Stock Market Week in Review, Plus Big Gains for Oil Firm on Sale to Nigerian Cement Maker
Stock Market Week in Review: Stocks are in modest loss territory this Friday to close out the week, though the NASDAQ is clinging to small gains at the time of this writing. Indeed, the brunt of today’s selling was felt by the energy sector: crude indexes fell sharply today after news that Russia has met with OPEC representatives to discuss raising current production caps.
Other acute headwinds for the macroeconomy have receded, however: US 10-year treasuries are back at 2.93%, a fall of over 15 basis points on the week. This week, the US Federal Reserve sought to assure investors it wouldn’t allow rates to rise too fast and risk damaging economic growth. Some analysts, however, perceive this shift in Fed rhetoric as a sign that the bank sees dangers to sustained growth on the horizon.
It’s been another profitable week for NewsQuantified users, with a particular focus on stocks posting dramatic recoveries after successful restructuring efforts. If you’d like to learn more about using the news to find consistent stock market profits, we offer totally free virtual training sessions on a regular basis. You can claim a space in our next session using the button below: we’ll demonstrate how our platform makes quantitative, news-based trading strategies efficient for smaller investors (hedge funds have been milking this approach for decades).
Top Performers: Week in Review
Wednesday, we looked at a medical device company gaining after FDA approval of a new artery-clearing device featuring real-time intravascular imaging. (NASDAQ
Thursday, we switched gears to a look a company that operates a “digital currency platform.” The stock was surging on plans for a new prepaid card compatible with digital and conventional currencies. (AMEX
Today’s Top Performer: Century Petroleum (AMEX
CYPE is an oil and gas exploration firm which offers services throughout the United States. Their stock is up nearly 150% at the time of this writing, skyrocketing after the announcement of its sale of a majority stake to the Ibeto Cement Company, based in Nigeria. Its chairman, Dr. Cletus Ibeto, purchased a 70% stake in CYPE. Dr. Ibeto., a prominent billionaire in Nigeria’s fast-growing economy, plans to use to
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