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Fastest Growing Stock Exchange? NGX, You Better Get It!

Hi! Hi!
How are you doing? Good weekend?

Is it just me or have you also noticed how quickly January is flying – it’s like the days are zooming by! 😱 Anyway! I’m glad to be back with you this week. So, let’s quickly jump into today’s fireside chat…

Elon Musk has Struck Again!

Mmmmh.. Our drama king Musk is at it again!! With his bold plans and outspoken statements, he’s sure to keep us all entertained every moment. 🤣🤣 Naah, for real!

You know how the man is! Best believe that I’ve got gist on the latest drama with Tesla and its main man, Elon Musk.

Elon Musk is stirring up trouble once again, and this time, the storm is centered around Tesla. The CEO has threatened to take his ball and go home unless he gets what he wants. 

Now, guess what he wants? More power!!

Oh yeah! The Chief Troll Officer says he needs more control of Tesla if the company’s wide-reaching AI ambitions are to be met.⁠ mmmm…what a threat! 👀

“I am uncomfortable growing Tesla to be a leader in AI & robotics without having ~25% voting control. Enough to be influential, but not so much that I can’t be overturned,” Musk said from his X account on Monday night. “Unless that is the case, I would prefer to build products outside of Tesla.”⁠

As it stands now, this statement is causing a stir among shareholders, who are wondering what this means for their investment… (I can’t imagine the look on other the shareholders’ faces)

Elon once held more than 20% of Tesla shares but sold a significant chunk to help finance his purchase of Twitter, now X, reducing his Tesla stake to 13%  from around 22%…(Hope you still remember the drama he displayed after acquiring the social media platform.. Hehe Hehe!!)

Now, he is pushing for 25% voting control…

He’s got a lot of power, plus the board is his board – I don’t see them having the strength of good governance to stand up to Elon’s request,” said William Klepper, academic director and adjunct professor at Columbia Business School.

Right now, CEO Elon Musk is putting public pressure on the company’s board of directors to acquire more voting rights. Do you think they will give in to his request or fight it?

Nigeria Stock Market, Killin’ it!

Well, well, well…The Nigerian stock market has just recorded its fourth consecutive gain this year, with its All-shares index hitting over 90,000 points!!!😁😁

The value of the market increased by 2.38% as its All Share Index, (ASI) hit 90,063.26 points, the highest in the history of the Nigeria stock market. Also, market capitalization rose by N1.006 trillion to close at N50.290 trillion.

But seriously… The NGX has been performing really well this year. – This means, the slogan for the year “no gree for anyone” is still active. 🤣🤣🤣

From January 15 and 17 2024, the NGX  has gained a whopping 8.45 percent. Year-to-date, the market has appreciated by 20.45 percent, making it the fastest-growing equities market in the world, ahead of the Argentine Stock Market.

Analyzing by sectors, some sectors experienced gains, while others experienced losses. The NGX Industrial Goods Index gained 7.8%, the NGX Oil & Gas Index added 2.7per cent, and the NGX Consumer Goods Index appreciated by 0.9per cent, while the NGX Insurance Index dropped by 2.1per cent and the NGX Banking Index dipped by 1.9 percent.

The top performers among the 47 stocks that recorded positive returns were Wema Bank, AIICO, SUNU Assurance, Guinness, and Honeywell Flour, which all appreciated by 10%.

Hope you aren’t enjoying the gist alone. It’ll be a criminal offense not to share them with your friends.Don’t forget to inform them to download the trove app – to enjoy a journey to wealth just like you and of course, read from Tomi every week!

Paycom Just Hit the ground running!

Paycom is back on its feet as the company’s stock has gained a 1.8% increase – which is even ahead of the S&P 500 daily gain of 0.88%.

The stock market can be unpredictable, and it’s not unusual for even strong companies to experience short-term declines. So, a few days ago shares of Paycom Software Inc. (PAYC) slipped 1.31% to $192.19, on what proved to be an all-around grim trading session for the stock market, with the S&P 500 Index SPX falling 0.56% to 4,739.21 and Dow Jones Industrial Average DJIA falling 0.25% to 37,266.67.

And afterward, the company’s stock bounced back by 1.8%. 

Not just that, analysts predict the company’s earnings per share and revenue to increase compared to equivalent quarter last year. The earnings per share (EPS) are expected to increase by 2.89%, while the revenue is expected to increase by 14.02%. 

These are pretty good numbers, you know! and the company is looking to be in a good position. If the predictions are accurate, that could be great news for the company and its investors!

But let’s just chill and wait!

Rivian on a Decline!

Gosh!! Rivian stocks aren’t performing well right now. 

In 2023, the company wrapped up on a high note, full of enthusiasm about electric pickup trucks, especially after Tesla’s Cybertruck made its grand entrance. But guess what?  This year, the company’s share has not been doing so well. Ouch!

On the NASDAQ exchange, Rivian stock fell sharply for two straight days, sinking 6% on Thursday to $15.74. It’s been noted that the company’s shares haven’t been this low since Thanksgiving.

The company stock experienced a decline after Deutsche Bank’s analyst, Emmanuel Rosner,  downgraded its stock and slashed the company’s price target by $10 to $19 per share 👀…
Rosner went ahead throwing shade on Rivian. He talked about how slow production and factory shutdowns would make it harder for the company to meet production and delivery goals for its electric vehicles. Also, he’s betting on big losses for Rivian until the third quarter of 2024.

Anyway, by Feb. 21, Rivian will report its fourth-quarter and full-year earnings and revenue. Let’s keep our fingers crossed as we await the report.

It’s a wrappppp!

What are you waiting for?!?! Forget not this ministry of yours:

Tell a friend to tell a friend to: Download the Trove App

Until next time folks! Catch more gist on our social media pages

Yours dearest and favorite Stocks.

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