Hellurrr!
How’s the new year treating ya? I’m super excited to be back again this week with my jaw-dropping stock market gist 😜.
Hope you are ready for me.
Whoever thought of combining popcorn and juicy gist was a total genius! How did they know it was the perfect recipe for a fun time? Becauseee!
In any case, …grab your popcorn and relax! 🤓🍿
Nigeria Stocks with the Momentum!
Wow! The Nigerian stock market was such a great ride this past week. The market kept everyone on their toes and the internet was filled with speculation and news about what would happen next.
The Nigerian Exchange Group (NGX) started the year with a BOOM! 💥 Investors were celebrating the gains with cheers of “No gree for anybody!” as they saw green across the board.. hehehehe. The market recorded consistent days of growth!
Until things took a different turn after a while {plot twist}.
NGX ended 2023 so well. The market closed with 13 trillion naira, a 46.6% increase compared to the 27.91 trillion naira it closed for trading in 2022.
That’s not all…
While most US stocks were underperforming, the Nigerian stock market recorded high gains…you won’t believe it, stocks were hitting high gains back to back especially the banking sector.
As a matter of fact, the market broke a 7-month record. The market gained 1.6trillion naira in one day!
Yeah, you read right!
Cadbury Nigeria Plc, FBN Holdings (FBNH) Plc, FTN Cocoa Processors, Guinea Insurance, Mutual Benefits Assurance, Unilever Nigeria, and Universal Insurance emerged as the highest price gainers of 10% each to close at N18.15, N28.60, N2.20, 44 kobo, 77 kobo, N18.15 and 33 kobo per share respectively. FBN Holdings once again crossed the 1 trillion naira market cap level to 1.03 trillion naira. Also, other banking sectors such as Wema Bank and Zenith Bank followed with a gain of 9.99%, while International Breweries advanced by 9.98% closing at N5.29, per share.
But a few moments later!👀
There was a decline. Nigerian capital market lost N638 billion at the close of trading on Wednesday. All-Share Index (ASI) fell by 1.4% basis points to settle at 82,024.38. However, the recent market dip still doesn’t erase the overall positive trend that the Nigerian stock market has shown so far this year. The market’s performance was quite impressive.
NGX truly deserves some accolades.
However, before we proceed to the next story I’ve got great news😁.
Drum rolls!!🥁🥁🥁
Bitcoin ETFs are currently available on the Trove app.
Now you can easily buy shares that represent a basket of Bitcoin in the ETF’s portfolio. (I can feel your excitement from here already 🤣🤣). Log into your Trove app and buy a Bitcoin ETF!!
So, back to our gist…
Paypal’s Epic Resurrection
Yeah… So, are you up for a quick recap of what’s been going on with PayPal’s stock this week?
PayPal had a not-so-good stock performance in 2023. The company’s share dropped 13.8% according to the S&P Global Market Intelligence and not just that, late into the year 2023, it was down as much as 29% before rallying slightly during the last couple of months. it was a significant decline.
The company’s stock used to trade around $300, hitting a high of about $310 in 2021. But then there was a decline due to poor management decisions, a slow economic environment, high-interest rates, worsening sentiment, higher costs, and other factors.
However, just as the saying goes… “No winter lasts forever”
PayPal resurrected again!
The company’s shares grew 0.64% higher to $61.35 on Thursday, on what proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average DJIA rising 0.04% to 37,711.02 and the S&P 500 Index SPX falling 0.07% to 4,780.24.
A big cheers to PayPal!!
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!
Netflix is Back!
Netflix stock is back in the game! Wooho!! After a challenging year in 2023, the streaming giant’s stock is making a comeback.
So, here is the full gist…
Netflix stock jumped early Thursday after a presentation by the company’s advertising chief. In the presentation, the advertising chief highlighted the growth of its advertising-supported plan. It sounded like a great deal to the investors and boom! The stock increased by 2.9% to close at $492.23 which indicates a positive trend for the company’s stock.
Netflix now has more than 23 million monthly active users for its ad-supported subscription tier, the company’s advertising president, Amy Reinhard, the Vice President of studio operations and consumer products for Netflix, Inc. stated in an interview that 85% of ad-support plan users are streaming for more than two hours per day.
Wow! Tomi, this actually means that the company’s new product is growing quickly…
Yeah! But as you already know the stock market is not complete without analyst predictions… They will always have something to say… lol!
So, when analysts noticed the new numbers, Evercore ISI analysts estimated in a client note that 23 million monthly active users would translate to 12 million to 15 million subscriptions. This suggests the ad-supported tier has reached roughly 5% of Netflix’s global subscription base.
“Not a significant number yet, but if this growth cadence continues, Netflix may well reach 50 million monthly active users and close to 10% of its subscription base by the end of 2024,” wrote Evercore ISI analyst Mark Mahaney. Analysts can not just allow companies to celebrate their little wins in peace👀.
Anyways, Netflix’s ad-supported tier is making a splash… So let’s chill and see what happens next.
And finally…
What are you waiting for?!?! Forget not this ministry of yours: Tell a friend to tell a friend to download the Trove app.
