Connect with us

Stock Market

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.


Continue Reading

Nigerian Exchange Limited

Seplat Energy’s 8.30% Drop Leads Market Decline, NGX Down by N188 Billion



Nigerian Exchange Limited - Investors King

Nigeria’s equities market declined by 0.33 percent or N188 billion on Thursday following a drop in Seplat Energy Plc’s share price.

This downturn reflects ongoing challenges in stimulating buy-side activity on the Lagos Bourse.

Seplat Energy Plc, a major player in Nigeria’s energy sector, saw its stock price plummet from N3,794.90 to N3,480, a decrease of N314.90 or 8.30 percent.

Other losers included Ikeja Hotel, which shed 65 kobo or 9.29 percent from N7 to N6.35 a share. The Honeywell Flour Mills also dropped 29 kobo or 8.41 percent from N3.45 to N3.16 while Champion Breweries lost 25 kobo or 7.55 percent from N3.31 to N3.06.

At the close of trading, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and Market Capitalisation, which stood at 99,802.06 points and N56.456 trillion respectively on the previous trading day, declined to 99,468.90 points and N56.268 trillion.

Investors exchanged a total of 296,731,688 shares worth N5.447 billion in 7,126 deals.

Fidelity Bank, Linkage Assurance, Access Holdings, Transcorp, and AIICO emerged as the most actively traded stocks during the session.

The stock market’s year-to-date (YtD) return also saw a decline, standing at 33.03 percent. Over the month, the market has decreased by 0.59 percent while this week’s performance showed a 0.55 percent drop.

Market analysts noted that the lack of substantial buy-side activity has been a significant factor in the recent downturn.

The decline in Seplat Energy’s share price underscores the broader challenges facing the Nigerian equities market, particularly in the energy sector.

As investors continue to navigate the complexities of the current market environment, the need for positive economic triggers and robust corporate performance becomes increasingly critical.

Market stakeholders will be closely monitoring developments in the coming weeks to gauge potential recovery signals and adjust their strategies accordingly.

Continue Reading

Nigerian Exchange Limited

Nigerian Exchange Dips Again, Market Cap Falls to N56.46tn



stock - Investors King

The Nigerian equity market continued its downward trajectory for the third consecutive day this week as investors lost N2.18bn on Wednesday.

The persistent decline saw the All Share Index (ASI) and the market capitalisation dipping marginally by 0.004 per cent to close at 99,802.08 and N56.46tn, respectively.

The week commenced with the Nigerian Exchange experiencing a significant loss of N8.62bn, attributed to the dip in stocks such as Caverton Offshore, Associated Bus Company, Nigeria Breweries, and 38 others.

The bearish trend persisted into Tuesday, with equity investors suffering a further N114bn loss.

Despite the ongoing downturn, the stock market’s year-to-date return remains at a robust 33.56 per cent, showcasing the market’s resilience in the face of recent volatility.

The banking industry dominated the volume and value charts in trading, with top gainers including Fidelity Bank, Zenith Bank, United Bank for Africa, and Guaranty Trust Bank Holdings.

This sector’s performance offered a glimmer of hope amidst the broader market decline.

Wednesday’s trading session revealed a prevalence of bullish activity, with the exchange witnessing 26 gainers compared to 22 losers.

Among the top gainers were Associated Bus Company, which saw a 10 per cent appreciation to close at N0.77, Eterna, gaining 9.98 per cent to close at N18.35, and Computer Warehouse Group, which rose by 5.48 per cent to close at N6.90.

Conversely, some of the top losers included Thomas Wyatt Nigeria Plc, which shed 10 per cent to close at N2.16, Daar Communications, which lost 8.77 per cent to close at N0.52, and Nigeria Breweries, which declined by 8.37 per cent to close at N29.

Despite the overall market downturn, the prevalence of gainers over losers indicates pockets of investor confidence and opportunities for recovery.

The mixed performance highlights the complexities of the Nigerian stock market as it navigates through economic challenges and investor sentiment.

As the week progresses, market participants will be closely monitoring the performance of key sectors and stocks, hoping for a reversal in the current trend.

The resilience of the banking sector and the emergence of gainers amidst the decline offer a cautious optimism for investors moving forward.

Continue Reading

Nigerian Exchange Limited

Nigerian Stock Exchange Sees N178bn Decline Despite Financial Sector Activity



stock - Investors King

Last week, the Nigerian equity market experienced a significant setback, losing N178 billion despite improved activity in the financial services sector.

This decline comes as the All-Share Index (ASI) and Market Capitalisation depreciated by 0.04 percent to close at 100,022.03 points and N56.581 trillion, respectively.

The week saw mixed performance across various stocks with the price appreciation of 37 stocks falling short of the 48 stocks that appreciated the previous week.

Meanwhile, 72 stocks remained unchanged, and 45 stocks saw a decline in price, compared to 34 stocks the week before.

Trading volume also reflected the market’s turbulent week with investors exchanging a total of 2.259 billion shares worth N31.166 billion in 42,851 deals.

This was a decrease from the 2.651 billion shares worth N49.976 billion traded in 41,610 deals the previous week.

Despite the overall market decline, the financial services industry led the activity chart by volume with 1.801 billion shares worth N22.030 billion exchanged in 23,112 deals.

This sector alone contributed 70.69 percent and 79.75 percent of the total stock turnover volume and value, respectively.

The oil and gas industry followed, recording 121.001 million shares valued at N1.771 billion in 3,124 transactions.

The conglomerate sector ranked third with 90.713 million shares worth N1.081 billion traded in 2,277 deals.

Among individual equities, Fidelity Bank Plc, Universal Insurance Plc, and Guaranty Trust Holding Company Plc emerged as top performers by volume.

These three companies accounted for 909.821 million shares worth N12.057 billion across 4,798 deals, contributing 40.28 percent and 38.69 percent to the total equity turnover volume and value, respectively.

Despite the overall downturn, several indices ended the week on a positive note. However, the NGX 30, NGX Premium, NGX Meristem Value, NGX Consumer Goods, NGX Lotus II, and NGX Pension Broad indices depreciated by 0.27 percent, 0.52 percent, 0.01 percent, 0.69 percent, 0.56 percent, and 0.07 percent, respectively.

The NGX Alternative Securities Market and NGX Sovereign Bond indices remained flat.

This market performance is a stark contrast to the previous week’s bullish sentiment, where investors gained N475 billion, driven by significant contributions from Computer Warehouse Group, FTN Cocoa Processors, and United Capital Plc.

Analysts suggest that the fluctuations in market performance underscore the volatility and sensitivity of the Nigerian stock market to both internal and external factors.

Continue Reading