Stock Market

Apple Shares Shed More Than 4% After Report of iPhone 14 Slow Demand

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.

Published

2 years ago

September 29, 2022

Investors King

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.

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Nigerian Exchange Limited

Stock Investors Gain N131 Billion on Tuesday

Published

1 hour ago

September 18, 2024

Samed Olukoya

Nigerian Exchange Limited - Investors King

Nigeria’s equities market opened the holiday-shortened trading week in green as investors bought banking and consumer goods stocks despite record profit taking in insurance, industrial, oil & gas stocks.

“Looking forward, the equities market is expected to retain its buy interest as investors cherry-pick undervalued stocks. However, given the sentiment that rates might have peaked in the fixed income and money markets and investors locking in on current rates, we expect some bearish undertone to persist in the equities market,” according to United Capital research analysts.

The analysts said the bulls “will remain incentivised to persist in bargain hunting, given the tremendous mid-long-term opportunities in the equities market. Fund managers and businesses may begin to entertain mid-long-term (≥6 months) investment objectives, cherry-picking only sound equities with strong fundamentals and ongoing corporate actions. This strategy will maximise market opportunities, thereby optimising portfolio returns”.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and equities market capitalisation appreciated by 0.23 percent and N131billion from preceding day’s 97,456.62 points and N56.002 trillion respectively to 97,685.63 points and N56.133 trillion.

The market’s year-to-date (YtD) return rose to 30.64 percent.

According to Meristem research analysts, “While we expect subdued participation in the Nigerian equities market this week, we anticipate that buying activity will outweigh profit-taking. Our outlook is hinged on the belief that no major negative catalysts are expected to shift market direction this week. We anticipate that investors will continue selective buying, seeking opportunities across various sectors.

“Additionally, macroeconomic developments and corporate actions from companies could stimulate moderate buying interest in the market. We also do not foresee a significant shift towards the fixed-income market as yields have started to stabilize. However, we acknowledge the potential for profit-taking as short-term investors may look to capitalize on recent gains. Overall, we expect the market to close in the green zone this week,” Meristem analysts said.

Dividends

Guaranty Trust Holding Company Declares N1 Interim Dividend, Sets October 7 for Payout

Published

5 days ago

September 13, 2024

Investors King

Guaranty Trust Holding Company Plc has announced its plan to pay a sum of N1 per share of 50 kobo as interim dividends, to all registered shareholders on October 7, 2024.

According to a recent statement issued by the company on NGX , “the dividend is subject to withholding tax deduction, and will be paid to shareholders whose names appear in the register as of September 25, 2024.”

In its recently released audited consolidated and separate financial statements for the period ended June 30, the Group reported profit before tax (PBT) of N1.004 trillion, becoming the first Nigerian financial institution to cross the N1 trillion mark in profit.

This represented a 206.6 percent increase over N327.4 billion recorded in the corresponding period that ended June 2023.

The group’s profit for the period was slated at N905.67 billion, a 222 percent increase from 280.52 recorded in the corresponding period that ended June 2023.

“On October 7, 2024, the dividend will be paid electronically to ordinary shareholders whose names appear on the Register of Members as at September 25, 2024, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly to their bank accounts,” the statement said.

Nigerian Exchange Limited

Nigeria’s Equities Market Gains 0.32% Boosted by Nestle, Flourmills, and FBN Holdings

Published

5 days ago

September 13, 2024

Investors King

Nigeria’s equities market rose by 0.32 percent or N178billion on Thursday, thanks to Nestle, Flourmills and FBN Holdings that led the league of major advancers on the Lagos Bourse.

FBN Holdings increased from N24 to N26.40, adding N2.40 or 10percent. Caverton rose from N2.10 to N2.31, up by 21kobo or 10percent.

Flour Mills moved from N45.05 to N49.55, up by N4.50 or 9.99percent. RT Briscoe increased from N3.02 to N3.32, down by 30kobo or 9.93 percent, while Nestle rallied from N810 to N890, N80 or 9.88percent.

At the close of trading, the Nigerian Exchange Limited (NGX) All Share Index (ASI) and equities market capitalisation increased from 96,715.04 points and N55.575 trillion respectively to 97,025.17 points and N55.753 trillion.

Access Holdings, FBN Holding, UBA, Caverton and Zenith Bank shares were most trading stocks. In 9,615 deals, investors exchanged 390,546,861 shares valued at N7.974billion.

Ahead of Thursday’s trading, analysts said broader market sentiment will remain balanced, with risk-averse investors maintaining a cautious stance ahead of any major corporate earnings announcements.