Aug 11 (Lagos) - Global stock market investors are on the edge of their seats after a rollercoaster week that saw a huge decline on Monday but partial recovery during the close of the week.
in New York, the so called mag7 stocks all declined heavily over the past 2-3 weeks with Nvidia down 20% along with Microsoft, Apple, Google, Amazon stocks. The recovery was actually led by a relatively much smaller Company called Palantir Technologies Inc. with a market cap of under $70 billion. Their quarterly results impressed market analysts and investors especially in the Artificial Intelligence play. Uber also showed impressive results while its main competitor Lyft's stocks declined.
Back home, the market was mostly flat with gains continuing in
OANDO which broke past N 40 on Friday on volumes that was more than 3 times its average 90 day volume. Other stocks that stood out during the last week were
MTNN ,
ETERNA and
UBA led the Banks.
Next week could again bring back the pressures from the Japanese Yen unravelling trades and that has investors on the edge. It may not affect us that much locally but Internationally it has been a major factor in the declines of the past month. The tensions in the middle east are another major factor affecting stock markets.
A black swan event could send the markets tumbling and is something more Companies are starting to worry about following the Crowdstrike-Microsoft outages that occurred last month and took most of the world offline. That has shown to everyone how vulnerable we are if technology is switched off.
reporting for easykobo.com on Sunday, Aug 11 2024 from Lagos, Nigeria