Apple shares shed more than 4 percent on Wednesday after the demand for the company’s latest device, iPhone 14, plummeted on weaker demand following reports of issues.
Investors King learnt that the slow demand for iPhone 14 which was reported late Tuesday reflected on Apple shares on Wednesday as it traded in the red, declining by 4 percent.
Bloomberg earlier reported that Apple is slowing down the production of its latest device, a reflection of poor market demand for the iPhone 14.
Bloomberg further noted that Apple had produced about 90 million units of iPhone 14 during the second half of 2021 with the plan to produce additional 6 million units during the second half of 2022.
However, consumers are rather disposed to iPhone 14 pro which they claim has a more significant upgrade from iPhone 13. iPhone 14 retains most of the features of iPhone 13.
According to Abhilash Kumar Strategy Analytics “Prospective iPhone 14 buyers may opt for iPhone 13, given the hefty discount on the older model”.
Checks by Investors King on Wednesday revealed that the shares of the world’s most valuable public traded company dropped to as low as $145.22 immediately after the U.S. market opened on Wednesday, losing 4 percent of its value in a matter of minutes. It, however, retraced back up and traded at $147.88 at the time of this report.
Similarly, Apple suppliers were not spared in the downturn as shares of Qualcomm (QCOM.O) dropped to a low of $117.97 before moving back up to $119.32 at the time of this report.
Other Apple suppliers which were not spared from the negative news include Infineon (IFXGn.DE) and ASML (ASML.AS).
Meanwhile, Apple has begun to shift its production from China to India. A recent report published by JP Morgan and reported by BBC suggested that Apple is looking to shift 25% of its iPhone production to India by 2025.
The report added that Indian factories will start with the production of iPhone 14 and iPhone 14 plus model. The factories in India will only cover 5 percent of the entire production supply which will equate to 1 million units a month.
Stock Investors Gained N292 Billion Last Week
A total of 694.376 million shares worth N8.667 billion exchanged hands in 15,418 deals, in contrast to a total of 1.101 billion shares valued at N11.714 billion that exchanged hands in 15,697 deals in the previous week.
Investors in the Nigerian Exchange Limited (NGX) gained N292 billion last week as thirty-one equities led by Axamansard Insurance closed in the red.
During the week, a total of 694.376 million shares worth N8.667 billion exchanged hands in 15,418 deals, in contrast to a total of 1.101 billion shares valued at N11.714 billion that exchanged hands in 15,697 deals in the previous week.
The Financial Services Industry led the activity chart with 487.150 million shares valued at N4.229 billion traded in 7,527 deals. Therefore, contributing 70.16% and 48.80% to the total equity turnover volume and value, respectively.
The Conglomerates Industry followed with 61.896 million shares worth N77.471 million in 396 deals. The third place was the Consumer Goods Industry, with a turnover of 40.042 million shares worth N1.243 billion in 2,713 deals.
Access Holdings Plc, Transnational Corporation Plc and Fidelity Bank Plc accounted for 232.923 million shares worth N1.237 billion in 1,316 deals and contributed a combined 33.54% and 14.27% to the total equity turnover volume and value respectively.
The NGX-All Share Index appreciated by 1.22%, or 535.97 index points from 43,956.76 index points recorded in the previous week to 44,492.73 index points last week
Market Capitalization of all listed equities also rose by 1.22% to close the week at N24.234 trillion, up from the N23.942 trillion it closed in the previous week.
Similarly, all other indices finished higher with the exception of NGX Insurance, NGX Consumer Goods, NGX Oil & Gas, NGX Lotus II and NGX Industrial Good, which depreciated by 1.34%, 1.05%, 0.84%, 0.19% and 0.66% respectively, while the NGX ASeM, NGX Growth and NGX Sovereign Bond indices closed flat.
Thirty-one equities appreciated in price during the week, higher than twenty-seven equities in the previous week. Thirty-three equities depreciated in price lower than thirty-six in the previous week, while ninety-three equities remained unchanged, lower than ninety-four equities recorded in the previous week.
The year-to-date gain improved to 4.16%. See the details of top gainers and losers below.
Nigerian Breweries Shareholders May Receive N85 Billion in Bonus Shares
Nigerian Breweries shareholders have been recommended to receive bonus shares worth approximately N85 billion from the company.
This was revealed following a regulatory filing over the weekend. The board of NB stated that in order to comply with the Corporate Affairs Commission’s directive for companies to remove unissued shares from their books, a bonus issue of one ordinary share of 50 kobo each will be issued to shareholders in the register of members at the close of business on Tuesday, December 06, 2022.
It also stated that the bonus shares with a nominal value of N1.03 billion will be issued from the company’s share premium account, which had a balance of N77.5 billion and N84 billion as of October 31, 2022, according to the 2021 audited report and accounts.
Shareholders are expected to consider and approve an increase in the company’s share capital from N5 billion to N5.138 billion through the issuance of an additional 276.132 million ordinary shares of 50 kobo each, with such new shares ranking equally with the existing ordinary shares in the company’s share capital.
The Extraordinary General Meeting is also expected to direct the board to amend the company’s Memorandum of Association in accordance with the resolutions, as well as to give the board the authority to carry out any other acts, deeds, or things they deem necessary to give effect to the resolutions, such as signing or authorizing the signing of all relevant documents and appointing any necessary professional adviser; and that all previous actions taken by the director be reversed.
A resolution authorising the capitalization of N1.028 billion from the share premium account for the payment of bonus shares of 2.055 billion shares to be distributed among members in the proportion of one new share for every four shares held is also expected to be approved by shareholders in accordance with Article 129 of the company’s Articles of Association.
Unity Bank Posts 36% Gain as NGX Closes in Red Last Week
Investors traded 1.101 billion shares worth N11.714 billion in 15,697 deals, in contrast to a total of 1.410 billion shares valued at N15.510 billion that exchanged hands in 19,025 deals in the previous week.
The Nigerian Exchange Limited (NGX) extended its fourth-quarter decline to 10.31% last week as the uncertainty surrounding the naira redesign deepened.
During the week, investors traded 1.101 billion shares worth N11.714 billion in 15,697 deals, in contrast to a total of 1.410 billion shares valued at N15.510 billion that exchanged hands in 19,025 deals in the previous week.
The Financial Services Industry led the activity chart with 859.019 million shares valued at N6.691 billion traded in 8,157 deals. Therefore, contributing 78% and 57.12% to the total equity turnover volume and value respectively.
The Conglomerates Industry followed with 96.989 million shares worth N109.622 million in 425 deals. In third place was the Oil & Gas Industry, with a turnover of 40.897 million shares worth N367.117 million in 1,065 deals.
Access Holdings Plc, Sterling Bank Plc and Transnational Corporation Plc were the three most traded equities during the week. The three accounted for a combined 577.512 million shares worth N2.761 billion that exchanged hands in 1,132 deals and contributed 52.44% and 23.57% to the total equity turnover volume and value, respectively.
The NGX All-Share Index depreciated by 0.68% from 44,269.18 index points recorded in the previous week to 43,968.75 index points last week. The market value declined by N163 billion to N23.949 trillion, down from the N24.112 trillion it closed in the previous week.
Similarly, all other indices finished lower with the exception of NGX Banking, NGX-AFR Bank Value, NGX AFR Div. Yield and NGX MERI Value, which appreciated by 0.17%, 0.38%, 1.10% and 0.20% respectively, while the NGX ASeM, NGX Growth and NGX Sovereign Bond indices closed flat.
Twenty-seven equities appreciated in price during the week, higher than twenty equities in the previous week. Thirty-six equities depreciated in price lower than fortythree in the previous week, while ninety-four equities remained unchanged, same as ninety-four equities recorded in the previous week.
The Exchange year to date moderated to 2.93%.
Faceoff as Humanitarian Minister Writes Finance Minister on N206bn Budget Padding
Xiaomi Launches Black Friday Sale With Discounts and Extra Gifts on Smartphones
FG to Boost Internet Connection in OAU, Unilag, Unilorin, and 14 Other Institutions
News3 weeks ago
Npower News: What You Need to Know Before Taking ‘Work Nation’ Eligibility Test
News4 weeks ago
Npower Introduce ‘Work Nation’ Program For Batch C, Stream 2 Beneficiaries
News4 weeks ago
Npower News: Npower Beneficiaries Receives August Payment, Awaiting September
Travel5 days ago
Nigerians Eligible For Residence Permit in Norway
Education4 weeks ago
Jamb UTME Result 2022: Use Registration Number to Check Jamb Result
Business4 weeks ago
Abuja to Kaduna Train Service to Resume Operations Soon
News1 week ago
Npower News: NASIMS Announced “Work Nation’s” Minimum Cut-Off Mark
News3 weeks ago
Npower News: NASIM Provides Requirements Resolution For Failed August Stipend