Holdings

Nigerian stocks advanced 2.6 per cent last week during which the listing of Tony Elumelu-backed Transcorp Power added N1.88 trillion to the Nigerian Exchange’s market capitalisation. That is not to mention the 46.4 per cent capital gain the equity contributed to the overall market value in its first week of trade. Interestingly, equities continue to win investors over despite improved yields on fixed income assets, which have become considerably attractive after monetary authorities bucked up the reference…

Tesla (TSLA) is benefiting from its investment in Bitcoin, which now surge past $600 million as the cryptocurrency tests new highs. Tesla is one of the few large public companies to decide to invest some of its cash into cryptocurrency. Early in 2021, Tesla invested $1.5 billion in Bitcoin. Shortly after, the automaker started accepting the cryptocurrency as payment on new vehicles. However, a few days later, Tesla took a step back with crypto by removing the Bitcoin payment option. The company…

FBN Holdings, the parent company of Nigeria’s oldest commercial banking institution First Bank, attained its all-time peak valuation on Monday. The feat was recorded after a week of sustained gains catapulted the worth of its shares beyond N1.2 trillion. The valuation lifts the financial services group to a new milestone as Nigeria’s biggest lender by market capitalisation, pushing peer Guaranty Trust Holding Company, which has held the title for a while, to the back seat. Following an almost twofold surge in…

Nigerian stocks appreciated 3.8 per cent last week, bringing their yield so far this year to about 42 per cent. Against analysts’ expectation that a hawkish stance at the next monetary policy committee meeting would cause interest to shift from equities to fixed-income securities, demand for stocks increased, helping to wipe out the loss reported for the penultimate week. The earnings reports of big names including Dangote Cement, MTN Nigeria, Seplat, the big 5 banks (excluding FBN Holdings) and Nestle are being…

Nvidia’s bet on smaller AI firms from healthcare companies Nano-X Imaging and Recursion to chipmaker Arm Holdings boosted their shares in premarket trading on Thursday.Nvidia, the biggest winner of the AI boom, revealed its new stakes in the firms as of December 31 in a 13-F filing with the U.S. SEC late on Wednesday.Fellow chip designer Arm Holdings drew the biggest investment from Nvidia, worth $147.3 million. The British company has said its processors complement Nvidia’s chips for AI work in data centers.Arm shares…

Access Holdings Plc on Monday announced the appointment of Bolaji Agbede as the Acting Group Chief Executive Officer (GCEO) of the holding company. The appointment follows the death of its late Group Chief Executive Officer, Herbert Wigwe, who died in a helicopter crash in the United States on Friday. Mr Wigwe died alongside his wife, son, and a former chairman of the Nigeria Exchange Group, Abimboloa Ogunbanjo. “Further to its announcement dated February 11, 2024, the Board of Directors of Access Holdings Plc…

Arm Holdings Plc is extending a big rally in the wake of last week’s blockbuster earnings report that showed artificial intelligence spending is bolstering sales. The chip designer’s shares soared as much as 42% on Monday on volume that was more than six times the average over the past three months. The advance briefly pushed the stock’s gains to more than 100% in the three trading sessions since Arm’s results were released after markets closed on Feb. 7. Elevate Your Tech Prowess with High-Value Skill CoursesOffering…

The Board of Directors of Access Holdings Plc on Sunday announced the passing of the company’s founding Group Chief Executive Officer and former Group Managing Director of its flagship subsidiary Access Bank Plc, Herbert Wigwe. Mr Wigwe, his wife and son were among the casualties in a fatal helicopter crash that occurred near the Nevada-California border. The Eurocopter EC 130, carrying Wigwe and five others, crashed on Friday night on its way to Las Vegas. In a statement released on Sunday by the company’s…

Shares of Arm Holdings skyrocketed over 50% on the Nasdaq Thursday following the release of its fiscal Q3 earnings report. The U.K.-based designer of central processing unit (CPU) chips reported adjusted earnings per share of 29 cents, compared to the expected 25 cents, and revenue reaching $824 million against an expected $762 million.Investor excitement is likely also being fueled by the company’s boosted sales guidance for fiscal 2024, which it raised from roughly $3.08 billion to as much as $3.21 billion, in addition…

Last week, a good number of corporate results were issued, many of them coming out strong and fairly impressive. That in part helped the market capitalisation of the Nigerian exchange appreciate by 2 per cent. Investors are awaiting the earnings reports of big-cap stocks like Dangote Cement, MTN Nigeria, BUA Cement and Nestle as well as those of four of the Big 5 lenders (United Bank for Africa, GTCO, Access Holdings and Zenith). The financial performance of these stocks are likely to shape the direction of the…