Its market capitalization is higher than the Gross Domestic Product (GDP) of any African country, Nigeria – $448.1billion, South Africa – $351.4billion, Egypt – $303.2billion, Algeria – $169.98billion, Morocco – $118.7billion, Ethiopia – $96.12billion, Kenya – $95.5 billion, Angola – $94.6 billion, Ghana – $66.9 billion, Tanzania – $63.2 billion.
Top 10 largest economies in Africa 🌍
🇿🇦South Africa – $351.4bn
🇪🇬Egypt – $303.2bn
🇩🇿Algeria – $169.98bn
🇲🇦Morocco – $118.7bn
🇪🇹Ethiopia – $96.12bn
🇰🇪Kenya – $95.5
🇦🇴Angola – $94.6
🇬🇭Ghana – $66.9
🇹🇿Tanzania – $63.2
(#Nairalytics, World Bank)
— Nairalytics (@Nairalyticsdata) November 11, 2020
The fast-evolving car company, which focuses more on renewables as seen in its 2.6% share price rise and has gained over 20% since S&P Dow Jones Indices stated recently it would add Tesla to the S&P 500 index on December 21 a change that will force S&P 500 index funds to buy around $50 billion of its shares.
Now worth $470 billion, Tesla will increase the concentration of heavyweight companies within the S&P 500. It will be the seventh-most valuable company within the index, just behind Berkshire Hathaway and ahead of Visa Inc., according to Refinitiv data.
About a fifth of car company shares are presently owned by Chief Executive, Elon Musk and other insiders, the S&P 500 is weighted by the number of companies’ stocks available on the stock market, the car company’s influence within the benchmark will be slightly reduced, putting it in 8 positions, just behind Johnson & Johnson, with an equivalent of about 1% of the S&P 500 index.
Some months ago, Nairametrics highlighted 5 reasons why it thinks the stock will surpass Apple in the long-term.
- Tesla has announced a new five-way stock split to take effect on August 28th, which will make the company’s shares cheaper for buyers.
- The world’s leading electric carmaker is expected to soon announce that it will begin supplying “superior” battery packs to the automobile industry.
- Traditional automakers simply produce cars but in Tesla’s case, it controls the ecosystem by producing its car, the Powerwall home charger, and Supercharger refueling stations. All of these create diversified revenue streams for Tesla.
- Tesla remains the only major carmaker to have a huge physical presence in the world’s second-largest economy. With the electric-car maker’s launch of a new factory in China in 2019 and, the beginning of its Model Y models earlier this year, investors may want to continue holding.
- Tesla’s Powerpack battery storage system has made even fossil powered economies like Qatar go renewable, as the world shifts to clean energy. Qatar General Electricity and Water Corporation, known as Karhamaa, recently installed a 1 MW/4 MWh storage system at a location known as Nuaija, located south of Doha, the country’s capital.
- Tesla was founded in 2003 by a group of engineers who wanted to prove that people didn’t need to compromise to drive electric – that electric vehicles can be better, quicker, and more fun to drive than gasoline cars.
Strong gains from WAPCO, Unity Bank limit Bears grip on Nigerian Stocks
Strong gains from WAPCO couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among medium capitalized stocks.
Nigerian stocks ended the last trading session on a near-stale mate. the All Share Index dropped by -0.08% to close at 39,331.61 index points as against the -0.40% plunge recorded on Thursday. Its Year-to-Date (YTD) returns currently stand at -2.33%.
- However, the market trading turnover on Friday printed positive as volume ticked up by +19.18% as against the +101.84% uptick recorded yesterday.
MANSARD, ZENITHBANK, and FBNH were the most active to boost market turnover.
- The market breadth closed negative as MORISON led 20 Gainers as against 27 Losers topped by TRIPPLEG at the end of today’s session – an unimproved performance when compared with the previous outlook.
- MORISON up 10.00% to close at N0.66
- WAPCO up 9.90% to close at N22.2
- NEM up 9.88% to close at N1.89
- SKYAVN up 9.54% to close at N3.33
- UNITYBNK up 8.96% to close at N0.73
- TRIPPLEG down 10.00% to close at N0.72
- TRANSEXPR down 10.00% to close at N0.81
- UHOMREIT down 9.96% to close at N36.6
- CUTIX down 9.95% to close at N1.81
- SCOA down 9.90% to close at N2.64
Nigerian Stocks ended the mid-week trading session on a slightly bearish note, amid soaring oil prices prevailing at the U.S trading session. At the time of writing this report, Brent crude was trading below $68.70/barrel.
- That being said, strong gains from WAPCO couldn’t stop Nigerian stocks from closing slightly red, as sell-offs intensified among medium capitalized stocks.
- Nairametrics envisages cautious buying, on the sentiments that recent price action shows further market correction as bargain hunters keep a tab on Nigerian macros.
Bears take Nigerian stocks hostage, investors lose N82.4 billion
Investor sentiment as measured by the market breadth closed negative with 12 advancers and 47 decliners.
Nigeria’s all-share index fell further at the close of trading today, down by -0.40% to 39,364.67 points. Investors losses today stood at N82.35 billion.
- Year-to-date return and market capitalization settled at -2.26% and N20.5 trillion, respectively.
- Investor sentiment as measured by the market breadth closed negative with 12 advancers and 47 decliners.
- Across coverage sectors, the performance was bearish. The NSE insurance, banking, consumer goods, and oil & gas sectors dipped 4.04%, 1.54%, 1.47%, 64 basis points, and 0.65%, respectively.
- The flip side saw only the industrials improved marginally by 0.19%.
- UPL up 9.91% to close at N1.22
- MORISON up 9.09% to close at N0.6
- CAP up 5.26% to close at N20
- WAPCO up 3.59% to close at N20.2
- LIVESTOCK up 3.17% to close at N2.28
- FIDSON down 10.00% to close at N4.41
- NNFM down 9.97% to close at N6.32
- ENAMELWA down 9.95% to close at N19.9
- NEM down 9.95% to close at N1.72
- NCR down 9.91% to close at N3.09
Nigerian stocks ended the fourth trading session on a weaker note amid soaring oil prices prevailing at the U.S trading session.
- Today’s bearish trading session was inclined by sell pressure on consumer ticker, DANGSUGAR which lost -6.25%. JBERGER, ARDOVA, and UBA also declined by -7.88%, 9.85%, and -3.64%, respectively.
- Nairametrics expects intending buyers to seek the advice of certified stockbrokers.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat falls into a loss in FY 2020
- 2020 FY Results: Cornerstone Insurance Plc reports a 61.1% decline in profit
- Ellah Lakes increases operating expenses by 33.36% in HY 2020
- 2020 FY Results: Nigerian Breweries reports a 54.3% decline in profits in 2020
- Abbey Mortgage Bank projects N51.08 million profit in Q2 2020.