On our most rising table* last week, Google rallied strongly, leading to a rise in its share price.
This follows the search engine giant’s discussions with Apple on incorporating Google’s Gemini artificial intelligence (AI) services within the tech giant’s iPhones. This rumoured collaboration has made Google an appealing buy to investors.
Elsewhere, cocoa witnessed a significant surge in value. This is attributed to limited supply because of climate change.
The El Niño pattern this year has unleashed dry temperatures and extreme winds on crop production in West Africa, which produces 80 percent of the world’s global cocoa output.
Additionally, with Easter fast approaching, demand for cocoa has substantially increased as the commodity is a vital ingredient in the manufacturing of chocolate products, such as Easter eggs and chocolate Easter bunnies. As demand rapidly outpaces available supply, cocoa prices have skyrocketed.
Last week, palladium declined in value as worries over dwindling demand increased. This drop comes at a time in which electric vehicles – which do not use palladium-manufactured catalytic converters – are becoming increasingly popular.
Elsewhere, sportswear conglomerate Nike saw a drop in its share price following the release of its financial results for the fiscal third quarter of 2023.
The results did not meet the management’s initial outlook due to sales in China and EMEA falling short of what analysts were expecting, making it a discouraging investment for traders. This is despite the fact that the firm’s quarterly top and bottom line exceeded expectations.
Moreover, as inflation levels remain high, the US Dollar to Nigerian Naira (USDNGN) exchange rate fell in the last week. In fact, the Nigerian naira plummeted to its lowest level on record. The naira has been volatile since June as a result of the Nigerian government easing currency controls. It is worth monitoring this situation to see if the currency’s value falls even further.
