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CMC Reveals most Googled S&P 500 Stocks in UK

By
Paul Ugbede Godwin
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0

The study by UK financial services provider CMC Markets analyzed Google data to establish the number of searches for each S&P 500 stock and its symbol in each UK area, determining which is the most popular. The S&P 500 index is one of the most widely followed benchmarks for the US stock market. It tracks the performance of 500 large-cap companies that represent various sectors of the economy. Many investors use the S&P 500 as a proxy for the overall market and compare their returns to it.

Coming in at number one is the electric car manufacturer Tesla (TSLA), with 260,180 Google searches a month on average in the UK. The American multinational automotive and clean energy company is headquartered in Austin, Texas, with Elon Musk as its CEO. According to Tesla’s latest financial reports, the company’s current revenue is $86.03 billion, a $4.57 billion increase from 2022.

Number two on the list is META (META), formally known as Facebook, with 84,310 searches a month on average and current revenue of $117.34 billion, $31.31 billion more than Tesla. The American multinational technology company has Mark Zuckerberg as the CEO and is based in Menlo Park, California. Business Insider claims that Meta’s CTO said that the leaders were spending most of their time on generative AI earlier this month.

In third place is NVIDIA (NVDA), which is searched 58,250 times a month. Nvidia Corporation is one of the biggest developers of graphics processors and chipsets for personal computers and game consoles. As of 2023, NVIDIA has just over 26,000 employees worldwide and has a revenue of $26.97 billion, a decrease of $1.59 billion from last year.

Number four is Alphabet Google (GOOG), which is searched 35,840 times a month. The headquarters is in Mountain View in Silicon Valley, and Sundar Pichai is the company’s CEO. Google’s current revenue is $284.61 billion, a $1.78 billion increase from last year.

Finally, in the UK’s fifth most googled stock is Amazon (AMZN), with 27,720 times a month on average. The Jeff Bezos-founded company is led by Andy Jassy as a CEO, and has current revenue of $513.98 billion, which is larger than the combined revenues of the UK’s top four most googled companies.

A spokesperson for CMC Markets said: “With more and more people having more access to the latest information about stocks in easily digestible forms via social media platforms like TikTok, it has become easier than ever to delve into the world of trading, and this data offers a fascinating insight into which companies attract the most interest from the British public.

Technology companies are prominent among the UK’s most googled stocks, and as the focus on artificial intelligence continues to intensify, it will be interesting to see how each company’s share price fluctuates depending on how they react to advances in the technology, and how it might disrupt their respective industries.”

These five companies are among the most innovative and influential in their respective industries, and have been making headlines for their achievements, challenges, and controversies. They also represent some of the largest and most valuable companies in the world, which may explain their popularity among UK investors.

The report also shows that Tesla was the most searched S&P 500 stock in every region of the UK, except for Northern Ireland, where Apple took the lead. Tesla’s popularity among UK investors is not surprising, given its strong performance and innovation in the electric vehicle and clean energy sectors.

However, before you decide to invest in any of these stocks, you should do your own research and analysis, and consider your risk appetite and investment goals. Remember that past performance is not indicative of future results, and that stock prices can fluctuate significantly due to various factors.

Charles Schwab, Fidelity and Citadel Securities Launch EDX Crypto Exchange

By
Paul Ugbede Godwin
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0

The cryptocurrency market is constantly evolving and expanding, with new innovations and challenges emerging every day. However, one of the biggest barriers to entry for institutional investors has been the lack of a reliable and regulated platform that can offer them access to the crypto space without compromising on security, liquidity, or compliance.

EDX Markets, a new cryptocurrency exchange backed by some of the biggest names in traditional finance, has officially launched in the U.S. The exchange is a joint venture between Citadel Securities, Fidelity Digital Assets and Charles Schwab, and aims to provide a secure and reliable platform for trading digital assets.

EDX Markets is different from other crypto exchanges in that it does not directly handle customers’ digital assets or serve individual investors. Instead, it operates as a matching engine that connects brokers, institutions and other market participants who want to trade cryptocurrencies. EDX Markets also leverages the expertise and infrastructure of its backers, who are well-established players in the securities industry.

EDXM offers trading in four major cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Unlike other crypto platforms that hold clients’ digital assets during trading, EDXM works with a third-party custodian that ensures the safety and integrity of clients’ funds. This way, EDXM can focus on providing best-in-class execution, liquidity, and market data for its clients.

EDXM is led by Jamil Nazarali, a former senior executive at Citadel Securities who has over 20 years of experience in electronic trading and market structure. EDXM also has the support of leading venture capital firms such as Paradigm, Sequoia Capital, and Virtu Financial, as well as additional investors such as Miami International Holdings, GTS, GSR Markets, and HRT Technology.

EDXM is not only a game-changer for institutional investors who want to tap into the crypto market, but also a catalyst for the growth and maturity of the crypto industry as a whole. By adopting the rules and investor protections that exist in traditional finance, EDXM aims to bring more trust, transparency, and legitimacy to the crypto space.

The launch of EDX Markets comes at a time when the crypto market is facing increased regulatory scrutiny and challenges from authorities. Two of the largest crypto platforms, FTX and Binance, are facing lawsuits from the Securities and Exchange Commission (SEC) for allegedly violating securities laws and offering unregistered products. EDX Markets, on the other hand, claims to be fully compliant with all applicable regulations and standards. The exchange also offers various trading features and tools, such as limit orders, market orders, stop orders, margin trading and advanced charting.

Tekedia Capital Portfolio, Revna Biosciences, Receives FDA Approval for NeuMoDx™ 96 from QIAGEN, the first in Sub-Saharan Africa

By
Ndubuisi Ekekwe
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0

Tekedia Capital is super excited to congratulate our portfolio company, Revna Biosciences, for securing Sub-Saharan Africa’s first approval to the NeuMoDx™ 96 diagnostics platform supplied by the global biotech company QIAGEN, which has hitherto been available only in Europe, the Middle East, and North America. We congratulate Team Revna led by Dr Derrick Akpalu for this major milestone. 

At Tekedia Capital, we’re funding the pillars of Next Africa and we’re very proud of what Revna Biosciences has accomplished. Many teaching hospitals, clinics, etc across sub-Saharan Africa depend on Revna for vital tests and we’re leading the future of biomedical and biomolecular sciences. The destination: #defeat diseases. 

If you work in this space and are exploring partnerships (clinic, sample collector, etc), visit https://revnabio.com/ and reach out. There is no need to send those samples to Europe or North America; we have them in Ghana. A new expansion is coming to Nigeria.

ACCRA, Ghana, June 21, 2023/ Ghana-based precision medicine company Revna Biosciences (RevnaBio) (https://RevnaBio.com/) has received historic approval from the Food and Drugs Authority of Ghana (FDA) to use the NeuMoDx™ 96 diagnostics platform supplied by the global biotech company QIAGEN. The registration comes in addition to FDA permissions for RevnaBio to conduct its first set of complex tests for the Ghanaian/West African region.The FDA approval secures RevnaBio as the first biomedical company to register/deploy the NeuMoDx platform in Sub-Saharan Africa, hitherto mainly available in Europe, the Middle East, and North America. The three-step NeuMoDx 96 Molecular System extracts and isolates the target nucleic acids and conducts a real-time polymerase chain reaction. In addition to its self-developed tests, RevnaBio will also use QIAGEN tests for blood-borne viruses and assays covering sexual and reproductive health.

Co-Founder and CEO of Revna Biosciences, Dr Derrick Akpalu, was thankful for the positive outcome of the biomedical company’s regulatory submission to the FDA. He reiterated RevnaBio’s intention to work with QIAGEN to ensure the practical usage of the NeuMoDx 96 system to further its goals to champion precision medicine for all. Dr Akpalu said:

“We are pleased by the FDA’s approval of our usage of the NeuMoDx 96 system. We are grateful for the trust, partnership, and privilege of bringing this ground-breaking molecular system to the doorsteps of patients in the region. As we transition to impact lives with the NeuMoDx, we look forward to the furtherance of our relationships with our international and local partners. Thank you to the FDA and QIAGEN for this impactful opportunity.”

On the approval of the first set of diagnostic tests on NeuMoDx by the FDA, Dr Akpalu added:

“We’re also thankful to the FDA for the test approvals, which position RevnaBio to deliver high-quality diagnostic tests with the shortest turnaround times. We also look forward to introducing additional tests and novel technologies as we push to address the region’s lack of diagnostics penetration. Finally, we reiterate our commitment to localising advanced molecular diagnostics to impact lives. This is a first step towards executing translational and clinical research in multiple disease cohorts as we drive to discover novel therapies and diagnostics.”

This is a first step towards executing translational and clinical research in multiple disease cohorts as we drive to discover novel therapies and diagnostics

Board Member of Revna Biosciences, Dr Sylvia J. Anie CSci FRSM FRSC, also commented on the feat, saying:

“We continue to champion precision medicine, a landmark outcome for us. We hope to move from the traditional one-size-fits-all medicine to a more preventative, personalised, data-driven disease management model that achieves improved patient outcomes and cost efficiencies. The regulatory approval we have received is a boost towards achieving this. We will continue to move forward collaboratively and in partnership with key stakeholders on this journey.”

Dr Akpalu

The FDA is the government agency with the mandate to regulate health products and health-related technologies, including diagnostics, cosmetics and household chemical substances, food, tobacco, and tobacco products and conduct clinical trials in Ghana. Speaking on the approval process, the Chief Executive Officer of the FDA, Dr Delese Darko, said:

“Based on the evaluation of information RevnaBio presented and our successful on-site audit inspection, we concluded that the NeuMoDx™ medical device system and tests are safe for use. However, as is our mandate, we will continue to work with RevnaBio in our regulatory capacity to ensure the appropriate usage of the systems. We wish them well on their journey to advance precision medicine through international-standard diagnostics and therapies.”

Simona Grandits, Senior Director, Head of Sales, and Marketing EMEA at QIAGEN, said the company is firmly committed to working with RevnaBio to deliver its mission to advance precision medicine in Africa. She said:

“We proudly support Revna Biosciences as they advance molecular diagnostics and therapeutics discovery in Africa and beyond. At the heart of QIAGEN is a vision for making life improvements possible. Together, we champion precision medicine for all, revolutionising healthcare and improving patient outcomes.”

RevnaBio has invested in QIAGEN-led training sessions for its biomedical engineers and laboratory scientists to ensure the NeuMoDx 96 advanced technology is effectively localised. They attended workshops on the QIAGEN system’s hardware and software application in Ankara, Turkey and Hilden, Germany.

In other news, RevnaBio is conducting commercial lab testing at its Adjiringanor facility, with an upcoming collection point at Korle Bu in Accra.

Distributed by APO Group on behalf of Revna Biosciences.

The Anticlimax of Nigeria’s FX Market Float As Naira Performs Better At Parallel Market

By
Samuel Nwite
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Naira USD

Nigeria’s forex market has continued to witness fluctuation following its deregulation, announced last week by the Central Bank of Nigeria (CBN) in a bid to create unified exchange rates.

On Monday, the naira performed better at the parallel market, trading at N756 per dollar compared to the N770.38 per dollar it sold at the Import & Investors window. The gap indicates about a 16% decline in the I&E window, where the naira previously traded around N661 per dollar.

The trend, which continued on Tuesday with the parallel market dominated by Bureau de Change operators, underlines an anticlimax tendency for the floated FX market. The naira sustained its N756 per dollar performance at the parallel market while it traded at N780 before reportedly closing around N760 per dollar in the I&E window.

“I see a situation where the parallel market rate will be cheaper than the I&E rate if adequate liquidity is provided at that window,” Abubakar Mohammed, chief executive officer of Forward Marketing bureau de change Ltd in Lagos who compiles the parallel market data, told Bloomberg.

The situation has been attributed to insufficient dollar liquidity in the banks to mitigate demand pressure at the I&E window.

The CBN Deputy Governor Kingsley Obiora told Bloomberg in an interview in Rabat, Morocco on Monday, that “We are allowing the market itself to set a price.” But he added that the float will be managed.

The central bank announced that it is removing control pegs on the naira as a way to unify all exchange rates into the I&E window. The move, which destabilized the naira, has seen the currency fall more than 30% against the dollar.

However, the decision of President Bola Tinubu to float the naira, which strikes a stark contrast from the approach employed by his predecessor Muhammdu Buhari, has been widely applauded as the spark needed by investors to embrace the Nigerian market.

Obiora said the CBN will announce further measures to loosen foreign exchange controls in the next couple of weeks.

The central bank’s previous control grip on the forex market created several exchange rates, with the parallel market having the highest rates at nearly 60%. Under that forex regime, the naira was repeatedly devalued with a lot of restrictions placed on the dollar. Consequently, there was significantly insufficient supply from the I&E window, forcing Nigerians to rely on the parallel market.

However, the early performance of the naira under ‘the float’ is raising concerns that the I&E window may operate under the shadow of the parallel market. But Obiora said that the CBN is not going to set the currency totally free even now.

“There is no country in the world, even the US, that has a completely free float,” he said, adding that the central bank will continue to pursue a managed float.

According to Obiora, it might be premature to conclude whether the naira’s exchange rate against the dollar has reached its lowest point. He highlighted that the analysis conducted by the International Monetary Fund and international banks accurately indicated that the naira should not be as fragile as the parallel market suggested.

The Deputy Governor expressed his anticipation that the availability of foreign exchange would eventually be restored once the dollar reaches a price that is mutually perceived as “fair” by both buyers and sellers.

But to attain sufficient forex liquidity required to ensure unification of exchange rates, Nigeria needs to build up its depleted foreign reserve. Experts said earnings from crude oil sales following the removal of fuel subsidy, which gulped $10 billion last year, will be enough to provide an adequate supply of foreign currencies in the I&E window – even in the short term.

But before then, the government has been advised to review the forex restriction placed by Buhari on the 43 items. The 43 items, which affect 728 lines of products, are restricted access to the I&E window. An expert said that these lines of businesses are big enough to skew the forex market and make it impossible for unification to happen.

Flutterwave Announces Strategic Partnership With Audiomack to Provide Premium Music Experiences for Customers

By
Ojukwu Emmanuel
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0

Nigerian fintech platform Flutterwave has partnered with music streaming platform Audiomack, to provide premium music experiences and unlock new features for customers and artists for a fee.

Audiomack’s partnership with Flutterwave brings seamless and secure payment processing capabilities to its users. This strategic collaboration will enable Audiomack to offer more payment modes like bank transfer, local cards, and mobile money to native African users, making the platform accessible to a broader audience across the continent.

The partnership will also empower African artists with enhanced monetization capabilities

Speaking on the partnership, Flutterwave’s founder and CEO Olugbenga GB Agboola said,

“We are excited to join forces with Audiomack and contribute to the growth of Africa’s music industry. By leveraging our technology, we will expand the Audiomack user base across Africa while empowering African artists with increased monetization opportunities.

“Audiomack’s commitment to promoting African music and providing a platform for artists to showcase their talent aligns perfectly with Flutterwave’s mission to simplify payments and foster economic growth across the continent. This partnership represents a significant step forward in realizing these shared goals.”

Also commenting on the partnership, Co-Founder and CEO of Audiomack, Dave Macli said,

“We are delighted to partner with Flutterwave to enhance the Audiomack experience for our African users. This collaboration enables us to bring Audiomack to even more people in Africa and gives African artists the tools they need to thrive and monetize their art effectively.”

Founded in 2012 by Dave Macli, David Ponte, and Brian Zisook, Audiomack has been committed to supporting the African music scene, which saw it open its office in Lagos in July 2020, and expanded its reach to other major African markets such as Uganda, South Africa, Tanzania, and Kenya.

With Flutterwave’s expertise in secure and reliable payment processing, this partnership with Audiomack will see the music streaming platform provide African musicians with more opportunities to monetize their work. This includes offering seamless payment options to fans who want to support their favorite artists directly.

The Flutterwave and Audiomack partnership marks an exciting milestone in the African music industry, further accelerating its growth and expanding its global footprint.

On the other hand, by bridging the gap in cross-border payments, Flutterwave is bringing companies from around the world closer to Africa. The startup has processed over 400M transactions in excess of $25 billion and serves more than one million businesses, including customers like Piggyvest, Uber, Airpeace, Bamboo, amongst others.

The company’s key advantage is connecting businesses to various local and international payment types to enable them to expand globally.

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