U.S Stocks rallied higher at the most recent trading session, led by big tech brands (Apple & Oracle), as positive macros on the COVID-19 vaccine prompted long bets on U.S stocks.
Oracle Corporation stock price gained 4.32%, as the tech firm appeared to be the chosen partner for TikTok business in the U.S. ByteDance. The owners of TikTok, had earlier disclosed that it preferred to partner, rather than sell, TikTok’s U.S. business, rejecting an offer for outright sale from Microsoft.
Microsoft’s stock price ended slightly higher at 0.68%. Apple Inc was up by more 3%, while the stock price of Facebook; Alphabet, owners of Google; and Amazon.com ended the trading session bearish.
The Dow Jones Industrial Average gained 1.18%, and the S&P 500 was up by 1.27%, while the Nasdaq Composite (comprising of tech heavy-weights) gained 1.87%.
The tech-heavy Nasdaq ended its two-day losing streak, as deal activity lifted sentiment on the sector.
Stephen Innes, Chief Global Market Strategist at AxiCorp, in a note to Nairametrics, spoke on the fundamentals that keeps stock traders hopeful.
“Even though the Feds are unlikely to go full tilt, there is sufficient policy juice in the tank, not to mention what’s in reserve to keep the market humming along quite well,”
“Despite the sharp sell-off last week, investors remain optimistic about the US equity market’s path in the coming months,”
“Economic data points to a continued recovery, while further reopening and vaccine progress will likely set the wheels in motion for another move higher in stocks.”
Investors should expect markets to remain volatile in the short-term, but the recent setback is hardly a cause for panic, especially since some of the tech giants have recently reached dizzying heights.
Google founders earn $42 billion in 100 days
Impressive growth in the US economy boosted buying pressure on Google shares as its founders saw their wealth valuation surge.
Google founders Larry Page, 48 and Sergey Brin, 47 have earned more money collectively than the total foreign cash reserve holdings of Africa’s biggest economy.
Larry Page, currently worth $104 billion, has earned $21.2 billion in 100 days; while Sergey Brin, with a wealth valuation of $100 billion, earned $20.4 billion in the same period. Collectively, both men have earned $41.6 billion, dwarfing Nigeria’s foreign cash reserve which currently stands at a gross valuation of $35 billion.
The majority of Larry page’s wealth comes from his stake in Alphabet, the parent company of Google. The Standford trained entrepreneur currently holds $12.6 billion in cash.
Sergey Brin’s wealth valuation is also derived from his stake in the world’s most popular search engine and presently, his cash holding is valued at $12.7 billion.
Impressive growth from the world’s most powerful economy boosted buying pressure on Google shares and its founders saw their wealth valuation surge. Global investors are increasingly holding on the tech juggernaut’s shares as amazing economic data from America’s service industries coupled with an advance in the tech sector fueled the hike in Google shares seen in recent months.
Consequently, investors are piling significant amount of funds into Alphabet Inc., the parent company of Google, with reports saying it won its most recent supreme court case against Oracle, a case that has lingered for about 3 years.
Recent price action reveals the stock is presently trading at $2,285.88 nearing its 52-week high of $2,289.04 with a yearly return on investment currently pegged at 89%.
Stock pundits are surprised by such record gains in Google shares despite a swift move seen lately by some institutional investors into utility, energy-based stocks and of late U.S Treasury bonds.
The company currently has a market value of about $1.54 trillion.
Japaul Gold records 40% surge in a week raising its capitalization by N1.38 billion
Shares of the rebranded company surged by a whopping 40%, in the first active trading week in the month of April.
Japaul Gold took the market by surprise in the first active trading week in the month of April, as the shares of the rebranded company surged by a whopping 40%, to lift the company’s capitalization by about N1.38 billion.
The recent move which led to the N1.38 billion increase in Japaul Gold’s market value can be attributed to the actions of bargain hunters and value investors.
These investors, during the week, seized the company’s relatively low price to accumulate additional stakes in the company, in a bid to capitalize on the upward swing in the price of the company’s shares.
Data tracked from the close of the market on the 1st of April to the close of trading activities on the exchange yesterday revealed that the shares of Japaul Gold and Ventures Plc surged by 40% from N0.41 to N0.63.
This suggests that the share price of the gold exploration company surged by 40% in just four trading sessions on the NSE this week. In line with this, the market capitalization of Japaul Gold increased from N2.57 billion to N3.95 billion, representing a N1.38 billion gain during the week.
In case you missed it: Prior to the recent move to N0.63 per share at the close of the market yesterday, the shares of Japaul Gold bottomed at N0.41 on the 31st of March 2021, after printing a record high of N1.67 per share on the 18th of January, 2021.
What you should know
- Nairametrics reported on Wednesday that shares in Japaul Gold and Ventures Plc surged by 29.3% in three trading sessions on the NSE, lifting the company’s capitalization by N752 million.
- The shares of the rebranded and restructured company with a new focus on Gold exploration as its new name suggests, rallied to a record 52-week high of N1.67 this year.
- At the current price, shares of Japaul Gold are trading at 1.61% higher than what the company’s shares sold for at the close of trading on the 31st of December 2021.
Nairametrics | Company Earnings
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