Japaul Gold continues to excite investors as the shares of the gold exploration company gained an additional 8.7% during today’s session on the Nigerian Stock Exchange (now NGX), to close higher at N0.75 per share.
The 8.7% increase in the company’s share price today extended the total returns to all shareholders from their investments in the company’s shares to N752 million in just two trading sessions.
These gains have seen the market capitalization of the rebranded company with a key focus on exploration increase from N3.95 billion to N4.70 billion in two days.
Data tracked on the NGX website (previously NSE), from the market close last week Friday till the close of trade today revealed that the share price of Japaul Gold and ventures surged by 19.05%, from N0.63 per share to N0.75 per share.
In case you missed it
Nairametrics reported last week that Japaul Gold took the market by surprise in the first active trading week in the month of April, as the shares of the rebranded company surged by a whopping 40%, to lift the company’s capitalization by about N1.38 billion.
- Prior to the move up to N0.63 per share at the close of trade last week, the shares of Japaul Gold bottomed at N0.41 on the 31st of March 2021.
- This move presented bargain hunters with the golden opportunity to benefit from the upward price swings in the company’s shares.
What you should know
- The shares of the rebranded and restructured company with a new focus on Gold exploration as its new name suggests, rallied to a record 52-week high of N1.67 this year, on the 18th of January, 2021.
- At the current price, shares of Japaul Gold are trading 20.97% higher than what the company’s shares sold for at the close of trading activities on the 31st of December 2021.
US economic performance bolster Wall Street surge
U.S. stocks made a late-session turnaround on Thursday, closing at session highs.
Following upbeat corporate earnings and signs of continuing progress in the labour market, U.S. stocks made a late-session turnaround on Thursday, closing at session highs.
After jumping around the flatline earlier in the day, the S&P 500 ended just short of a new high, while the Dow Jones Industrial Average jumped more than 300 points, setting a new high. The Nasdaq Composite gained ground as well, ending the day in the black and breaking a four-day losing streak. Earnings were a factor in the stock market’s biggest gainers, as Kellogg led the S&P 500 higher after outperforming analysts’ expectations.
Treasuries remained stable, with the 10-year yield remaining about 1.57%, a far cry from recent peaks. The Fed said in its semi-annual financial stability report that a growing appetite for risk across a variety of asset markets is stretching valuations and creating vulnerabilities in the US financial system. Meanwhile, applications for state unemployment benefits in the United States hit a new pandemic low, and separate data revealed a productivity rebound. Traders are now looking forward to Friday’s payroll figures.
Economists expect Friday’s report to show that the US economy added 1 million jobs in April, as the economy recovers from losses suffered during the coronavirus shutdowns. The non-farm payrolls report will be closely scrutinized by investors for information about the Federal Reserve’s next steps, as the central bank has said that it will continue to buy $120 billion in bonds every month until the labour market improves.
Although markets are benefiting from stronger growth in the world’s largest economy, investors are worried that a faster-than-expected recovery from unprecedented government and central bank stimulus would result in excessive inflation. The Federal Reserve remains committed to near-zero interest rates in order to achieve a complete recovery, but in the second half of this year, an announcement of a reduction in its large monthly bond purchases seems increasingly imminent.
Crypto aftershocks send Doge crashing by 10%
The fast-rising crypto was trading at below 60 cent posting losses of about 10% for the day on the FTX exchange.
The Crypto market is currently undergoing some form of price correction amid intensified profit-taking and fear of regulatory oversights, thereby pushing Dogecoin below the 60-cent price levels.
On the broader crypto market, for the day, about 171,444 traders were liquidated. The largest single liquidation order happened on Bybit-ETH valued at $5.98 million.
The fast-rising crypto was trading at below 60 cent posting losses of about 10% for the day on the FTX exchange, after trading near 70 cents some hours ago.
Consequently, market pundits argue that the crypto asset doesn’t have any real case use.
“I worry that, once the enthusiasm rolls out, there are no developers on it, there are no institutions coming in. But it’s got this moniker of the people’s coin right now,” Galaxy Digital’s Michael Novogratz said on Squawk Box.
Dark clouds seem to be building upon recent reports that the Crypto market is about to face a wave of regulatory oversights when Janet Yellen the custodian of the world’s most powerful economy stated that the United States is yet to have the needed framework to deal with a host of money laundering, terrorist financing, and consumer risk protection that crypto raises.
Also, the U.S. Securities and Exchange Commission Chair, Gary Gensler advised U.S lawmakers on providing more regulatory oversight to the cryptoverse.
“Right now, the exchanges, trading in these crypto assets, do not have a regulatory framework either at the SEC or our sister agency, the Commodity Futures Trading Commission,” said Gensler, who further added, “there’s not a market regulator around these crypto exchanges, and thus, there’s really no protection against fraud or manipulation.”
That being said, the crypto’s stellar performance over the past few months can’t be ignored as Dogecoin maximalists try to convince the world that crypto is a serious asset class with powerful billionaires like Elon Musk and Mark Cuban giving the Crypto asset endless support.
Crypto experts further anticipate that ongoing institutional interest will make it difficult to predict if the Doge bubble is ripe as they try to take advantage of its incredible bullish momentum, which could in turn, push the crypto value higher.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- 2021 Q1 Results: FTN Cocoa Processor Plc reports loss after tax of N162.21 million
- Tantalizers Plc reports a loss after tax of N97.75 million in FY 2020 in Q1 2021.
- Courteville Business Solutions Plc proposes final dividend of 3 kobo per share for FY 2020.
- 2020 FY Results: UPDC Real Estate Investment Trust records over 500% growth in Profit after tax.
- Sovereign Trust Insurance records a 43% surge in profit after tax to N392.1 million in Q1 2021.