Robinhood shares surge amid interest from retail investors

Your Morning Snippets – August 05, 2021

On this day in 1861, President Lincoln imposes the first federal income tax by signing the Revenue Act. Strapped for cash with which to pursue the Civil War, Lincoln and Congress agreed to impose a 3 percent tax on annual incomes over $800.

Happening in the Markets

Bitcoin: $38,146.22
Ethereum: $2,596.01
Gold: $1,813.10
Crude Oil: $68.68
Naira/US Dollar: N410.67/$ (NAFEX) | N506/$ (Parallel)

Happening in the Homeland

Nigeria’s foreign reserve rises by $79.1 million in July 2021 [Nairametrics]

Nigeria’s foreign reserve closed the month of July 2021 at $33.4 billion, appreciating marginally by $79.1 million compared to $33.32 billion recorded at the start of the month. Read more

FG hires JP Morgan, others on $6.2bn fresh borrowing [Punch]

The Federal Government of Nigeria has appointed transaction advisers to facilitate the issuance of Eurobonds in the international capital market. This was contained in a press statement titled ‘Towards financing the 2021 Appropriation Act. Read more

FEC approves $11.17 billion Lagos-Calabar rail to link Nigeria’s coastal cities [Nairametrics]

The Federal Executive Council (FEC) approved $11.17 billion to link Nigeria’s coastal cities through the Lagos-Calabar rail, in a bid to boost trade in Nigeria for export development. Read more

Nigeria approves NNPC’s acquisition of 20% stake in Dangote’s oil refinery for $2.76 billion [Reuters]

Nigeria’s cabinet on Wednesday approved the state-oil firm’s acquisition of a 20% stake in Dangote’s oil refinery for $2.76 billion, the country’s junior oil minister Timipre Sylva said. Read more

Happening In Foreign Lands

Robinhood surges 50% in second day of wild trading, up 100% this week [CNBC]

Robinhood shares soared again Wednesday, extending a wild rally in the newly public stock trading app’s stock. Trading was halted for volatility several times. The stock closed up 50.4% at $70.39 per share, bringing its weekly gain to more than 100%. Shares of Robinhood touched $85 at one point, an 81% gain from Tuesday’s close. Read more

Tencent’s WeChat resumes new user registrations in mainland China after suspension [CNBC]

Tencent’s WeChat has resumed registrations of new users in mainland China, after suspending them last month to upgrade its security technology. The resumption of new user registrations on China’s dominant instant messaging platform was first spotted by social media users on Thursday morning. Read more

Adidas hikes outlook despite hit to China sales [Reuters]

German sportswear company Adidas raised its outlook for full-year sales and profitability as demand soared in most of the world but took a hit in China where Western brands faced a boycott of their products in late March. Read more

Uber Ridership Rebounds From Pandemic Lows [WSJ]

Ride-hailing company still expects to reach a measure of profitability by fourth quarter despite driver shortage, Delta variant concerns. Read more

Snippets

Rihanna now officially a billionaire
Nigeria loses N530bn yearly N530bn yearly to motor insurance evasion
Hydroelectric producing communities meet BPE, demand 10% royalty
China’s harsh education crackdown sends parents and businesses scrambling
Twitter ban: Nigerians lose N150.46bn in two months

Learn the Lingo

What Is Stagflation?

Stagflation is characterized by slow economic growth and relatively high unemployment—or economic stagnation—which is at the same time accompanied by rising prices (i.e. inflation). Stagflation can be alternatively defined as a period of inflation combined with a decline in gross domestic product (GDP). [Investopedia]

About Thrive

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Basics of Investing Workshop – August 14
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