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Tesla Stock Rises, Elon Musk Now $12bn Richer



Tesla earnings

Shares of electric vehicle maker Tesla went up by more than 5% on Monday, making the billionaire Tesla Chief Executive Officer about $12 billion richer.

This came after Musk encouraged employees to reduce the costs of delivery, also amid reports that the automobile company will be kicking off production at its Gigafactory located in Germany within the next few days.

The Tesla stock has been on the move recently, and on Monday it went up by more than 5% to now sit at about $1,137 per share. The automobile company’s shares are depending on the news that the company will begin production at its first factory situated in Europe. The operation of the factory in Germany is a major leap for the company, as it aims to ramp up its production capacity.

A German automobile news site reported that Tesla’s new manufacturing facility in the country is anticipated to be given environmental permits, and will therefore begin production within the next few days.

In the initial plans, production should have begun in the summer of 2021 but construction of the factory was had been held back due to staunch opposition from environmental activists who did not agree with the construction of another factory.

Another reason for the rise in Tesla stock is a memo that CEO Elon Musk sent out to the company employees, where he encouraged them to place their focus on minimizing the cost of deliveries rather than rushing out the orders just to meet sales targets.

The rise in Tesla’s stock on Monday has seen the company’s CEO Elon Musk’s fortune go up by over $12 billion. According to Forbes’ estimates, the billionaire CEO’s net worth has now risen to $295 billion. The richest man in the world saw his worth rise by approximately $12.8 billion.

This year, Tesla’s stock has risen a total of 56% and the automobile company has a market valuation of about $1.14 trillion.


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Stock Market

Stock Market Opens The Week in Red

The Nigerian Exchange Limited (NGX) opened the week in the red on Monday as just 10 stocks appreciated amid growing uncertainty surrounding the Nigerian economy.



stock market - Investors King

The Nigerian Exchange Limited (NGX) opened the week in the red on Monday as just 10 stocks appreciated amid growing uncertainty surrounding the Nigerian economy.

Investors transacted 140,610,346 shares valued at N1.6 billion exchanged in 3,895 deals during the trading hours of Monday. Japaul Gold led the most traded equities with 23,180,182 shares worth N8,951,218.33. AIICO came second with 14,848,501 shares valued at N8,448,727.89.

A critical look into each sector showed that the banking index gained 60bps on the back of a 7.07% gain in the value of Ecobank. Jaiz Bank and UBA shed 1.14% and 0.69%, respectively.

The consumer goods index dipped by 29 on a 6.25% decline in Champion, 4.76% depreciation Intbrew and 4.75% Honey Flour.

Also, the oil and gas index lost 27bps on a 1.80% decline in the worth of Oando shares. As expected, 9.06% depreciation in the value of Dangote Cement plunged the industry index by 483bps.

The NGX All-share index lost 2.26% to 49,350.71 index points while the market value of all listed equities dropped by N740 billion to N26.618 trillion from N27.358 trillion.

The year-on-year gain moderated by 15.53%.  See other details of top gainers and losers below.

Top Gainers 

Symbols Last Close Current Change %Change
PRESTIGE N 0.40 N 0.44 0.04 10.00 %
NEM N 3.40 N 3.74 0.34 10.00 %
ELLAHLAKES N 3.58 N 3.93 0.35 9.78 %
MULTIVERSE N 1.88 N 2.06 0.18 9.57 %
IKEJAHOTEL N 0.97 N 1.06 0.09 9.28 %

Top Losers

Symbols Last Close Current Change %Change
CORNERST N 0.75 N 0.68 -0.07 -9.33 %
DANGCEM N 265.00 N 241.00 -24.00 -9.06 %
JAPAULGOLD N 0.37 N 0.34 -0.03 -8.11 %
SOVRENINS N 0.27 N 0.25 -0.02 -7.41 %
STANBIC N 31.00 N 29.00 -2.00 -6.45 %

Top Trades

Symbols Volume Value
JAPAULGOLD 23180182.00 8951218.33
AIICO 14848501.00 8448727.89
STERLNBANK 14301701.00 21410942.23
SOVRENINS 10110600.00 2578650.00
GTCO 7850003.00 160968657.15

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Stock Market

Cautious Post-Jobs Report

A relatively slow start to the week as investors continue to digest Friday’s jobs report and what it means for financial markets just as some optimism was returning.




By Craig Erlam, Senior Market Analyst, UK & EMEA, OANDA

A relatively slow start to the week as investors continue to digest Friday’s jobs report and what it means for financial markets just as some optimism was returning.

The report itself was strong almost across the board, with participation being the only outlier, but Fed officials will not have been quite so enthused which makes it a tough one for investors to get too excited about.

On the one hand, it strengthens the argument that the economy is not really experiencing a recession as the labour market is simply too strong. On the other, it’s also extremely tight and wages are continuing to rise at a fast rate which will make the task of fighting inflation that much harder.

With another 75 basis point rate hike next month now the favoured outcome, although a lot can change in that time, it could be a nervy couple of days for investors ahead of Wednesday’s inflation report. It turns out the shift to data-dependency isn’t all it was cracked up to be.

Another record Chinese trade surplus but also more lockdowns

It’s a relatively quiet day, and the economic calendar continues to look very thin. How traders continue to respond to Friday’s report will be key in how we start the week. Asia is off to a mildly positive start but it’s nothing to write home about.

Cities on the Chinese resort island of Hainan have been placed in lockdown following another Covid outbreak, reminding investors once more of the country’s commitment to its zero-Covid policy at all costs. At the same time, Hong Kong has sought to appease residents and the business community by cutting quarantine periods from seven days to three. While still very restrictive compared to much of the world at this point, it was a bolder move than anticipated and highlighted the pressure to return to normal life.

Chinese trade data highlighted the struggles of the domestic economy, with imports rising 2.3% annually last month while exports remained surprisingly strong up 18%, delivering another record trade surplus. The numbers aren’t expected to remain quite so favourable in the months ahead as reopening momentum fades, leaving the import numbers a concern.

Iran talks resume as oil makes small gains

Oil prices are a little higher today, recovering from the lows on Friday. The jobs report highlighted how strong the economy remains although traders are now increasingly nervous about more aggressive tightening sending the economy into a deeper recession further down the road. It really is a lose-lose.

The resumption of Iran nuclear talks today is one potential downside risk for the oil price, given the ability of the country to quickly ramp up production if a deal is struck. Not to mention its reportedly large oil and gas reserves. A deal could apparently be struck within days although we have heard that a lot at times this year.

Gold nervously eyeing inflation data

Gold is flat today after Friday’s jobs report took the wind out of its sails. The recovery trade was being fueled by the belief that data-dependency meant a slower pace of tightening but that’s now clearly not the case (nor was it ever, in fairness). We may see some nervy trading in the yellow metal ahead of Wednesday’s inflation report although it still seems to have an eye on $1,780-1,800 which is the next major test to the upside.

A swift recovery

Sentiment across the markets looks a little fragile this morning and yet crypto appears to have shrugged off Friday’s shock much more quickly. Up more than 3% this morning and climbing once more with its sights set on $25,000 it seems. The momentum indicators will be fascinating here as the recovery appeared to be losing steam during the last ascent in late July.

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Nigerian Exchange Limited

Stock Investors Pockets N195 Billion Last Week

Nigeria’s stock investors gained N195 billion last week despite the drop in activity level at the Nigerian Exchange Limited (NGX).



Stock - Investors King

Nigeria’s stock investors gained N195 billion last week despite the drop in activity level at the Nigerian Exchange Limited (NGX).

Investors traded 705.636 million shares worth N12.850 billion in 22,124 deals during the week under review, in contrast to a total of 1.546 billion shares valued at N16.289 billion that exchanged hands in 23,873 deals in the previous week.

Breaking down key sectors, the Financial Services Industry led the activity chart with 442.525 million shares valued at N4.345 billion traded in 9,995 deals. Therefore, contributing 62.71% and 33.81% to the total equity turnover volume and value, respectively.

The Consumer Goods Industry followed with 82.126 million shares worth N2.176 billion in 3,875 deals. In third place was the Conglomerates Industry, with a turnover of 51.083 million shares worth N242.084 million in 694 deals.

Guaranty Trust Holding Company Plc, Zenith Bank Plc and FBN Holdings Plc were the three most traded equities last week. The three accounted for a combined 173.852 million shares worth N3.073 billion that were traded in 4,324 deals during the week. The three contributed 24.64% and 23.91% to the total equity turnover volume and value, respectively.

The NGX All-Share Index appreciated by 0.70%, or 352.08 index points from 50,370.25 index points it closed in the previous week to 50,722.33 index points last week.

The market capitalisation gained N195 billion to N27.358 trillion last week, up from N27.358 trillion it settled in the previous week.

Similarly, all other indices finished higher with the exception of The NGX-Main Board, NGX NGX Insurance, NGX Industrial Goods and NGX Sovereign Bond Indices which depreciated by 1.16%, 0.37%, 5.76% and 0.07% while, The NGX ASeM index closed flat.

Forty- one equities appreciated in price during the week, higher than eleven in the previous week. Twenty-two equities depreciated in price lower than fifty-three in the previous week, while ninety three equities remained unchanged higher than ninety-two equities recorded in the previous week.

The year-to-date gain tick slightly higher to 18.74%. See other details below.

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