Trading at the domestic bourse started the week on Monday still on negative mood, taking the bearish sentiment to six consecutive trading sessions.
The price depreciation was due to profit-taking sentiments in all the major sectors except the consumer goods and banking sectors.
Specifically, the All-Share Index shed 6.16 points or 0.02 per cent to close at 38,915.62 from 38,921.78 posted on Friday
Accordingly, month-to-date and year-to-date losses stood at 0.8 per cent and 3.4 per cent, respectively.
Similarly, the market capitalisation lost N3 billion to close at N20.275 trillion in contrast with N20.278 trillion recorded on Friday.
The market negative performance was driven by price depreciation in large and medium capitalised stocks, which are Guinness, Lafarge Africa, Oando, Fidson Healthcare and SCOA.
Analysts at United Capital anticipated some bargain hunting on some stocks that experienced selloffs in the previous week.
“In the medium term, we expect the market to remain choppy.
“Additionally, market participants will be watching the fixed income space closely amid a hike in stop rates at the recent Nigerian Treasury Bills (NTB) auction,” they said.
The market breadth closed negative with 20 losers, against 18 gainers.
SCOA led the losers’ chart by 10 per cent to close at N1.17 per share.
Academy Press followed with a decline of 7.69 per cent to close at 36k, while UACN Property Development Company was down by 6.21 per cent to close at N1.51 per share.
Associated Bus Company depreciated by 5.71 per cent to close at 33k, while Oando declined by 4.09 per cent to close at N4.45 per share.
On the other hand, Morison Industries dominated the gainers’ chart in percentage terms, gaining 9.38 per cent to close at N2.10 per share.
Sovereign Trust Insurance followed with a gain of eight per cent to close at 27k, while Linkage Assurance appreciated by 5.26 per cent to close at 60k per share.
Fidelity Bank went up by 4.35 per cent to close at N2.40, while International Breweries appreciated by 4.17 per cent to close at N5 per share.
Total volume traded appreciated by 30.11 per cent to 201.10 million shares worth N2.53 billion traded in 3,340 deals.
This was against a total of 154.56 million shares worth N2.27 billion traded in 3,467 deals on Friday.
Transactions in the shares of Universal Insurance topped the activity chart with 19.45 million shares valued at N3.89 million.
Fidelity Bank followed with 19.28 million shares worth N46.51 million, while FBN Holdings traded 16.68 million shares valued at N12.49 million.
Courteville Business Solutions traded 13.76 million shares valued at N3.87 million, while Access Bank sold 13.49 million shares worth N125.06 million. (NAN)
Stock market pullback, correction, crash. What is the difference
Dante had nine circles of hell in his Inferno, but stock investors have just three, each one progressively worse: a pullback, a correction and a crash. Other than the degree of pain they inflict, these market downdrafts have different characteristics.
Stocks, by their nature, suffer declines, although history shows they gain much more than they lose. Nonetheless, when a market slide materializes, investor fear and even panic, too. It helps to know what you are facing.
Sure, a pullback can morph into a correction and then cascade into a crash. Most times, though, the degree of the market fall is evident pretty early. One key difference among the three classes of market descents is how large the problems were that triggered the drops in the first place.
Pullbacks are dips of 5% to 10% from a recent market high, and are short-term, lasting a month on average and taking another month to retrace the losses, according to a Guggenheim Partners research paper. Pullbacks often result from news events that turn out to be of fleeting important. Look at the last one, in September. The S&P 500 sunk 5.2% amid congressional wrangling over the national debt ceiling, a kerfuffle that got resolved, at least for the moment.
Pullbacks are fairly common, with 84 of them happening since World War II, meaning about one or so per year, with an average loss of 7%.
Because of their short duration, the year when corrections take place very often is positive overall. Since 1974, the S&P 500 has increased an average of around 8% one month after a market correction bottom and more than 24% one year later, the Schwab Center for Financial Research finds.
Crashes are downturns of more than 20%. They’re almost always the prelude to a recession. Financial casualties are fierce, as the 2008 demise of venerated Wall Street firm Lehman Brothers shows. Depending on their severity, crashes can last from 11 to 23 months and take up to a maximum five years to climb back. The market’s worst crash came in 1929, with the Dow Jones Industrial Average plunging 70% until its July 1932 trough. The damage was bad enough that the Dow took 25 years, until 1954, to return to its 1929 level.
Crashes typically are born of deep economic crises, often global in scope, such as the 2008 sub-prime mortgage debacle (the S&P 500 fell 57% then) or the pandemic shutdowns (off 34%). The intriguing epilogue to the 2020 crash was that the market recovered very rapidly, hitting new highs, thanks chiefly to a bounteous government stimulus. Since 1946, there have been 12 crashes, with average losses around 35%, and the market can take up to four years to recover.
Market debacles are as inevitable as heat waves. As long as you can afford to ride out the worst times, you can emerge intact or even ahead. After all, even Dante does eventually manage to escape from hell.
TikTok & Beyond: The Best Mobile Video Editing Apps
Top videos you watch on TikTok and Instagram have often been produced on full-size PCs, but with smartphones offering more-capable video editing tools, more and more people are editing videos on the mobile devices themselves. Both Androids and iPhones now have a multitude of impressive video editing apps at their disposal. Some of the apps are template-based, requiring you to do no more than select your photos and videos to produce a compelling social video. Others give you nearly as much control as a sophisticated desktop video editing app, with tools for overlays, time remapping, motion effects, and audio editing. Here’s our take on the best of the mobile video editing lot.
Adobe Premiere Rush
Adobe’s well-designed mobile app for Android and iOS, Rush, syncs projects to your Creative Cloud account so you can continue editing a project on Premiere Pro on the desktop, but you can use it for standalone mobile editing, too. Versions of Rush itself are available for macOS and Windows, as well. You can shoot video in the app either in a simple or advanced mode, which lets you manually set aperture and focus. Once you’ve got some content, you can add titles, soundtrack music, and graphics overlays. For vertical output like TikTok, the Auto Reframe finds the active area of landscape shots and crops accordingly. The standard adjustments for lighting and color are at your disposal, and you can add track overlays and speed changes. One thing you won’t find are project templates like those offered by other apps here. After rendering a project, you can export it directly to Behance, Facebook, Instagram, TikTok, or YouTube.
Adobe Premiere Rush Review
iMovie was among the first truly functional mobile video editors. The way it handles timelines, letting you scroll the track with your finger rather than moving an insertion point cursor like you have to do on desktop video editors, was a major helpful innovation. The app—which is only for iOS, of course—lets you manage all the standard video joining and trimming as well as tackling more advanced video editing, like green-screen compositing and speed altering. Among our favorite iMovie features is its Trailers templates, which show you exactly what kind of shots to insert. Another plus—you can continue editing projects on a desktop Mac in iMovie or Final Cut Pro.
Only available for iOS.
Canva targets small business owners who want to up their social media game to promote products and services. It’s completely template-based and loaded with stock content so that you don’t have to worry about being a pro editor to make things look nice. It lets you make something without needing a single shot of your own. But you can, of course, use your own video clips and photos, as well as do fancy things like stacking simultaneous videos in a vertical layout or use overlays that you can crop. That said, the app lacks some basic video editing features like adjusting light and colors. You can think of it more as the video equivalent of a graphics design application, with strengths in text, shapes, and borders. Canva is available for free use, but many of its features, stock content, and templates require a Pro subscription, which also adds collaboration features for design teams.
CapCut Video Editor
This well-designed free app (owned by TikTok creator ByteDance) makes short work of creating shareable videos, thanks to its ShortCut option. With CapCut, you select clips and photos, and the app adds background music and effects. It added a video shake effect and flame overlays to one test video, but it took a couple minutes to render 30 seconds worth of clips on my Samsung Galaxy S21 Ultra. You can split clips, add text, remove backgrounds from shots with people, and even use overlays with transparency. When you’re done, the suggested place to share your work is —you guessed it—TikTok.
Available for both Android and iOS.
InShot is a fun-looking app that lets you produce not only video compilations but also collages and photo edits—but that doesn’t mean it’s weak in video tools. When you start, simple help tips show you how to split and trim clips, zoom in on the timeline, and swap clip positions. One of its strengths is that it gives you a number of stickers to overlay on your videos, in addition to text. Unlike competing video app Splice, InShot lets you easily position your overlays either by dragging the item around with a finger. Picture-in-picture, masking, cropping, and speed changing (including one-click freeze frame) are all at your disposal, as are a generous helping of transition styles. Surprisingly, the app even offers keyframe editing, which lets you animate effects. Background music is available to add from a decent library of stock, but there’s no image stock. The app is free with ads and watermarks on your output; you can remove ads for a one-time $3.99 or better, remove both ads and the watermarks—as well as getting more effects and stickers—for $2.99 per month, $9.99 per year, or $29.99 for forever.
Available for Android and iOS.
Splice has just about the slickest interface of any mobile video editing app, with a clear workflow and all the tools you could want. You can easily create picture-in-picture overlays (with transparency), chroma keys, masks, and speed changes. The app also supports HDR output. Nifty transitions are at your disposal as well as glitch and vintage effects and tons of text styles. You don’t get quite as much stock content or objects to overlay as you do in PowerDirector’s mobile app, though Splice’s music library is excellent. The price, is a bit steep, however, starting at $2.99 per week or $9.99 per month.
Available on Android and iOS.
Vimeo is the video hosting service used largely by movie and video professionals. In addition to hosting videos, the company puts out a screen capture program called Vimeo Record and a mobile video editing app called Vimeo Create. Vimeo Create makes it easy for marketers or just regular folks to put together a compelling piece of video. The template-based app is free, but some templates require a $24.99-per-month Pro account. Accounts can also take advantage of stock libraries of video and music. Luckily, you can filter template options to find the free ones. Adding video can be slow, but the app emails you when it finishes processing. The app lets you add stickers and text with animations, and it automatically applies template-based transitions. It doesn’t offer much in the way of detailed editing options like keyframes, overlays, or time remapping. Many of the stickers and styles are suitable for creating engaging sales and marketing quick takes, so this highly automated tool is best suited for people in those fields who want to produce something good-looking without getting into the weeds of video editing.
Available only for Android.
Google founders earn $42 billion in 100 days
Founders of the internet search engine, Google Larry Page, 48 and Sergey Brin, 47 have earned $42 billion dollars in the first quarter of 2021.
With a total worth of $104 billion, Page has earned $21.2 billion in 100 days, while his founding partner, Sergey Brin, with a wealth valuation of $100 billion, has earned $20.4 billion in the same period.
The majority of Larry Page’s wealth comes from his stake in Alphabet, the parent company of Google. The Standford trained entrepreneur currently holds $12.6 billion in cash.
Sergey Brin’s wealth valuation is also derived from his stake in the world’s most popular search engine and presently, his cash holding is valued at $12.7 billion, Nairametrics noted.
The growth of the United States economy is said to have boosted the buying pressure on Google shares, leading to a surge in the founders’ gross income and wealth.
Global investors are increasingly holding on the tech juggernaut’s shares as amazing economic data from America’s service industries coupled with an advance in the tech sector fueled the hike in Google shares seen in recent months.
After winning the long standing US Supreme Court case against Oracle, financial reports note that investors consequently invest significant amount of funds into Alphabet Inc. the parent company of Google.
The search engine’s recent price action reveals the stock presently, is trading at $2,285.88 closing its 52-week high of $2,289.04 with a yearly return on investment currently pegged at 89%.
Stock experts have expressed surprise by such record gains in Google shares despite a swift move seen lately by some institutional investors into utility, energy-based stocks and of late U.S Treasury bonds.
Alphabet Inc currently is said to have a market value of about $1.54 trillion.
The recent earnings of Page and Brin at $41.6 billion, is collectively much more than the total foreign cash reserve holdings of Africa’s biggest economy.
It also surpasses Nigeria’s foreign cash reserve which stands at a gross valuation of $35 billion by $6 billion.
GoDaddy security breach exposed 1.2 million WordPress users
GoDaddy, a web hosting company, stated on Monday that an unauthorized third-party access had exposed the email addresses of up to 1.2 million current and inactive Managed WordPress customers.
The problem was detected on Sept. 6, according to the company, and the third-party accessed the system using a hacked password.
The company, whose stock dropped 1.6 percent in early trade, said it had blocked the illegal third party immediately and that an investigation was ongoing.
What GoDaddy is saying
Chief Information Security Officer Demetrius Comes said in a filing. “We identified suspicious activity in our Managed WordPress hosting environment and immediately began an investigation with the help of an IT forensics firm and contacted law enforcement.”
The document also stated that the required credentials had been reset and that it will work with users to provide new SSL certificates. The company expressed their regret for the event and the distress it has caused its customers.
“We, GoDaddy leadership and employees, take our responsibility to protect our customers’ data very seriously and never want to let them down. We will learn from this incident and are already taking steps to strengthen our provisioning system with additional layers of protection.”
What you should know
This isn’t the first time GoDaddy has been exposed to a security breach. An AWS error exposed data on GoDaddy servers in 2018, and an unauthorized person compromised 28,000 user accounts in 2020. GoDaddy was also mentioned in a cyberattack that brought down a number of cryptocurrency-related websites last year.
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