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College Student Rakes in $110 Million Selling Bed Bath & Beyond Shares in Meme Stock Frenzy

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20-year-old college student Jake Freeman has seized a $110 million profit by selling his entire stake in Bed Bath & Beyond shares during the latest meme stock frenzy.

Freeman, the head of Freeman Capital Management and an applied math and economics major at the University of Southern California, made this incredible windfall as retail traders flocked to Bed Bath & Beyond, hoping for a GameStop-style rally.

Freeman initially purchased nearly 5 million shares of the homewares retailer at less than $5.50 per share, investing approximately $25 million.

Within days, Bed Bath & Beyond’s stock skyrocketed from under $6 to over $20, forcing Freeman to sell his entire position for more than $130 million.

In an interview with the Financial Times, Freeman expressed his astonishment at the unexpected rally, confessing that he had anticipated a more extended investment horizon.

Freeman, who co-published a paper on financial topics at the age of 16 and interned at Volaris Capital, funded his Bed Bath & Beyond bet with contributions from friends and family.

The timing of Freeman’s sale appeared fortunate as Bed Bath & Beyond’s stock suffered a sharp 19% drop after its largest shareholder, Ryan Cohen, announced his intention to divest his 12% stake.

Cohen’s involvement was pivotal in the GameStop stock surge in January 2021, making Freeman’s sale even more remarkable.

As the market remains volatile, this remarkable story underlines the unpredictability of meme stocks and the astonishing opportunities they present, especially for young investors.

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Nigerian Exchange Limited

Investors Lose N720bn in Midweek Sell-Offs

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Nigerian Exchange Limited - Investors King

Investors at the Nigerian Exchange Group lost N720 billion on Wednesday, the third consecutive day of bearish activity on the exchange.

The Exchange has now lost a combined N1.54 trillion in the last three days.

On Wednesday, the All-Share Index plummeted by 1.31% to 99,302.37 points while market capitalization dropped to N54.32 trillion. This downward spiral brought the year-to-date returns to 32.80%.

Market breadth remained negative with only five gainers compared to 52 decliners.

Notable gainers included PZ Cussons, Juli Plc, and Axa Mansard, while FCMB Group, Lafarge Africa, and Nigerian Breweries led the decliners with losses of 10% each.

Bearish sentiments spread across various sectors, particularly Banking, Insurance, and Consumer Goods, experiencing declines of 6.90%, 3.72%, and 1.20%, respectively.

The negative trend was fueled by sell-offs in prominent stocks like Sterling Financial Holdings, Wema Bank, and AccessCorp.

Despite improved trading volume and total deals, which rose by 41.28% and 15.40% respectively, the total traded value fell by 4.80% to N5.83 billion.

Transcorp Plc emerged as the most traded security by volume, while Zenith Bank led in traded value at N1 billion, indicating mixed sentiments among investors amidst market uncertainties.

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Nigerian Exchange Limited

FBN Holdings, Multiverse, MTN Nigeria Lead Losers on Nigerian Exchange

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Stock - Investors King

FBN Holdings, Multiverse, and MTN Nigeria emerged as the top losers on the Nigerian Exchange Limited (NGX) on Tuesday as market capitalisation dipped by N773 billion.

FBN Holdings, one of the most capitalized financial firms, declined by 10% to close at N30.60 per share.

This drop comes after the company had recently risen to prominence in the financial sector.

Multiverse, an active player in the industrial goods sector, also shed 10% to settle at N15.30 per share while MTN Nigeria saw its shares dip by 9.94% to N222.90 per share.

The downward trend in these key stocks contributed to the overall bearish performance of the Nigerian Exchange as the All-Share Index dipped by 1.39% and market capitalisation moderated to N55.04 trillion.

Market sentiment remained negative, with 27 losers outweighing 10 gainers, indicating widespread sell-offs across various sectors. Africa Prudential Plc, Omatek, and Juli Plc were among the few gainers.

Despite the challenges faced by these companies, market analysts remain cautiously optimistic about the prospects of the Nigerian Exchange.

They emphasize the importance of monitoring market dynamics and making informed investment decisions amidst the prevailing volatility.

As the Nigerian Exchange navigates through turbulent waters, investors are advised to exercise prudence and diligence in their investment strategies to mitigate risks and capitalize on potential opportunities that may arise in the market.

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Nigerian Exchange Limited

Nestle, Eterna, Fidson Drag Nigerian Exchange Down, Wiping Out N51bn

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stock bear - Investors King

The Nigerian Exchange (NGX) opened the week in the red as Nestle Plc, Eterna, and Fidson Healthcare Plc closed lower to wipe out a combined N51 billion from the market capitalization.

Nestle Plc shed 10 percent to close at N990 per share while Eterna and Fidson Healthcare Plc plummeted by 9.97 percent and 9.82 percent to settle at N15.80 and N15.15 per share, respectively.

At the close of trading, the All-Share Index (ASI) dipped by 0.09 per cent to 101,995.53 points and the NGX market capitalization fell to N55.81 trillion.

This downturn reflects investors’ concerns about the stability of these key companies amidst broader economic uncertainties.

Analysts had anticipated a bearish sentiment as investors sought guidance from economic policymakers and corporate earnings reports.

With the NGX struggling to find solid footing, investors remain cautious about their portfolio allocations, especially with rising fixed-income yields and impending monetary policy decisions.

The trading session saw a marginal increase in transaction volume, rising by 1.14 percent to 294.32 million units.

However, the value of transactions surged by 12 per cent to N6.72 billion, indicating intensified trading activity despite the overall market decline.

Also, the number of deals rose by 29 percent to 9,957, showcasing heightened market participation.

While the banking sector recorded a modest 1.35 percent gain, driven by increased interest in FBN Holdings, JaizBank, and Sterling Financial Holdings Plc, other sectors faced challenges.

The consumer goods and oil/gas sectors experienced notable declines, contributing to the overall negative sentiment.

As market participants await corporate earnings reports and the outcome of the Monetary Policy Committee meeting, the NGX remains susceptible to volatility, highlighting the need for cautious investment strategies in the current economic landscape.

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