Hyundai Motor Co. shares gained almost 20%, the biggest daily gain ever sighted in the leading South Korean carmaker stocker since 1988, on reports that the world’s most valuable company, Apple Inc., was in partnership talks with the automaker giant on developing self-driving electric vehicles.
Internal discussion on such partnership according to private sources was complete at Hyundai, awaiting the approval of the chairman, it said. Hyundai and Apple both declined to comment on such a report.
A recent Bloomberg report disclosed Apple has begun early development work on an electric vehicle, but the project was still years away from resulting in any product.
- “We believe Apple is in the early stages of talks and looking at a handful of strategic partnerships and collaborations globally with existing automakers on the [electric vehicle] front, with Hyundai on the radar,” Wedbush Analyst, Dan Ives, wrote in a research note published shortly after reports about the Hyundai discussions first broke.
What this means
Recall Nairametrics some weeks back disclosed Apple may soon announce a manufacturing partner for the project and there might be plans to reduce efforts to self-driving software with a traditional carmaker.
- Apple’s self-driving car project is called “Project Titan” and has experienced a couple of gains and losses since it launched in 2014. Apple sacked 190 staff working on the project in 2019, even though it designed its own car from scratch.
- Insiders revealed that Apple now has plans to build a customer-friendly passenger car to compete directly with Tesla.
Jaiz, Wema surge as NSE Banking Index drops
At the end of the trading session today, the NSE banking index dropped by (-0.71%) to settle at 348.20 from 348.28 index points.
At the end of the trading session today, the NSE banking index dropped by (-0.71%) to settle at 348.20 from 348.28 index points. This profit was less than the previous days (+2.19%). The NSE banking index started today’s trading session on a bearish trend. The market saw 3 gains, 3 stalemates, and 4 losses.
Jaiz Bank left the claws of the bears with a profit (+5.00%) settling its price at N0.63 as it eyed the N1 mark. Analysts speculate that this milestone may be surpassed by the end of the year. Wema banks topped the gainers with a significant (+5.26%), putting it on the top 5 list on the NSE-ASI.
Wema Banks share price stood at N0.58 at the end of the trading session.
Zenith Bank was saved from sell-off by posting a profit of (+0.46%) pushing the price to N22.00 from N21.90.
Sterling Bank led the losers as they made a significant loss of (-8.33%) dropping the price to N1.68 from N1.80 held the previous day.
Union Bank also dropped by (-3.06%) dropping the price at N4.75 from the previous close of N4.90.
Fidelity Bank saw a loss of (-0.80%) dropping the price to N2.47 from the previous day’s close of N 2.49. Technical analysis trended bearish from the beginning to the end of the trading session. GTB was not left out of the loss in the NSE Banking Index starting the day at N28.95 to close at N28.80 showing a -0.52% decrease.
UBA posted zero profit to hold the price at N6.95 which was exactly the same price as the previous days close.
Access Bank held another stalemate to hold the price at N8.10. Finally, EcoBank also saw a stalemate putting the market price at N4.80.
- Market sentiment still shows major consolidation as NSE Index companies have 3 gains, 3 Stalemates and 4 losses.
- Analysts project recovery from the NSE Banking Index before the end of the week.
- Nairametrics advises cautious participation in the market amid growing uncertainties.
GUINNESS champions NSE ASI recovery
The market closed in profit but saw more downturn as GUINNESS led 14 Gainers, and NNFM topped the 22 Losers.
The Nigerian Stock Exchange market made a recovery at the end of the trading session today. The All-Share Index increased by +0.09% to close at 38,636.15 from 38,601.83 index points.
GUINNESS made a complete U-turn from the previous day loss. Analysts’ speculation of recovery saw a slight affirmation and investors are still optimistic about an NSE ASI bull run.
- The Nigerian Stock Exchange market value currently stands at NGN 20.21Tr. Its Year-to-Date (YTD) returns currently stands at -4.06%.
- The market closed in profit but saw more downturn as GUINNESS led 14 Gainers, and NNFM topped the 22 Losers chart with a noticeable bearish movement by the NSE ASI.
- GUINNESS up +9.96% to close at N26.50
- MEYER up +8.16% to close at N0.53
- WEMABANK up +5.26% to close at N0.60
- CHAMS up +4.76% to close at N0.22
- CAVERTON up +2.56% to close at N2.00
- NNFM down -10.00% to close at N24.10
- FIDSON down -9.89% to close at N0.65
- CUTIX down -9.78% to close at N2.52
- STERLNBANK down -8.33% to close at N2.00
- WAPIC down -8.00% to close at N0.60
Analysts’ predictions of a recovery in the market held with a slightly bullish trend at the end of the trading session on Wednesday.
Analysts are still optimistic about a recovery from the financial and consumer sectors that will push the NSE-ASI back to profit.
However, the watchlist has seen some changes. The following stocks are on our watchlist: Zenith Bank Plc, Guaranty, Access Bank, STANBIC, JAPAULGOLD, GUINNESS and Flour Mills.
- Nairametrics, however, advises cautious participation in the stock market in this era of growing uncertainties.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- NASD Plc announces admission of newly demutualized NGX shares.
- Lotus Halal Fixed Income announces dividend of N20 per unit for Q1 2021.
- Friesland Campina Wamco Nigeria Plc announces AGM, proposes dividend of N6.74 per share.
- ETI appoints Akin Dada as Group Executive, Corporate & Investment banking.
- Union Homes REIT proposes final dividend worth N465.03 million for shareholders.