Markets
Facebook, Google, Apple & Microsoft shares hit record high
Tech giants are surprisingly recording impressive gains despite a rotation into utility and energy-based stocks.
Social media giant, Facebook today rallied as much as 3.8% to touch an intraday record of $309.89 per share.
Strong growth from the world’s biggest economy boosted buying pressure among global investors as impressive economic data from America’s service industries coupled with an advance in cyclical industries fueled the hike in Facebook’s shares.
READ: Fintech: Ex-Google employee becomes billionaire in 24 hours
In addition, Alphabet Inc., the parent company of Google, also recorded as much as 4% amid reports that it won its supreme court case against Oracle, a case that has lingered for about 3 years.
Among other notable Tech companies, Amazon.com rose 1.9%, Apple Inc surged by 2.1%, and Microsoft Corp. was up as much as 3.1%.
Tech giants are surprisingly recording impressive gains despite a rotation into utility and energy-based stocks.
READ: Cryptos that will likely earn you money in 2021
More details shortly…
Cryptocurrency
Dogecoin up 168%, more valuable than Polkadot, Cardano
The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.
Dogecoin (DOGE), once again, shocked traders, investors and many crypto analysts by gaining over 200% to flip Cardano and Polkadot, becoming the sixth most valuable crypto asset by market value.
The fast-rising crypto at the time of writing traded at $0.359439 with a daily trading volume of $63.5 billion.
Dogecoin is up 167.95% for the day on the FTX exchange. The dog meme crypto is now the 6th most valuable crypto with a market value of $46.4 billion.
READ: Bitcoin miners are consistently earning $50 million daily
Recent data from Coinmarketcap reveal it has a circulating supply of 129,210,007,256 DOGE coins and the maximum supply is not available.
Market pundits argue that the credence of the world’s leading billionaires might have given the fast-rising crypto enough support amid the recent price correction ongoing in the flagship crypto market. These two individuals are Elon Musk and Mark Cuban.
A leading crypto social analytic firm revealed the altcoin has the highest number of activities in the past 18 hours and social mentions of over 410, 0000, thereby making it the most popular crypto on social media.
READ: Crypto market surges above $2 trillion, as Bitcoin stages a huge comeback above $60,500
$DOGE with the #1 AltRank™ for 18 hours in a row and nearly half of the last seven days.
24-Hour Activity
đź’Ž211.0% price change
đź’Ž410,051 social mentions
đź’Ž812,992,765 social engagementshttps://t.co/BAyITJB6v2 #dogecoin pic.twitter.com/reokxcJ06K— LunarCRUSH Social Listening for Cryptocurrencies (@LunarCRUSH) April 16, 2021
Dividends
SEC accuse CMOs of frustrating e-dividend mandate process
The DG of SEC revealed that 4.01 million accounts still have incomplete KYC information as of April 8 despite the government’s efforts.
The Securities and Exchange Commission (SEC) has faulted the activities of some Capital Market Operators (CMOs) which frustrates the e-dividend mandate process, leading to a rise in unclaimed dividends in the capital market.
This is as the unclaimed dividends in the capital market were estimated to have risen to over N200 billion.
According to a report from the News Agency of Nigeria (NAN), this disclosure was made by the Director-General of SEC, Lamido Yuguda, while speaking at the 2021 first post-Capital Market Committee (CMC) virtual news conference.
READ: Why SEC should support democratization of sale of foreign securities
What the Director-General of SEC is saying
Yuguda, in his statement, said that the commission was aware that some CMOs were frustrating the e-dividend mandate process.
He said, “We implore all stakeholders to comply with all directives of the Commission in this regard, as defaulters would be sanctioned appropriately. We have observed that the growth in the number of mandated accounts has been on the decline for some time.
The capital market community has directed its e-Dividend Committee to engage with the Committee of Heads of Banking Operations to encourage better cooperation from banks as we tackle the challenges of unclaimed dividends.’’
READ: Shareholders move against FG’s establishment of unclaimed dividend trust fund
The SEC boss reminded all CMOs that the commission’s directive on the update of investors’ Know Your Customer information was still in effect noting that the level of compliance had been low in spite of several engagements by the commission.
Yuguda revealed that 4.01 million accounts still have incomplete KYC information as of April 8 despite the government’s efforts.
He said, “Despite several engagements, we realised that as of April 8, there were still 4,012,311 accounts with incomplete KYC information. This exercise is critical to deepening the participation of retail investors and we direct all CMOs to accord it the highest level of priority.’’
READ: SEC adjusts operations, introduces e-filing, other measures
In case you missed it
- SEC had earlier urged all Capital Market Operators (CMOs) to update their investors’ Know Your Customer information due to the low level of compliance.
- The CMOs were also warned by SEC to stop providing any form of support to unregistered entities operating unlawfully in the country within the capital market as that would not be condoned.
