hour of Friday.

GameStop Corporation (NYSE:GME) was also in the green on Thursday rising 4.77 percent to $254.13 in regular trading. On the same day, another retail favorite, Nokia Oyj (NYSE:NOK) gained 2.42 percent to end the regular session at $5.07.

Meme cryptocurrencies on the other hand have largely been lackluster. Dogecoin (DOGE) traded 8.35 percent lower at $0.31 at press time. The Shiba Inu-themed coin declined 15.99 percent in a seven-day trailing period.

On Thursday, DOGE co-creator Billy Markus in a Twitter exchange with Gokhshtein Media founder David Gokhshtein called for AMC Entertainment to accept DOGE.

Continue Reading
Comments

Stock Market

Google’s Shares Surge Over 5% as AI Model Gemini Challenges Industry Norms

Project Gemini Set to Propel Google into Intense AI Competition

Published

on

A logo is pictured at Google's European Engineering Center in Zurich

Google shares experienced a 5% boost on Thursday following the announcement of the company’s latest artificial intelligence model, Gemini.

The surge marks the most favorable day for Google’s stock since August 29, positioning the tech giant to compete fiercely with AI models from industry heavyweights OpenAI, Microsoft, and Meta.

Project Gemini, unveiled on Wednesday, represents Google’s leap into the realm of advanced artificial intelligence.

The model, designed to emulate human-like behavior, is expected to fuel discussions about the potential benefits and risks associated with this cutting-edge technology.

While Google chose not to disclose Gemini’s parameter count, a key measure of model complexity, a white paper published on December 6 highlighted the superior performance of Gemini’s most capable version over GPT-4 in assessments like multiple-choice exams and grade-school math.

Despite this success, Google acknowledged the ongoing challenges in enabling AI models to attain higher-level reasoning skills.

Analysts from Wells Fargo’s trading desk noted that Gemini’s announcement should dispel concerns about Google’s position in AI, causing a positive response in the market.

However, questions lingered about Google’s monetization strategy for Gemini, emphasizing the need for the tech giant to prove its sustained relevance.

JPMorgan analysts expressed encouragement for Google’s strides in this significant technological shift but anticipate potential pushback due to uncertainties around Gemini’s monetization path in Search.

As Gemini enters the arena, the AI competition, marked by escalating rivalries with OpenAI and Microsoft, is set to intensify.

Continue Reading

Nigerian Exchange Limited

Nigerian Exchange Sustains Bullish Momentum, Adds N305bn to Investors’ Wealth

Published

on

stock - Investors King

The Nigerian Exchange Limited (NGX) continued its bullish run on Wednesday as investors gained N305 billion.

The Exchange has now gained N471 billion in the last two trading sessions following a N259 billion decline recorded on Monday due to the plunge in the value of some medium-cap stocks.

At the close of trading on Wednesday, the All-Share Index and market capitalization rose by 0.78% to 71,808.64 and N39.294 trillion, respectively.

The year-to-date gains of the index rose to 40.11%.

A total of 34 stocks closed in the green against 22 that closed in the red as a total of 121 stocks exchanged hands during the day.

This positive momentum was primarily driven by share price appreciation from top gainers, including Thomas Wyatt (9.93%), FBN Holdings (9.91%), Multiverse (9.90%), Ecobank Transnational Incorporated (9.88%), and Infinity Trust Mortgage Bank (9.70%).

However, some stocks experienced losses, including Axa Mansard Insurance, Guinea Insurance, and Oando Plc, with share dips of 9.69%, 9.68%, and 9.13%, respectively.

Sectorial performances varied with NGX Insurance, NGX Consumer Goods, and NGX Industrial Goods indices recording losses, while the Oil/Gas sector reported a lull performance.

Notably, tier I banking stocks fueled the Banking sector to a substantial 5.01% gain, with GTCO, United Bank for Africa, AccessCorp, and Zenith Bank leading in volume and value, contributing to the overall market bullishness.

Positive trading activity continued, with a 19.90% increase in total deals, 59.15% rise in volume, and an 8.88% uptick in value, totaling 8,412 deals, 690.01 million units, valued at N12.10 billion.

GTCO emerged as the most actively traded security in terms of volume and value, with 76.70 million units worth N3.04 billion exchanged in 260 deals.

Continue Reading

Nigerian Exchange Limited

Global Markets Face Headwinds as European Equities Drop Amid Economic Concerns

Published

on

financial markets

European equity experienced a decline following losses in Asian shares, the pressure created by weak oil prices and growing apprehensions about China’s economic outlook.

The Euro Stoxx 50 contract fell by 0.5%, mirroring a broader trend of cautiousness in the markets.

The drop in Asian stocks from Hong Kong to mainland China and Australia followed a third consecutive daily decline for the S&P 500 and contributed to a general atmosphere of market uncertainty.

Treasury yields rose after a previous drop, with the 10-year note experiencing its lowest levels since August.

The shift in sentiment was evident in a seven-basis-point jump, in tandem with a selloff in Japanese sovereign debt.

Energy producers faced declines due to oil reaching its lowest point since June amid oversupply concerns.

Also, Moody’s Investors Service’s downgrade of its outlook on several Chinese companies, coupled with worries about the nation’s debt burden, contributed to equity weakness.

A surprise contraction in China’s imports in November further fueled concerns about the economic slowdown.

Investors are now eyeing Friday’s US jobs report following private payrolls data that fell short of estimates, indicating potential softening in the employment market.

Meanwhile, oil stabilized after a five-day losing streak, and focus is on the upcoming OPEC+ production plans.

The dollar remained relatively steady against major currencies, and as markets await the Federal Reserve’s meeting next week, there is anticipation regarding potential shifts in market expectations based on quarterly forecasts.

In corporate news, Apple Inc. is preparing for new models and upgrades, aiming to reverse declining sales, while Advanced Micro Devices Inc. targets the artificial intelligence market dominated by Nvidia Corp.

Gold extended gains and bitcoin traded below $44,000, a level not seen since June last year.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending