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Stock Market

Popular game Roblox gains 60% after being listed

Popular game Roblox gains 60% shortly after being listed on the NYSE for the first time.

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Roblox Corporation owners of the popular video game Roblox debuted on the NYSE on Wednesday evening gaining more than 60% right out of the blocks.

The video game owners entered the NYSE by direct listing avoiding the initial public offer route often used by most newly listed companies to list on a stock exchange.

READ: Sony PlayStation 5 sold out hours after launch

Roblox was listed at a reference price of $45 per share but opened trading at $64.5 per share and was trading above $70 per share at the time of posting this article. The company also released impressive results, reporting a revenue $923.9 million and a loss of $257.7 million in 2020. This compares to revenue of $508.4 million and loss of $71 million in 2019, and revenue of $325 million and a loss of $88.1 million in 2018.

Investors in the US ascribe significant valuations to companies with rapid revenue growth and worry less about losses. They believe the companies will eventually post massive profits as it garners market share. Roblox also has a free cash flow of $411.2 million in 2020, up from $14.9 million in 2019.

READ: Football-based Crypto, is world best performing Crypto in 7 days

About Robox

Roblox game was founded by Dave Baszucki as a gaming platform where kids could learn to code. It is hugely popular amongst kids all over the world, including Nigeria, and has grown to over 150 million monthly global active users.

  • As a gaming platform for coders, it pays developers hundreds of millions annually to create games for millions of kids to play.
  • Roblox is also one of the most searched games on YouTube even gaining more than Minecraft, and just next to Fortnite.
  • On Roblox, kids can create their own games and also pay for things like avatars, passes, virtual dresses through their currency Robux.
  • The game soared in popularity during the Covid-19 lockdowns as more kids stayed at home.

 

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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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