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Stock Market

America’s biggest food delivery app, DoorDash seeks for IPO approval

DoorDash has just filed its IPO prospectus with the Securities and Exchange Commission.

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DoorDash, America's biggest food delivery app, DoorDash seeks for IPO approval

America’s leading food delivery app, DoorDash, has just filed its IPO prospectus with the Securities and Exchange Commission. The Startup will be listed on the New York Stock Exchange under the symbol, “DASH”.

DoorDash joins other leading competitors Uber and GrubHub on the Stock Exchange.

READ: Uber expands food delivery business in a $2.65 billion acquisition 

DoorDash leads the pack in the market share of the food delivery business in America with 49% of meal delivery sales in September compared to Uber’s 22% and GrubHub’s 20%, according to analytics firm Second Measure.

DoorDash has raised about $700 million through many financing rounds from leading investors including Y Combinator, SV Angel, Khosla Ventures, Sequoia Capital, SoftBank, Charles River Ventures, GIC, and Kleiner Perkins.  As of June 2020, DoorDash’s valuation stood at about  $16 billion.

READ: After its latest acquisitions, Indorama is set to invest $5.5 billion

In the era of COVID-19 were online services have reached a record high, DoorDash further disclosed it had stored a significant amount of gloves and bottles of hand sanitizers for its delivery drivers, and such products were  offered to them with no charge

What you must know: DoorDash Inc. is a U.S -demand prepared food delivery service, invented by Tony Xu, Stanley Tang, Andy Fang, and Evan Moore.

Hotflex

READ: Nigerian energy startup raises $9 million in Series A funding

  • DoorDash uses logistics services via its internet platform in offering food delivery from restaurants on-demand.
  • DoorDash launched in Palo Alto and, as of May 2019, had expanded to more than 4,000 cities and offers a selection of 340,000 stores across the U.S., Canada, and Australia.

 

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Markets

Bullish dominance in the NGX Banking Index

The NGX Banking Index made a bullish recovery at the end of yesterday’s trading session with an increase of +1.11%, pushing the index points to 354.25.

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gtbank, stock market, Bulls dominate Nigerian bourse ASI up 0.74%, Investors gain N77 billion., Crude oil bulls lose steam, as COVID-19 cases hit record high

The NGX Banking Index made a bullish recovery at the end of yesterday’s trading session with an increase of +1.11%, pushing the index points to 354.25. There were 5 profits opposing 5 losses, but the magnitude of the gainers pushed the Banking Index into the green.

Union Bank led the gainers with a profit of +0.45, pushing its price upwards from N4.95 to N5.40.

Zenith Bank came second amongst the gainers with a profit of +1.14%, posting N22.20 from the previous day’s close of N21.95.

Guaranty Trust Bank also closed in profits with an increase of +0.86%, leaving its price at N29.40 from its previous price of N29.00. Sterling Bank was also part of the gainers with a profit of +0.63% putting its price at N1.60 from its previous close of N1.58.

Access Bank made profits of 0.62%, pushing its prices to N8.15 from N8.10.

Wema Bank was the biggest loser at the end of yesterday’s trading session as it made losses of -4.92%, leaving its price at N0.58 from N0.61.

Jaiz Bank also made losses of -3.23%, pushing its closing price to N0.63 from N0.62 obtained the previous day.

Ecobank joined the losers, posting a loss of -1.89% which put its price at N5.20 from its previous price of N5.30.

Fidelity Bank followed with a loss of -0.90%, putting its price at N2.24 from N2.22. UBA also posted a loss of -0.69%, pushing its price from N7.25 to N7.20.

Outlook

  • Market sentiment tends bullish as the magnitude of gainers outweighed the losers despite the 5 gainers and 5 losers held at the end of the trading session.
  • Nairametrics advises cautious buying amid growing uncertainties.

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Markets

Union Bank, LINKASSURE push NGX ASI into recovery

The market breadth closed positive with the bulls as LINKASSURE led 25 Gainers, and 16 Losers topped by NEM.

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Nigerian stock exchange market made a bullish recovery on the last day of the week’s trading session. This surge was bolstered by gains made by UBN and LINKASSURE amongst others. The All-Share Index increased by +0.21% to close at 39,198.75 from 39,114.73.

  • Nigerian Stock Exchange market value currently stands at N20.48 trillion. Its Year-to-Date (YTD) returns currently stand at -2.66%.
  • The market breadth closed positive with the bulls as LINKASSURE led 25 Gainers, and 16 Losers topped by NEM, showing a hint of consolation.

Top gainers

  1. LINKASSURE up +9.25% to close at N0.69
  2. JOHNHOLT up +9.26% to close at N59
  3. UBN up +9.09% to close at N5.40
  4. ROYALEX up +8.33% to close at N0.65
  5. CHIPLC up +8.33% to close at N0.39

Top losers

  1. NEM down -9.50% to close at N1.81
  2. COURTVILLE down -9.09% to close at N0.20
  3. SUNUASSUR down -8.47% to close at N0.54
  4. INITSPLC down -6.98% to close at N0.40
  5. ETERNA down -6.89% to close at N5.81

Outlook

The market recovered from a week-long loss as it posts profit at the end of the trading session.

  • Market sentiments tend toward bullish momentum as the NGX ASI closes with 25 Gainers and 16 losers.
  • Nairametrics however, advises cautious buying in this era of growing uncertainties.

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