Sep 9 (Lagos) - This week is set up for the launch of Iphone 16 by Apple on Monday, the latest edition of the iconic device promises AI features that promise to excite customers. Later in the day, software giant Oracle will report their quarterly numbers and analysts are excited to hear the results of their partnership with a smaller (for now) software Company that just joined the S&P 500 index.
The S&P re-balancing was done and announced on Friday last week with Dell Inc and the AI leader Palantir Technologies joining the index. Getting selecting into the S&P 500 index is the ultimate test of success for Companies and cannot be overstated.
Crude oil prices reversed the decline from last week and rose above $68 a barrel in New York while the Brent crude oil futures were trading at $71.73 a barrel at the time of writing this article. While the people in the developed world are loving this decline in oil prices, it is a worrying sign for crude oil dependent economies like Nigeria, Saudi Arabia, UAE among others. This could lead to further pressure on Nigeria's forex reserves and weaken the Naira even further. We are talking 2000 plus according to some analysts.
Stocks in Lagos managed to close higher last week led by once again
OANDO and there was a big increase in volume in shares traded for
DANGCEM stock. Eterna lost some of its recent gains in Friday while
PZ fell almost 10% after reported its annual results which showed a disappointing situation for the Nigerian economy and the purchasing power of its currency.
This week, its really about the Apple Iphone 16 this week. If the Company can release its latest phones, earphones and watch that truly have new technologies that have not been seen before, we could see a massive surge in demand for various software and hardware products. Therefore all eyes are on Capurtino for tomorrow's APPLE IPHONE "GLOW" EVENT.
reporting for easykobo.com on Sunday, Sep 9 2024 from Lagos, Nigeria