Overnight Moves

Today, we looked at 13 charts; below are only a few. Join us in the morning call on Discord to see it all. Let’s have a look at the overnight moves. The day opens with a marginally stronger Rand and decent growth in the PGMs (Platinum Group Metals). Meanwhile, Oil has dropped by 4.4% since Thursday, and today’s morning headlines from Washington and Tehran have so far led to a very minimal change in Oil prices.

Overall, we expect lower volume today, as the UK, China, and Japan markets are closed due to public holidays. We also might see more sales than usual, as fund managers sell some of their window dressing stocks (stocks bought near the end of a month to make a portfolio look more attractive).

Semiconductors

A.I. and Semiconductors continue to be the main driving force in the market. Asia has reached a new all-time high, while the U.S. market continues to trade near its peak. This is driven almost entirely by A.I. and chip manufacturing, as the rest of the market is moving sideways. This has the secondary effect of burdening material and commodity-driven markets.

TENCENT (700)

Tencent (700) has been trending downwards for some time. Today it sees a flat opening, which is an improvement, and should help Naspers (NPN) and Prosus (PRX). It’s worth noting that both Naspers and Prosus did incredibly well on Friday, with both companies achieving growth despite Tencent’s drop of approximately 2%. It remains to be seen if and when Tencent is able to turn its fortunes, but we expect it to go sideways until its earnings on the 13th of May, Wednesday next week.

GameStop (GME) And eBay (EBAY)

Over the weekend, GameStop (GME) announced an interest in fully acquiring eBay (EBAY), in which GameStop already has a 5% share. Another announcement from earlier today proposes a $125. for every share, for a total of $55.5 billion. This puts the premium at around 20%, which makes the acquisition less likely to happen without complications. For now, we see eBay as the more interesting option, but both companies have seen a jump in share value.

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