Good Morning 😃
How are you doing?
Welcome to this week’s edition of 4 Customs Street, our weekly newsletter on the stock market.
The newsletter is divided into two:
Green White Green—focused on the Nigerian stock market.
Star-Spangled Banner—focused on the US stock market.
Green White Green Last Week
Last week, the NGX All-Share Index gained 1.12%. The index measures the average performance of stocks on the exchange. Some stocks will do better than the index. Some stocks will do worse than the index.
MTN Nigeria announces it had successfully bid for a 3.5Ghz spectrum which would enable it to roll out 5G services.
Wema Bank will be holding an Extraordinary General Meeting (EGM) on December 31, 2021. The bank will be seeking shareholders' approval to reconstruct its shares (reduce them) and to raise ₦40 billion through a rights issue after the shares have been reconstructed.
Green White Green This Week
There are no key events scheduled for this week.
Star-Spangled Banner Last Week
The S&P 500 fell by 1.94%. The Dow fell by 1.68%. The NASDAQ Composite index fell the hardest as it declined by 2.95%.
The indexes measure the average performance of stocks. Some stocks will do worse than the index. Some stocks will do better than the index.
The poor performance can be attributed to three reasons:
The Omicron clouds
Worries about higher interest rates
Quadruple witching
Quadruple witching
Quadruple witching is the expiration of single-stock options, single-stock futures, stock-index options, and stock futures.
Options give one the right, but not the obligation to buy an asset on or before a specific date.
Futures contracts are legal agreements to buy or sell an asset at a determined price at a specified future date.
Star-Spangled Banner This Week
Earnings wise, it is also a relatively quiet week. The only earnings to be on the look out for are from Nike, Carnival and Micron (all coming out today).
The stock market will be closed on Friday 24th of December as it is Christmas Eve.
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