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Latest Markets Summary

CompanyOpeningClosingHighLowChange (%)Volume
CRDB385385390385
0.00
48,291
TPCC3,7803,8003,8003,800
0.53
9,800
NMB2,8002,8002,8002,800
0.00
1,367
VODA770770740740
0.00
135
SWIS1,8401,8401,7001,700
0.00
57

Data as of:Friday, September 30, 2022 17:30 EAT
Source: Dar Es Salaam Stock Exchange

Forex (TZS)USDGBPEURKESUGXZARTRYCNY
Buying2,296.462,511.632,232.6119.040.57127.87123.86321.77
Selling2,319.422,537.682,255.8719.200.60129.04125.06324.71

Data as of:Friday, September 30, 2022 10:00 EAT
Source: Bank of Tanzania

APPLE’S UGLY DAY WIPE OUT $120 BILLION, SPILLS OVER BIG TECHApple Inc dropped 4.9% after Bank of America cut its rating to neutral from buying, warning of weaker consumer demand for its popular devices. The selloff erased roughly $120 billion from Apple’s market capitalization.

Apple shares buckled after a rare analyst downgrade exacerbated another wave of selling pressure that wiped out hundreds of billions of dollars in market value from the largest US technology stocks.

While "Apple’s long-term prospects remain favorable, Bank of America expects negative estimate revisions and valuation risks in the near term.

The Nasdaq 100 is on pace for its longest streak of quarterly declines in 20 years, yet investors are still bracing for more pain as the Federal Reserve aggressively raises interest rates and Wall Street analysts begin cutting profit estimates.

Estimates for 2023 profit growth for tech companies in the S&P 500 have declined about 6% points since the start of 2022, compared with a drop of 4% points for the broader index, according to data compiled by Bloomberg Intelligence.

Sources/References:
The money web
Links: https://www.moneyweb.co.za/news/tech/apples-ugly-day-wipes-out-120bn-spills-over-big-tech/
Links; https://www.livemint.com/market/stock-market-news/apples-ugly-day-wipes-out-120-billion-spills-over-big-tech-11664495612222.html

Top Highlights

  • Apple Shares lost $120 billion in Market Capitalization
  • The Nasdaq Index down by 32.18% from Jan to Sept 2022 from $15,832 in Jan 2022 to $10,737.51 Sept 29th 2022
  • Analyst estimates for 2023 profit growth for tech companies down by 6%