The Nigerian Stock Exchange Insurance Index ended the week on a bullish note, after it gained 2.84% to close at 197.46 index points. The appreciation is the highest posted by any of the listed NSE Indices for the week
This is according to a weekly report issued by the Nigerian Stock Exchange, and seen by Nairametrics.
The growth in the NSE Insurance Index for the week can be attributed to the appreciation of most insurance stocks such as; Regency Assurance, Mutual Benefits Assurance and Linkage Assurance Plc which all appreciated with a minimum of 10% for the week.
According to the report, the trio (Regency, Mutual Benefits and Linkage) recorded an increase of 22.2%, 11.43% and 10% respectively, placing the aforementioned firms in the top 10 price gainers for the week.
Recall that during the week, five insurance companies which comprises of; AIICO, NEM, Regency Assurance and 2 others gained a total of N2.29 billion in value for just one day, as earlier reported by Nairametrics.
What you should know
- The NSE All-Share Index and Market Capitalization depreciated by 1.74% to close the week at 38,648.48 and N20.221 trillion respectively.
- Sequel to this, most indices finished lower, except NSE Mainboard, NSE Insurance, NSE ASeM, NSE MERI Growth, NSE Consumer Goods and NSE Oil/Gas Indices, which rose by 0.37%, 2.84%, 0.12%, 0.24%, 2.18 and 0.59% while the NSE Sovereign Bond Index closed flat.
- The NSE Insurance Index returned 4.2% on a Year-to-Date basis.
- On a general note, the Financial Services Industry traded 1.2 billion shares valued at N10.272 billion in 12,518 deals for the week(measured by volume); thus contributing 71.64% and 43.64% to the total equity turnover volume and value respectively
Ripple’s CTO advises investors to reduce their crypto investments
The crypto leader recently made the warning on Twitter.
David Schwartz, Ripple’s Chief Technology Officer has advised investors and crypto traders to consider offloading some amounts of their crypto holdings to reduce risk. The crypto leader recently made the warning on Twitter.
“This is probably going to be my least popular tweet ever, but: If you have life-changing amounts of cryptocurrency, please take some time to seriously consider selling some to reduce your risk and exposure. This is not any kind of prediction about what the market will do,” his tweet stated.
This is probably going to be my least popular tweet ever, but: If you have life-changing amounts of cryptocurrency, please take some time to seriously consider selling some to reduce your risk and exposure. This is not any kind of prediction about what the market will do.
— 𝘋𝘢𝘷𝘪𝘥 "𝘑𝘰𝘦𝘭𝘒𝘢𝘵𝘻" 𝘚𝘤𝘩𝘸𝘢𝘳𝘵𝘻 (@JoelKatz) April 13, 2021
To lend credence to his advice, about $1.39 billion dollars were liquidated in the crypto market arbitrarily with about 240,759 traders liquidated.
The largest single liquidation order happened on Huobi-XRP valued at $11.69 million.
Despite the recent pullback in some trending crypto assets, some crypto traders remain upbeat that crypto assets are the best tools for hedging against rising inflation, offer better returns than many traditional assets, and are set to win more attention from the corporate world.
Many weeks ago, the Financial Conduct Authority, a leading United Kingdom financial regulator, issued a piece of stern advice on the risk associated with trading crypto assets.
The statement highlighted the risks associated with investing in Bitcoin and other crypto-assets and warned the public that there were high chances that all their funds could be lost.
“The FCA is aware that some firms are offering investments in crypto assets or lending or investments linked to crypto assets, that promise high returns.
Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money. If consumers invest in these types of products, they should be prepared to lose all their money,” said the FCA.
Coinbase success: Rapper Nas among early investors, set to make over $100 million
Nasir Jones is amongst the earliest investors in Coinbase via his Queensbridge Venture.
The trending news in the cryptoverse is the successful direct listing of Coinbase on the NASDAQ, which happened on Wednesday, 14th April 2021. So far, the returns are looking very good for early investors in the crypto trading company.
According to CNBC, Coinbase closed its first day in NASDAQ at a value of $328.28 per share and a valuation of $85.8 billion. During the course of the day, Coinbase valuation exceeded $100bn but later dropped to $85.8bn.
Rapper Nas and QueensBridge Venture Partners
Legendary rapper, Nasir Jones who owns and runs Queensbridge Venture Partners together with its Co-Founder Anthony Saleh were amongst the earliest investors in Coinbase.
QueensBridge Venture Partners invested in Coinbase as early as 2013 in a Series B round back when it raised $25 million. Around that time, Coinbase was valued at about $143 million. According to QueensBridge Co-Founder, the venture capital firm made an investment of $100,000 to $500,000.
According to Coindesk, at the time of Nas’ investment, a single unit of Coinbase share sold for $1.00676. With an investment of $100,000 to $500,000 QueensBridge stands to own 99,329 to 496,642 unit shares.
With Coinbase trading at an average price of $350 yesterday, Nas and his VC firm stand to earn between $34.76 million and $173.8 million ROI, according to Coindesk. The number can be a lot higher given that this is just Coinbase’s first day on NASDAQ and some experts expect its price to increase.
Nas celebrated his smart investment with a tweet eulogizing cryptocurrency. His VC firm also invested in Robinhood and Dropbox.
What you should know
- Coinbase was listed directly. This is quite different from an initial public offering (IPO). According to Investopedia the difference between an IPO and a direct listing process is the presence and absence of new shares.
- In an IPO, the company involved creates new shares and employs underwriters before going public.
- In a direct listing only existing or outstanding shares are made public. Companies that pursue this strategy usually don’t employ underwriters.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- BUA Cement Plc announces Board Meeting
- Infinity Trust Mortgage Bank Plc records a 60% increase in profit after tax in Q1 2021.
- Tantalizers Plc reports a loss after tax of N422.05 million in FY 2020.
- NASD Plc announces admission of newly demutualized NGX shares.
- Lotus Halal Fixed Income announces dividend of N20 per unit for Q1 2021.