Apple shares hit a new record on Friday, with its stock up more than 1% and trading at over $160. This happened after Bloomberg made a report that the company is starting to fast track plans to launch its new, self-driving vehicle.
The full report made by Bloomberg News mentioned that the tech giant is internally positioning itself for a 2025 deadline for the production of the self-driving car.
The company’s decision to enter into the electric vehicle production space could very well position the company for proper competition with established EV (Electric Vehicle) makers Tesla, as well as newcomers Rivian and Lucid Motors. Apple could also compete with the traditional automobile makers which are gradually moving away from the usage of fossil fuels.
EV stocks have seen a surge in recent months, as more investors and mere consumers start to look out for which company ends up as the next Tesla.
Last week, Rivian went public in one of the biggest IPOs 2021 has seen so far, quickly moving past the market cap of automobile giants Ford and General Motors. Shares of both Rivian and Lucid (which went public by virtue of a special purpose acquisition company back in July) have been unstable throughout this week.
The potential entry of Apple – famously known for its electronic gadgets – into the autonomous vehicle industry has been a topic of discussion for a long time. Following the Bloomberg story, Morgan Stanley released two notes and analyst Katy Huberty wrote in one of them that it’s the very first press report that includes a large number of data points sourced to insiders at Apple.
While automobile products are a completely new venture for the company, the track record which the company has in penetrating new markets could be foreshadowing success in the future.
The company’s stock has risen 21% this year, taking its market cap beyond the $2.5 trillion mark.
A Satisfactory Bond Auction for the DMO
DMO offered N225bn but raised N229.2bn through re-openings of the 2025, 2032 and 2037 FGN bonds
The DMO held its monthly auction of FGN bonds on Monday (19 September ’22). It offered N225bn but raised N229.2bn (competitive allotment only) through re-openings of the 2025, 2032 and 2037 FGN bonds. The participation level was slightly lower when compared to the auction held in August.
The bid-to-cover ratio for September stood at 1.1x compared to 1.2x in August. The DMO secured a total bid of N246.4bn (USD564m) at the auction. The bids for the 3, 10 and 15-year benchmarks were allotted at the marginal rates of 13.5% (previously; 12.5%), 13.8% (previously; 13.5%) and 14.5% respectively.
The demand at this auction is partly driven by expected inflows of N166bn in coupon payments later this month as well as, improved system liquidity primarily driven by inflows of N185.8bn in FGN bond coupon payments in the first three weeks of September.
Coronation Merchant Bank’s economic research team note that market liquidity stood at a surplus of N28.3bn on Monday (20 September ‘22). Overnight and repo rates closed within a range of 9 – 11%.
The DMO had set out to raise N1.8trn through FGN bonds by end-Q3 ’22. However, yearto-date, it has raised N2.3trn, exceeding its target by 15% or N268bn. Considering the sale of other debt instruments such as NTBs and savings bonds, the DMO is on track pro rata to meet or exceed its domestic borrowing target (N3.53trn) for the year.
According to the DMO’s latest public debt report, total domestic debt increased by 5% q/q and 20.6% y/y to N26.2trn as at Q2. The increase can be partly attributed to increases in FGN bonds (6.7% q/q), NTBs (2.2% q/q) and FGN Savings bond (15.2% q/q).
FGN bonds accounted for 72.5% of total domestic borrowings in Q2. We maintain our view that the FGN is likely to depend on domestic borrowing to meet its fiscal deficit due to unfavourable external conditions.
Coronation Merchant Bank’s economic research team see mid-curve FGN bond yields around 13.0 – 14.0% and yields at the longer-end of the curve between 14.0% – 15.0% over the next one month. However, the level of system liquidity (impacted by items such as auctions, CRR debits/refunds, bond/NTB maturities, coupon payments and FAAC allocation) would also influence movement in yields.
FBN Holdings, Other Stocks Lift NGX Market Value by N2 Billion on Tuesday
First Bank of Nigeria, Fidelity Bank, Zenith Bank, Linkage Assurance among others lifted the market value of the Nigerian Exchange Limited (NGX) by N2 billion on Tuesday.
FBN Holdings, Fidelity Bank, Zenith Bank, Linkage Assurance among others lifted the market value of the Nigerian Exchange Limited (NGX) by N2 billion on Tuesday.
Trading session on the NGX on Tuesday 20th, 2022 witnessed some sell-off, especially in the blue-chip stocks. However, despite the sell-off, investors gained N2 billion in value as market capitalisation went up to N26.670 trillion.
NGX All-Share Index (ASI) rose by 5.10 points, representing a growth of 0.01 percent to close at 49,445.31 points.
Investors King analysis shows that the gains recorded in First Bank, Fidelity bank, Zenith Bank, Linkage Assurance, Briscoe Nigeria and six others were responsible for the marginal gain recorded on the Exchange today.
R.T. Briscoe Nigeria led gainers with 10 percent to close at 33 kobo per share. First Bank of Nigeria Holdings followed with a gain of 5.00 percent to close at N10.50, while Linkage Assurance rose by 4.35 percent to call it a day at 48 kobo a share.
Also, Regency Alliance Insurance went up by 4.00 percent to close at 26 kobo. Mutual Benefits Assurance appreciated by 3.70 percent to settle at 28 kobo a unit.
Among gainers were Fidelity Bank and Jaiz Bank, the two added 2.05 percent and 1.20 kobo to close at N3.48 kobo and 84 kobo, respective.
Other stocks that appreciated on Tuesday include TransNational Corporation which appreciated by 95 percent to close at N1.06 kobo. Capital Hotel gained 29 percent to close at N3.41 kobo. Zenith Bank also garnered 25 percent to close at N19.80 kobo.
However on the losers side, TotalEnergies Marketing Nigeria led the pack by 9.98 percent to close at N211.10. Learn Africa followed with a decline of 9.71 per cent to close at N1.86, while Honeywell Flour Mills shed 8.13 percent to close at N2.26, per share.
CWG Plc to Commence Dividend Payment at the End of 2022 Financial Year
CWG Plc on Monday announced its readiness to commence dividend payment at the end of the 2022 financial year
After years of non-dividend payment, CWG Plc on Monday announced its readiness to commence dividend payment at the end of the 2022 financial year.
CWG is a Pan-African information technology services provider that offers solutions in communications, IT infrastructure, cloud services and many more.
According to the Group Managing Director and CEO, Mr Adewale Adedipo, CWG Plc has witnessed monumental growth in the last few years, growing to become one of the leading information and technology firms in Africa.
CWG Plc operates in 24 African countries. It was founded in Nigeria in 1992 as Computer Warehouse Limited. The company has thereafter extended to Ghana, Cameron, Uganda and other locations. It has four operation hubs and has won more than 50 awards.
Reminiscing on the journey so far at an event organised to commemorate the company’s 30th anniversary, the CEO, Adewale Adedipo said “As we reflect on our history, showcasing our humble beginnings, our victories, our losses and above all, our leaning as a knowledge-driven organisation, these experiences have produced the opportunity to refine our corporate strategy and values, eventually birthing our CWG 2.0 roadmap as well as the establishment of our training academy, cementing learning as an integral part of our ethos and culture”.
Similarly, Founder and Executive Vice President of CWG plc, Austin Okere noted that retail payment systems and financial services being digitised is now a top goal for economic growth and an opportunity for the IT industry.
He added that with a wider variety of financial services, the company has an increased chance to reach far more people at much lower costs and provide them with what they need to develop resilience and seize opportunities.
To commemorate its 30th anniversary, CWG Plc launched a number of activities including Transform-a-School initiative, Pitch for Transformation Challenge, Youth Boot Camp and an award night
News2 weeks ago
Npower News: Federal Government Gives Reasons For Delayed Payment
News5 days ago
Npower Batch C, Stream 2 to Officially Begin Operations in October 2022
News1 week ago
Npower Beneficiaries to be Compensated as FG Approves NSIP Bill
News2 weeks ago
Npower Beneficiaries Took To The Street To Protest Against Unpaid Allowances
Fund Raising1 week ago
Insurtech Startup, Turaco Secures $10 Million Series A Round Fund Raise
Telecommunications1 week ago
83 Percent Of New Sim Subscribers in July Chose Glo – NCC Report
Brands2 weeks ago
Apple Gains Momentum In Digital Ads Market, Set To Disrupt Google And Facebook Duopoly
Brands2 weeks ago
Eat ‘n’ Go Celebrates 10 Years of Operation In Nigeria; Assets Hits Over N26 Billion