Free sample   Corporate finance assignment four case scenarios

## Corporate Finance Assignment Critically Analysing 4 Case Scenarios

Question

Part a.In Feb’2018, Amazon raised US\$3.5bn by issuing 10-year bonds carrying annual coupon of 3.15%. Amazon could also have raised the same amount of funds from the equity market. What benefits does Amazon get by raising funds via bonds that they would not have received by issuing equity? Why do you think the company did not take a bank loan for the total amount raised? (5 marks) Part bIn Feb’2018, Amazon raised US\$3.5bn by issuing 10-year bonds carrying annual coupon of 3.15%.The face value of the bond is \$1000 and the coupon is paid every six months.

i. If the bond yield at the time of issue was 3.5%, what would be the price of the bond at the time of issue?
ii. If the bond yield at the time of issue was 3.0%, what would be the price of the bond at the time of issue? (3 marks)
iii. It is said that the price of a bond is inversely proportional to the prevailing interest rates. Prove this statement by taking the case of the above bond and computing the price of the bond at the above two yields (3.0%, and 3.5%) for different times from maturity. You may compute the bond prices at 5 years, 2 years, 1 year, and at maturity. (10 marks)
iv. What would be the price of the bond immediately before the payment of the final coupon (compute for both bond yields)? (2 marks)
v. What would be the price of the bond immediately after the payment of the final coupon (compute for both bond yields)? (2 marks)

Question 2
Mr. Kahn had \$100,000 in his account. Using this fund, he made a portfolio of two– Microsoft Inc. (MSFT) and Tesla Inc. (TSLA) on 01 Jan 2020 in the ratio of 60:40, i.e. 60% funds in MSFT & 40% funds in TSLA.

The daily stock data of both stocks is attached herewith for reference. Using the stock data of the two stocks, you are required to compute the following:

a. Annual return of both MSFT and TSLA.
b. Annualized standard deviation of returns of both MSFT and TSLA. (3 marks)
c. Correlation coefficient of returns of MSFT and TSLA. What does this correlation coefficient signify about the correlation of the two stocks? (3 marks)
d. Portfolio return of the portfolio of two stocks. (3 marks)
e. Portfolio risk (standard deviation) of the portfolio of two stocks. (3 marks)
f. What do you infer from the portfolio risk and return so computed? Is there a better way to form a portfolio of these two stocks which will give higher returns with a lesser total risk? (6 marks)

Question 3 (35 marks)
Part a. Interpret the weighted average cost of capital (WACC) for a company. Why do finance managers focus on figuring out a company’s WACC? (10 marks)
Part b. The following is a snapshot of the financial statements of Amazon Inc. (\$AMZN).

 Profit & Loss (in \$ millions) FY19 FY18 Total Revenue 280,522 232,887 Operating Profit 14,541 12,421 Finance Costs 1,600 1,417 Profit before tax 13,976 11,261 Tax Expense 2,374 1,197 Net income 11,588 10,073

 Balance Sheet (in \$ millions) FY19 FY18 Common Stock 5,000 5,000 Other equity capital 57,060 38,549 TOTAL SHAREHOLDERS FUNDS 62,060 43,549 Long Term Borrowings 23,414 23,495 Short Term Borrowings 0 0 TOTAL CAPITAL AND LIABILITIES 163,188 119,099 Fixed Assets 128,914 87,547 Cash and Cash Equivalents 55,021 41,250 Total Current Assets 96,334 75,101 TOTAL ASSETS 225,248 162,648

You are required to compute the various components of WACC and the WACC of Amazon using the above information.
i. Compute the cost of debt (Kd) of the company.
ii. Compute the cost of equity (Ke) of the company using CAPM. (3 marks)
iii. Compute the capital structure of the company. (5 marks)
iv. Compute the WACC of the companytaking corporate tax rate as 21%. (5 marks)
v. How would you interpret the values of Kd, Ke, and WACC computed in this question for a technology company such as Amazon? Draw your analogies from corresponding prices of other competitive companies in the landscape to arrive at your conclusions. (10 marks)

Further, the following information is available for computing the cost of equity:
For CAPM, you may refer to the share price data of AMZN and the NASDAQ index data (in US\$) for one year from 1 Jan 2019 to 31 Dec 2019 (attached with this document) for computing the Beta. Necessary adjustment in the beta would be required to get a better estimate of the cost of equity.

Consider Rf = 1%, equity risk premium = 6%.

Question 4
Analyze the Bernard Madoff Investment Scandal 2008 from the perspective of Agency Theory and Corporate Governance. Your answer may first explain the above two concepts of Agency Theory and Corporate Governance and then explain and analyze the Madoff scandal from the perspective of these concepts. (20 marks)

Part a.

As per the case scenario explored in this corporate finance assignment, the Amazon has raised funds by issuing 10-year bonds at a coupon rate of 3.5% instead of raising by equity, the benefits which amazon get are it has to a fixed rate of interest in the case of bonds whereas if equity is issued then equity shareholders have right to all profits of the company that means the fluctuating rate of return. Also, the bondholders don’t have voting rights whereas equity shareholders have voting rights. In the case of a bank loan, amazon has to first get the loan amount sanctioned against some mortgage & also there is interest rates may be more than the coupon rate. So, it will be better to raise funds by issuing bonds.

Part b.

 Particulars Amount in Billion \$ Funds Raised 3.50 Annual Coupon 3.15% Face Value \$1,000 Payment Cycle Every Six Months

i) If the bond yield at the time of issue was 3.5%, then the price of Bond would be calculated below within this corporate finance assignment:

 Calculation of Price of Bond Sr No. Coupon @ 1.575% Yield @ 1.75% Maturity Value PV 1 15.75 0.9828 15.48 2 15.75 0.9659 15.21 3 15.75 0.9493 14.95 4 15.75 0.9330 14.69 5 15.75 0.9169 14.44 6 15.75 0.9011 14.19 7 15.75 0.8856 13.95 8 15.75 0.8704 13.71 9 15.75 0.8554 13.47 10 15.75 0.8407 13.24 11 15.75 0.8263 13.01 12 15.75 0.8121 12.79 13 15.75 0.7981 12.57 14 15.75 0.7844 12.35 15 15.75 0.7709 12.14 16 15.75 0.7576 11.93 17 15.75 0.7446 11.73 18 15.75 0.7318 11.53 19 15.75 0.7192 11.33 20 15.75 0.7068 11.13 20 0.7068 1000 706.82 Price of Bond- 970.68

ii) If the bond yield at the time of issue was 3.0%, then the price of the bond would be calculated below within this corporate finance assignment:

 Calculation of Price of Bond Sr No. Coupon @ 1.575% Yield @ 1.75% Maturity Value PV 1 15.75 0.9828 15.48 2 15.75 0.9659 15.21 3 15.75 0.9493 14.95 4 15.75 0.9330 14.69 5 15.75 0.9169 14.44 6 15.75 0.9011 14.19 7 15.75 0.8856 13.95 8 15.75 0.8704 13.71 9 15.75 0.8554 13.47 10 15.75 0.8407 13.24 11 15.75 0.8263 13.01 12 15.75 0.8121 12.79 13 15.75 0.7981 12.57 14 15.75 0.7844 12.35 15 15.75 0.7709 12.14 16 15.75 0.7576 11.93 17 15.75 0.7446 11.73 18 15.75 0.7318 11.53 19 15.75 0.7192 11.33 20 15.75 0.7068 11.13 20 0.7068 1000 706.82 Price of Bond- 970.68

 i)                    Let’s take Yield 3.50% Price of Bond at 1 year, 2 years, 5 years& at Maturity Price of Bond after 1 Year mentioned in the next section of corporate finance assignment Sr No. Coupon @ 1.575% Yield @ 1.75% Maturity Value PV 1 15.75 0.9828 15.48 2 15.75 0.9659 15.21 2 0.9659 1000 965.90 996.59 Price of Bond after 2 Year Sr No. Coupon @ 1.575% Yield @ 1.75% Maturity Value PV 1 15.75 0.9828 15.48 2 15.75 0.9659 15.21 3 15.75 0.9493 14.95 4 15.75 0.9330 14.69 4 0.9330 1000 932.96 993.30 Price of Bond after 5 Years Sr No. Coupon @ 1.575% Yield @ 1.75% Maturity Value PV 1 15.75 0.9828 15.48 2 15.75 0.9659 15.21 3 15.75 0.9493 14.95 4 15.75 0.9330 14.69 5 15.75 0.9169 14.44 6 15.75 0.9011 14.19 7 15.75 0.8856 13.95 8 15.75 0.8704 13.71 9 15.75 0.8554 13.47 10 15.75 0.8407 13.24 10 - 0.8407 1000 840.73 Price of the Bond 984.07

So, as it can be seen as and when we go closer to maturity the price of bond is decreasing, there is inverse proportional.
Let’s take Yield 3.00%

 Let’s take Yield 3.00% Price of Bond after 1 Year Sr No. Coupon @ 1.575% Yield @ 1.50% Maturity Value PV 1 15.75 0.9852 15.52 2 15.75 0.9707 15.29 2 0.9707 1000 970.66 Price of The Bond 1,001.47 Price of Bond after 2 Year Sr No. Coupon @ 1.575% Yield @ 1.50% Maturity Value PV 1 15.75 0.9852 15.52 2 15.75 0.9707 15.29 3 15.75 0.9563 15.06 4 15.75 0.9422 14.84 4 0.9422 1000 942.18 Price of the Bond 1,002.89 Price of Bond after 5 Years Sr No. Coupon @ 1.575% Yield @ 1.50% Maturity Value PV 1 15.75 0.9852 15.52 2 15.75 0.9707 15.29 3 15.75 0.9563 15.06 4 15.75 0.9422 14.84 5 15.75 0.9283 14.62 6 15.75 0.9145 14.40 7 15.75 0.9010 14.19 8 15.75 0.8877 13.98 9 15.75 0.8746 13.77 10 15.75 0.8617 13.57 10 - 0.8617 1000 861.67 Price of The Bond 1,006.92

Summary of the above Calculations:

 Year At 3.5% At 3% Price Price 1 996.59 1,001.47 2 993.30 1,002.89 5 984.07 1,006.92

As from above table presented in this corporate finance assignment, we can see that as the interest rate decreases, price increases for each period. Hence, it can be said that the price of a bond is inversely proportional to the prevailing interest rates.

iv) Price of Bond Immediately before Payment of Final Coupon

 Calculation of Price of Bond @ 3.5% Sr No. Coupon @ 1.575% Yield @ 1.75% Maturity Value PV 1 15.75 0.9828 15.47912 2 15.75 0.9659 15.21289 3 15.75 0.9493 14.95124 4 15.75 0.9330 14.69410 5 15.75 0.9169 14.44137 6 15.75 0.9011 14.19300 7 15.75 0.8856 13.94889 8 15.75 0.8704 13.70898 9 15.75 0.8554 13.47320 10 15.75 0.8407 13.24148 11 15.75 0.8263 13.01374 12 15.75 0.8121 12.78991 13 15.75 0.7981 12.56994 14 15.75 0.7844 12.35375 15 15.75 0.7709 12.14127 16 15.75 0.7576 11.93246 17 15.75 0.7446 11.72723 18 15.75 0.7318 11.52553 19 15.75 0.7192 11.32731 0.7192 1000 719.19401 Price Of The Bond 971.91940

 Calculation of Price of Bond @ 3% Sr No. Coupon @ 1.575% Yield @ 1.5% Maturity Value PV 1 15.75 0.9852 15.51724 2 15.75 0.9707 15.28792 3 15.75 0.9563 15.06199 4 15.75 0.9422 14.83940 5 15.75 0.9283 14.62010 6 15.75 0.9145 14.40404 7 15.75 0.9010 14.19117 8 15.75 0.8877 13.98145 9 15.75 0.8746 13.77483 10 15.75 0.8617 13.57126 11 15.75 0.8489 13.37070 12 15.75 0.8364 13.17310 13 15.75 0.8240 12.97843 14 15.75 0.8118 12.78663 15 15.75 0.7999 12.59766 16 15.75 0.7880 12.41149 17 15.75 0.7764 12.22807 18 15.75 0.7649 12.04736 19 15.75 0.7536 11.86932 20 0.7536 1000 753.60747 Price of the Bond 1,012.3196

v) Price of Bond Immediately After Payment of Final Coupon

 Calculation of Price of Bond Sr No. Coupon @ 1.575% Yield @ 1.75% Maturity Value PV 1 15.75 0.9828 15.47912 2 15.75 0.9659 15.21289 3 15.75 0.9493 14.95124 4 15.75 0.9330 14.69410 5 15.75 0.9169 14.44137 6 15.75 0.9011 14.19300 7 15.75 0.8856 13.94889 8 15.75 0.8704 13.70898 9 15.75 0.8554 13.47320 10 15.75 0.8407 13.24148 11 15.75 0.8263 13.01374 12 15.75 0.8121 12.78991 13 15.75 0.7981 12.56994 14 15.75 0.7844 12.35375 15 15.75 0.7709 12.14127 16 15.75 0.7576 11.93246 17 15.75 0.7446 11.72723 18 15.75 0.7318 11.52553 19 15.75 0.7192 11.32731 20 15.75 0.7068 11.13249 20 0.7068 1000 706.82458 Price of the Bond 970.68246

 Calculation of Price of Bond Sr No. Coupon @ 1.575% Yield @ 1.5% Maturity Value PV 1 15.75 0.9852 15.51724 2 15.75 0.9707 15.28792 3 15.75 0.9563 15.06199 4 15.75 0.9422 14.83940 5 15.75 0.9283 14.62010 6 15.75 0.9145 14.40404 7 15.75 0.9010 14.19117 8 15.75 0.8877 13.98145 9 15.75 0.8746 13.77483 10 15.75 0.8617 13.57126 11 15.75 0.8489 13.37070 12 15.75 0.8364 13.17310 13 15.75 0.8240 12.97843 14 15.75 0.8118 12.78663 15 15.75 0.7999 12.59766 16 15.75 0.7880 12.41149 17 15.75 0.7764 12.22807 18 15.75 0.7649 12.04736 19 15.75 0.7536 11.86932 20 15.75 0.7425 11.69391 20 0.7425 1000 742.47042 Price Of The Bond 1,012.87648

 Particulars Amount Invested Amount \$100,000 MSFT (60%) \$60,000 TSLA (40%) \$40,000

a. Calculation of Annual Return done in the corporate finance assignment Annual Return = (Closing Price - Opening Price)/Opening Price X 100

MSFT = (157.59-101.12)/101.12 X 100
= 55.84%

TSLA = (82.94-62.02)/62.02 X 100
= 33.73%

b. Calculation of Standard Deviation
Standard Deviation =

Where,
N= Total number of Population
Xi=Price
U=Mean of Price

 MSFT N 251 U 130.27 Sum of square of (xi-u) 54979.04 14.8 TSLA N 251 U 54.59 Sum of square of (xi-u) 27392.56 10.47

c) Calculation of Co-relation Coefficient based on the scenario of corporate finance assignment

Correlation Coefficient = Cov (MSFT, TSLA) / S.D. MSFT X S.D. TSLA
Cov (MSFT, TSLA) = Summation of Average of MSFT & TSLA / N -1
= 3891.96397628404/ (251-1)
= 15.56785591

r = 15.5678 / (11.41 X 7.39)
= 0.18

The two stocks are having positive correlation but very less.

d. Calculation of Portfolio Return in the corporate finance assignment
Portfolio Return = Return of MSFT X Weight + Return of TSLA X Weight
= 55.84% X 0.6 + 33.73% X 0.4
= 47.00%

e. Calculation of Portfolio Standard Deviation
S.D. of Portfolio = Square root of (X1^2) X (S.D.1^2) + (X2^2) X (S.D.2^2) + 2 X X1 X X2 X S.D.1 X S.D.2 X R
= Square root of (0.5584^2) X (0.0505^2) + (0.3373^2) X (0.0107^2) + 2 X 0.5584 X 0.3373 X 0.505 X 0.0107 X 0.18
= Square Root of 0.0011746070085953
= 0.03427254
= 3.42%
(Working Note at the end after references)

f. It is seen in this corporate finance assignmentthat the Portfolio Return is less as compared to Stock MSFT & high as compared to TSLA. Whereas the portfolio risk is low as compared to both so it can be said that the weight of stock MSFT & TSLA is perfect as return is getting at low risk as compared to stocks.

Part a
. The Weighted average cost of capital is a calculation of a firm's cost of capital in which each capital category is apportioned. It is calculated by managers to review the cost of the company.

Part b.
i) Calculation of the cost of debt (Kd) of the company

Cost of Debt = Interest * (1-Tax) * 100
Long term Borrowings
= 1600 * (1-21%) *100
23414
= 1264 *100
23414
= 5.40%

ii) Computation of the cost of equity (Ke) of the company
Rf = 1%

For Beta
Return on Amazon = (Closing Price - Opening Price)/Opening Price X 100
= (1846.89-1539.13)/1539.13 X 100
= 20.00%

Return on Market = (Closing Price - Opening Price)/Opening Price X 100
= (8945.99-6665.94)/6665.94 X 100
= 32.20%

Beta = Covariance (Security, Market)
Variance (Market)
= 1.14
0.97
= 1.17
Levered Beta =
Unlevered Beta*((1+(1-tax rate)*(Debt/Equity))
= 1.54

Return on Equity (Ke) = Rf + Beta * Equity Risk Premium
= 1% + 1.54 * (6%)
= 10.24%

iii) Calculation of Capital Structure of the company done in this corporate finance assignment

 Capital Structure of the company Sources of fund Amount in \$ Weight Equity Share Capital 62062 0.73 Long Term Borrowings 23414 0.27 Total 85474 1

iv) Calculation of WACC if Corporate Tax Rate is 21%

 WACC      = Kd X Weight of Debt + Ke X Weight of Equity Sources of fund Amount in \$ Weight Cost Weighted Cost Equity Share Capital 62060 0.73 10.24% 7.43% Long Term Borrowings 23414 0.27 5.40% 1.48% Total 85474 1 8.91%

(Working note at the end)

v) Interpretation
Cost of Debt i.e. Kd refers to the effective rate of interest which is being paid by company on its debt fund
Cost of Equity i.e. Ke refers to the required rate of return on a particular project or investment. Weighted Average Cost of Capital i.e. WACC refers to the Company’s overall cost of capital in which each component i.e Equity or debt are proportionately weighted.
Summary of calculation done in part i) to iv) are:

 Particulars Details Cost of Debt (Kd) 5.40% Cost of Equity (Ke) 10.24% Weighted Average Cost of Capital (WACC) 8.91%

Since in the present case of corporate finance assignment, Cost of Debt is lower than the cost of equity which reflects that the company is having less fixed obligations to pay in the form of Interest. Also, to finance the project debt is the cheaper source of financing.

Analysis of Agency theory and corporate governance

Analysing Agency Theory from the two articles written by Charles. W. L.Hill and Thomas M. Jones from the Business Administration School, University of Washington, and another article by Lex Donaldson and James H. Davis.

Agency theory focuses on the protection of shareholders' interests by separating the roles of board chair and CEO. Agency theory refers to the relationship between the owners or can also be termed as principal and the agent i.e. it is a principal and agent relationship.

Where principals are the stakeholders or owners of the organization and agents are the executives of the company hired on behalf of the stakeholders or shareholders of the company. Agency theory considered in the corporate finance assignment works on management and economic theory. Principals of the company delegate their powers to the agents of the company. Due to agency theory complexities in the organizations have reduced to a minimal level. Agency theory works on the mechanism of governance structure which helps in the reduction of agency loss. Agency theory helps in monitoring of managerial actions on behalf of shareholders. In agency theory CEO of the company holds the dual role of the chair, where the CEO’s duality is retained and shareholders’ interests are safeguard by providing some incentive scheme to the CEO and the shareholders where incentive scheme includes long term additional compensation along with the basic salary. Though the CEO may be the agent of stockholders and the board too, in the long run, they are principal too in the principal and agent relationship. In agency theory it is assumed that principals are in the driver’s seat running the company by specifying preferences, making contracts, deciding incentives, etc that agents must follow, it sometimes becomes more problematic. Relationships become stronger as time passes as with the passing time both principal and agent collect data and information about each other and there bonding becomes stronger. Principals learn which incentives will suit more and agents learn about the preferences they serve. Agency theory is like permutation and combinations which is exploring agency experience in the corporate firm. Stakeholders are the group of people who holds the legitimate claim on the company, these stakeholders contribute critical resources in the form of capital to the firm and in return, they expect risk-adjusted returns on the capital invested by them to satisfy their interests. Stakeholders also include creditors, suppliers, customers, communities, and the general public whereby creditors provide finance to the firm and in return expect their loans to be repaid on time, suppliers provide input to the firm and in return expect a fair price to be paid to them on the input supplied by them to the firm, customers supply revenues to the firm and expect value for money in return and local communities provide the firm with local infrastructure and in return they expect a good standard of life for the corporate citizens (French P., 1995).

Corporate Governance
The concept of corporate governance explored in this segment of corporate finance assignment is a collection of rules, law, or processes which is used by various parties to control, regulate, and operate corporations. It is surrounded by both internal and external factors which affect the interest of companies’ stakeholders including shareholders, customers, suppliers, management, and government regulators. Corporate governance aims at assessing the risk and how the performance of the company can be improved. Corporate governance practices should be changed from time to time with the changing circumstances of the company. Sound corporate governance practices encourages the company to generate high utility through entrepreneurialism, growth, and innovation it also provides accountability and control systems with the risk involved in the company. Implementation of corporate governance in the organization not only protects the interests of the local investors but it also protects the interest of the outside investors. Good corporate governance shows investors the company’s way of working and sound integrity and it helps companies in building trust with various stakeholders of the organization.

Abrief discussion on Bernard Madoff's investment scandal 2008 from the article written by Dr. Mohammad I. Azim, Accounting and Finance, Swinburne University of Technology, andDr. Saiful Azam, School of Accounting, College of Business.

The Bernard Madoff scandalwas a major case of fraud in stock and securities which were discovered in the year2008. It was considered as the worst white-collar crime where well-respected financier Madoff encouraged numbers of innocent investors to give their savings and falsely promising them to pay consistent returns. By using the Ponzi scheme, Madoff tricked the investors by paying them extraordinary returns from their money and they also used the money of the new investors. Bernard Madoff started his market firm in the year 1960 and he was one of the popularly known members of the financial industry which helped him to start the NASDAQ stock market. His firm kept on growing and he gained a reputation in the market. Madoff cheated his clients with the funds of almost \$65 billion but in actual it revealed only \$17.3 billion. Bernard was given 150 years of prison along with the restitution of US \$ 17 billion (Azim and Azam, 2016).

Analysing Madoff scandal from the perspective of agency theory and corporate governance.

• Madoff scandal from corporate governance: In this corporate finance assignment, the main aim of corporate governance in the company is assessing the risk and implementing the regulatory frameworks for the protection of investors’ interest. In companies, it is the responsibility of the auditors to assess the risk and to detect the duplicity, it is the responsibility of auditors to express their view on the financial statements with sufficient assurance and they should follow proper auditing methods to make sure that financial statements are free from incorrect statements caused due to inaccuracy or other fraudulent activities (Chen, 2020). This objective can only be achieved if auditors work with professionalism. Auditor has to discuss any suspected fraud with their team members and other members of the entity including the staff members regarding the risk of inaccuracy. Auditing standards require that if auditors detect any fraud they must communicate with the regulatory authorities and the staff charged with the governance. In the Madoff scandal since major positions were occupied by the members of the family and it was the duty of the auditor of the company to perform his auditing following the auditing procedures and following his professional code of conduct. Regulation bodies failed to maintain auditor quality (Sinha and Chaganty, 2010).

References -:
Azim, D., and Azam, D., 2016. Bernard Madoff’s ‘Ponzi Scheme’: Fraudulent Behaviour And The Role of Auditors. [online] Visar.csustan.edu. Available at: [Accessed 5 September 2020].

Chen, J., 2020. What Corporate Governance Means For The Bottom Line. [online] Investopedia. Available at: [Accessed 5 September 2020].

French, P., 1995. Ethics and Agency Theory - Agency Theory, Rational-Choice Theory, and Ethics Norman Bowie, ed. Oxford University Press, 1992. Corporate finance assignmentBusiness Ethics Quarterly, 5(3), pp.621-627.

Sinha, M., and Chaganty, s., 2010. Madoff Scandal: A Blow To Investor Confidence Case Study | Corporate Governance Case | Corporate Governance Issues. [online] Ibscdc.org. Available at: [Accessed 5 September 2020].

Wennermark2, S., 2013. [online] Digitalcommons.ric.edu. Available at: [Accessed 5 September 2020].

 Date MSFT TSLA MSFT TSLA Xi-u square of Xi-u Xi-u square of Xi-u 02-01-2019 101.12 62.02 -29.15 849.91 7.43 55.25 03-01-2019 97.40 60.07 -32.87 1080.65 5.48 30.05 04-01-2019 101.93 63.54 -28.34 803.34 8.95 80.05 07-01-2019 102.06 66.99 -28.21 795.98 12.40 153.79 08-01-2019 102.80 67.07 -27.47 754.78 12.48 155.73 09-01-2019 104.27 67.71 -26.00 676.17 13.12 172.01 10-01-2019 103.60 68.99 -26.67 711.46 14.40 207.46 11-01-2019 102.80 69.45 -27.47 754.78 14.86 220.86 14-01-2019 102.05 66.88 -28.22 796.55 12.29 151.03 15-01-2019 105.01 68.89 -25.26 638.23 14.30 204.36 16-01-2019 105.38 69.21 -24.89 619.67 14.62 213.73 17-01-2019 106.12 69.46 -24.15 583.38 14.87 221.16 18-01-2019 107.71 60.45 -22.56 509.10 5.86 34.36 22-01-2019 105.68 59.78 -24.59 604.82 5.19 26.97 23-01-2019 106.71 57.52 -23.56 555.22 2.93 8.57 24-01-2019 106.20 58.30 -24.07 579.52 3.71 13.77 25-01-2019 107.17 59.41 -23.10 533.76 4.82 23.21 28-01-2019 105.08 59.28 -25.19 634.70 4.69 21.95 29-01-2019 102.94 59.49 -27.33 747.10 4.90 24.02 30-01-2019 106.38 61.75 -23.89 570.88 7.16 51.31 31-01-2019 104.43 61.40 -25.84 667.87 6.81 46.42 01-02-2019 102.78 62.44 -27.49 755.88 7.85 61.64 04-02-2019 105.74 62.58 -24.53 601.88 7.99 63.80 05-02-2019 107.22 64.27 -23.05 531.45 9.68 93.69 06-02-2019 106.03 63.44 -24.24 587.73 8.85 78.38 07-02-2019 105.27 61.50 -25.00 625.16 6.91 47.77 08-02-2019 105.67 61.16 -24.60 605.32 6.57 43.16 11-02-2019 105.25 62.57 -25.02 626.16 7.98 63.64 12-02-2019 106.89 62.36 -23.38 546.77 7.77 60.39 13-02-2019 106.81 61.63 -23.46 550.52 7.04 49.61 14-02-2019 106.90 60.75 -23.37 546.31 6.16 37.99 15-02-2019 108.22 61.58 -22.05 486.34 6.99 48.79 19-02-2019 108.17 61.13 -22.10 488.55 6.54 42.74 20-02-2019 107.15 60.51 -23.12 534.68 5.92 35.06 21-02-2019 109.41 58.25 -20.86 435.27 3.66 13.36 22-02-2019 110.97 58.94 -19.30 372.61 4.35 18.93 25-02-2019 111.59 59.75 -18.68 349.06 5.16 26.66 26-02-2019 112.36 59.57 -17.91 320.88 4.98 24.81 27-02-2019 112.17 62.95 -18.10 327.73 8.36 69.85 28-02-2019 112.03 63.98 -18.24 332.81 9.39 88.08 01-03-2019 112.53 58.96 -17.74 314.82 4.37 19.07 04-03-2019 112.26 57.07 -18.01 324.47 2.48 6.16 05-03-2019 111.70 55.31 -18.57 344.96 0.72 0.51 06-03-2019 111.75 55.25 -18.52 343.11 0.66 0.43 07-03-2019 110.39 55.32 -19.88 395.34 0.73 0.53 08-03-2019 110.51 56.83 -19.76 390.58 2.24 5.01 11-03-2019 112.83 58.18 -17.44 304.26 3.59 12.91 12-03-2019 113.62 56.67 -16.65 277.33 2.08 4.33 13-03-2019 114.50 57.79 -15.77 248.79 3.20 10.25 14-03-2019 114.59 57.99 -15.68 245.96 3.40 11.57 15-03-2019 115.91 55.09 -14.36 206.30 0.50 0.25 18-03-2019 117.57 53.90 -12.70 161.37 -0.69 0.48 19-03-2019 117.65 53.49 -12.62 159.34 -1.10 1.20 20-03-2019 117.52 54.72 -12.75 162.64 0.13 0.02 21-03-2019 120.22 54.80 -10.05 101.07 0.21 0.05 22-03-2019 117.05 52.91 -13.22 174.85 -1.68 2.84 25-03-2019 117.66 52.08 -12.61 159.09 -2.51 6.28 26-03-2019 117.91 53.55 -12.36 152.85 -1.04 1.07 27-03-2019 116.77 54.97 -13.50 182.34 0.38 0.14 28-03-2019 116.93 55.72 -13.34 178.04 1.13 1.28 29-03-2019 117.94 55.97 -12.33 152.11 1.38 1.91 01-04-2019 119.02 57.84 -11.25 126.63 3.25 10.53 02-04-2019 119.19 57.18 -11.08 122.84 2.59 6.68 03-04-2019 119.97 58.36 -10.30 106.16 3.77 14.22 04-04-2019 119.36 53.56 -10.91 119.10 -1.03 1.07 05-04-2019 119.89 54.99 -10.38 107.81 0.40 0.16 08-04-2019 119.93 54.64 -10.34 106.98 0.05 0.00 09-04-2019 119.28 54.46 -10.99 120.85 -0.13 0.02 10-04-2019 120.19 55.21 -10.08 101.67 0.62 0.39 11-04-2019 120.33 53.68 -9.94 98.87 -0.91 0.82 12-04-2019 120.95 53.54 -9.32 86.92 -1.05 1.10 15-04-2019 121.05 53.28 -9.22 85.07 -1.31 1.73 16-04-2019 120.77 54.67 -9.50 90.31 0.08 0.01 17-04-2019 121.77 54.25 -8.50 72.30 -0.34 0.12 18-04-2019 123.37 54.65 -6.90 47.65 0.06 0.00 22-04-2019 123.76 52.55 -6.51 42.42 -2.04 4.16 23-04-2019 125.44 52.78 -4.83 23.36 -1.81 3.28 24-04-2019 125.01 51.73 -5.26 27.70 -2.86 8.17 25-04-2019 129.15 49.53 -1.12 1.26 -5.06 25.65 26-04-2019 129.89 47.03 -0.38 0.15 -7.56 57.19 29-04-2019 129.77 48.29 -0.50 0.25 -6.30 39.65 30-04-2019 130.60 47.74 0.33 0.11 -6.85 46.96 01-05-2019 127.88 46.80 -2.39 5.73 -7.79 60.66 02-05-2019 126.21 48.82 -4.06 16.51 -5.77 33.30 03-05-2019 128.90 51.01 -1.37 1.89 -3.58 12.85 06-05-2019 128.15 51.07 -2.12 4.51 -3.52 12.41 07-05-2019 125.52 49.41 -4.75 22.59 -5.18 26.82 08-05-2019 125.51 48.97 -4.76 22.69 -5.62 31.61 09-05-2019 125.50 48.40 -4.77 22.78 -6.19 38.37 10-05-2019 127.13 47.90 -3.14 9.88 -6.69 44.71 13-05-2019 123.35 45.40 -6.92 47.93 -9.19 84.43 14-05-2019 124.73 46.46 -5.54 30.73 -8.13 66.08 15-05-2019 126.02 46.39 -4.25 18.09 -8.20 67.25 16-05-2019 128.93 45.67 -1.34 1.80 -8.92 79.65 17-05-2019 128.07 42.21 -2.20 4.85 -12.38 153.38 20-05-2019 126.22 41.07 -4.05 16.43 -13.52 182.75 21-05-2019 126.90 41.02 -3.37 11.38 -13.57 184.27 22-05-2019 127.67 38.55 -2.60 6.78 -16.04 257.43 23-05-2019 126.18 39.10 -4.09 16.75 -15.49 240.02 24-05-2019 126.24 38.13 -4.03 16.27 -16.46 271.09 28-05-2019 126.16 37.74 -4.11 16.92 -16.85 283.94 29-05-2019 124.94 37.97 -5.33 28.44 -16.62 276.18 30-05-2019 125.73 37.64 -4.54 20.64 -16.95 287.19 31-05-2019 123.68 37.03 -6.59 43.47 -17.56 308.31 03-06-2019 119.84 35.79 -10.43 108.85 -18.80 353.31 04-06-2019 123.16 38.72 -7.11 50.60 -15.87 251.88 05-06-2019 125.83 39.32 -4.44 19.74 -15.27 233.25 06-06-2019 127.82 41.19 -2.45 6.02 -13.40 179.58 07-06-2019 131.40 40.90 1.13 1.27 -13.69 187.43 10-06-2019 132.60 42.58 2.33 5.41 -12.01 144.35 11-06-2019 132.10 43.42 1.83 3.34 -11.17 124.78 12-06-2019 131.49 41.85 1.22 1.48 -12.74 162.27 13-06-2019 132.32 42.78 2.05 4.19 -11.81 139.44 14-06-2019 132.45 42.98 2.18 4.74 -11.61 134.71 17-06-2019 132.85 45.01 2.58 6.64 -9.58 91.87 18-06-2019 135.16 44.95 4.89 23.88 -9.64 92.98 19-06-2019 135.69 45.29 5.42 29.34 -9.30 86.58 20-06-2019 136.95 43.92 6.68 44.58 -10.67 113.78 21-06-2019 136.97 44.37 6.70 44.85 -10.22 104.42 24-06-2019 137.78 44.73 7.51 56.35 -9.86 97.27 25-06-2019 133.43 43.95 3.16 9.97 -10.64 113.18 26-06-2019 133.93 43.85 3.66 13.37 -10.74 115.28 27-06-2019 134.15 44.57 3.88 15.03 -10.02 100.45 28-06-2019 133.96 44.69 3.69 13.59 -9.90 97.98 01-07-2019 135.68 45.43 5.41 29.23 -9.16 83.84 02-07-2019 136.58 44.91 6.31 39.78 -9.68 93.72 03-07-2019 137.46 46.98 7.19 51.65 -7.61 57.92 05-07-2019 137.06 46.62 6.79 46.06 -7.97 63.53 08-07-2019 136.96 46.07 6.69 44.71 -8.52 72.64 09-07-2019 136.46 46.01 6.19 38.28 -8.58 73.59 10-07-2019 137.85 47.78 7.58 57.41 -6.81 46.33 11-07-2019 138.40 47.72 8.13 66.04 -6.87 47.21 12-07-2019 138.90 49.02 8.63 74.42 -5.57 31.08 15-07-2019 138.90 50.70 8.63 74.42 -3.89 15.14 16-07-2019 137.08 50.48 6.81 46.33 -4.11 16.93 17-07-2019 136.27 50.97 6.00 35.96 -3.62 13.09 18-07-2019 136.42 50.71 6.15 37.78 -3.88 15.08 19-07-2019 136.62 51.64 6.35 40.28 -2.95 8.73 22-07-2019 138.43 51.14 8.16 66.53 -3.45 11.93 23-07-2019 139.29 52.03 9.02 81.30 -2.56 6.54 24-07-2019 140.72 52.98 10.45 109.14 -1.61 2.61 25-07-2019 140.19 45.76 9.92 98.34 -8.83 77.91 26-07-2019 141.34 45.61 11.07 122.47 -8.98 80.69 29-07-2019 141.03 47.15 10.76 115.71 -7.44 55.30 30-07-2019 140.35 48.45 10.08 101.54 -6.14 37.68 31-07-2019 136.27 48.32 6.00 35.96 -6.27 39.30 01-08-2019 138.06 46.77 7.79 60.63 -7.82 61.16 02-08-2019 136.90 46.87 6.63 43.91 -7.72 59.64 05-08-2019 132.21 45.66 1.94 3.75 -8.93 79.69 06-08-2019 134.69 46.15 4.42 19.51 -8.44 71.24 07-08-2019 135.28 46.68 5.01 25.07 -7.91 62.52 08-08-2019 138.89 47.66 8.62 74.25 -6.93 48.03 09-08-2019 137.71 47.00 7.44 55.31 -7.59 57.59 12-08-2019 135.79 45.80 5.52 30.44 -8.79 77.24 13-08-2019 138.60 47.00 8.33 69.34 -7.59 57.62 14-08-2019 133.98 43.92 3.71 13.74 -10.67 113.78 15-08-2019 133.68 43.13 3.41 11.61 -11.46 131.39 16-08-2019 136.13 43.99 5.86 34.30 -10.60 112.42 19-08-2019 138.41 45.37 8.14 66.21 -9.22 85.09 20-08-2019 137.26 45.17 6.99 48.82 -9.42 88.71 21-08-2019 138.79 44.17 8.52 72.54 -10.42 108.67 22-08-2019 137.78 44.43 7.51 56.35 -10.16 103.24 23-08-2019 133.39 42.28 3.12 9.71 -12.31 151.55 26-08-2019 135.45 43.00 5.18 26.80 -11.59 134.34 27-08-2019 135.74 42.82 5.47 29.89 -11.77 138.64 28-08-2019 135.56 43.12 5.29 27.95 -11.47 131.62 29-08-2019 138.12 44.34 7.85 61.57 -10.25 105.04 30-08-2019 137.86 45.12 7.59 57.56 -9.47 89.66 03-09-2019 136.04 45.00 5.77 33.26 -9.59 91.94 04-09-2019 137.63 44.14 7.36 54.12 -10.45 109.30 05-09-2019 140.05 45.92 9.78 95.59 -8.67 75.25 06-09-2019 139.10 45.49 8.83 77.91 -9.10 82.82 09-09-2019 137.52 46.36 7.25 52.52 -8.23 67.78 10-09-2019 136.08 47.11 5.81 33.72 -7.48 55.99 11-09-2019 136.12 49.42 5.85 34.19 -5.17 26.74 12-09-2019 137.52 49.17 7.25 52.52 -5.42 29.34 13-09-2019 137.32 49.04 7.05 49.66 -5.55 30.81 16-09-2019 136.33 48.56 6.06 36.69 -6.03 36.34 17-09-2019 137.39 48.96 7.12 50.65 -5.63 31.73 18-09-2019 138.52 48.70 8.25 68.01 -5.89 34.72 19-09-2019 141.07 49.32 10.80 116.57 -5.27 27.78 20-09-2019 139.44 48.12 9.17 84.03 -6.47 41.82 23-09-2019 139.14 48.25 8.87 78.62 -6.34 40.25 24-09-2019 137.38 44.64 7.11 50.51 -9.95 98.98 25-09-2019 139.36 45.74 9.09 82.57 -8.85 78.33 26-09-2019 139.54 48.51 9.27 85.87 -6.08 36.95 27-09-2019 137.73 48.43 7.46 55.60 -6.16 38.00 30-09-2019 139.03 48.17 8.76 76.68 -6.42 41.17 01-10-2019 137.07 48.94 6.80 46.20 -5.65 31.95 02-10-2019 134.65 48.63 4.38 19.16 -5.96 35.58 03-10-2019 136.28 46.61 6.01 36.08 -7.98 63.75 04-10-2019 138.12 46.29 7.85 61.57 -8.30 68.97 07-10-2019 137.12 47.54 6.85 46.88 -7.05 49.66 08-10-2019 135.67 48.01 5.40 29.13 -6.58 43.31 09-10-2019 138.24 48.91 7.97 63.47 -5.68 32.32 10-10-2019 139.10 48.95 8.83 77.91 -5.64 31.84 11-10-2019 139.68 49.58 9.41 88.49 -5.01 25.13 14-10-2019 139.55 51.39 9.28 86.06 -3.20 10.23 15-10-2019 141.57 51.58 11.30 127.62 -3.01 9.08 16-10-2019 140.41 51.95 10.14 102.76 -2.64 6.97 17-10-2019 139.69 52.39 9.42 88.68 -2.20 4.83 18-10-2019 137.41 51.39 7.14 50.93 -3.20 10.24 21-10-2019 138.43 50.70 8.16 66.53 -3.89 15.14 22-10-2019 136.37 51.12 6.10 37.17 -3.47 12.07 23-10-2019 137.24 50.94 6.97 48.54 -3.65 13.36 24-10-2019 139.94 59.94 9.67 93.45 5.35 28.57 25-10-2019 140.73 65.63 10.46 109.34 11.04 121.78 28-10-2019 144.19 65.54 13.92 193.68 10.95 119.93 29-10-2019 142.83 63.24 12.56 157.67 8.65 74.88 30-10-2019 144.61 63.00 14.34 205.54 8.41 70.75 31-10-2019 143.37 62.98 13.10 171.53 8.39 70.45 01-11-2019 143.72 62.66 13.45 180.82 8.07 65.15 04-11-2019 144.55 63.49 14.28 203.83 8.90 79.27 05-11-2019 144.46 63.44 14.19 201.27 8.85 78.38 06-11-2019 144.06 65.32 13.79 190.08 10.73 115.03 07-11-2019 144.26 67.11 13.99 195.63 12.52 156.68 08-11-2019 145.96 67.43 15.69 246.08 12.84 164.80 11-11-2019 146.11 69.02 15.84 250.80 14.43 208.15 12-11-2019 147.07 69.99 16.80 282.13 15.40 237.02 13-11-2019 147.31 69.22 17.04 290.25 14.63 214.08 14-11-2019 148.06 69.87 17.79 316.37 15.28 233.46 15-11-2019 149.97 70.43 19.70 387.96 15.84 251.01 18-11-2019 150.34 70.00 20.07 402.68 15.41 237.39 19-11-2019 150.39 71.90 20.12 404.69 17.31 299.75 20-11-2019 149.62 70.44 19.35 374.30 15.85 251.33 21-11-2019 149.48 70.97 19.21 368.90 16.38 268.15 22-11-2019 149.59 66.61 19.32 373.14 12.02 144.42 25-11-2019 151.23 67.27 20.96 439.19 12.68 160.71 26-11-2019 152.03 65.78 21.76 473.36 11.19 125.29 27-11-2019 152.32 66.26 22.05 486.06 11.67 136.13 29-11-2019 151.38 65.99 21.11 445.50 11.40 129.90 02-12-2019 149.55 66.97 19.28 371.60 12.38 153.35 03-12-2019 149.31 67.24 19.04 362.40 12.65 160.01 04-12-2019 149.85 66.61 19.58 383.25 12.02 144.37 05-12-2019 149.93 66.07 19.66 386.39 11.48 131.87 06-12-2019 151.75 67.18 21.48 461.25 12.59 158.44 09-12-2019 151.36 67.91 21.09 444.65 13.32 177.30 10-12-2019 151.13 69.77 20.86 435.01 15.18 230.35 11-12-2019 151.70 70.54 21.43 459.11 15.95 254.38 12-12-2019 153.24 71.94 22.97 527.47 17.35 300.86 13-12-2019 154.53 71.68 24.26 588.39 17.09 291.98 16-12-2019 155.53 76.30 25.26 637.91 21.71 471.30 17-12-2019 154.69 75.80 24.42 596.18 21.21 449.75 18-12-2019 154.37 78.63 24.10 580.66 24.04 577.89 19-12-2019 155.71 80.81 25.44 647.03 26.22 687.35 20-12-2019 157.41 81.12 27.14 736.41 26.53 703.70 23-12-2019 157.41 83.84 27.14 736.41 29.25 855.76 24-12-2019 157.38 85.05 27.11 734.78 30.46 927.77 26-12-2019 158.67 86.19 28.40 806.38 31.60 998.39 27-12-2019 158.96 86.08 28.69 822.93 31.49 991.33 30-12-2019 157.59 82.94 27.32 746.21 28.35 803.69

 Particular Value Covariance (Amazon, NASDAQ) 1.137607 Variance (NASDAQ) 0.972673 Date AMZN NASDAQ Return of Amazon Return of NASDAQ 02-01-2019 1539.13 6665.94 -2.52 -3.04 03-01-2019 1500.28 6463.50 5.01 4.26 04-01-2019 1575.39 6738.86 3.44 1.26 07-01-2019 1629.51 6823.47 1.66 1.08 08-01-2019 1656.58 6897.00 0.17 0.87 09-01-2019 1659.42 6957.08 -0.19 0.42 10-01-2019 1656.22 6986.07 -0.95 -0.21 11-01-2019 1640.56 6971.48 -1.42 -0.94 14-01-2019 1617.21 6905.92 3.55 1.71 15-01-2019 1674.56 7023.83 0.55 0.15 16-01-2019 1683.78 7034.69 0.56 0.71 17-01-2019 1693.22 7084.46 0.18 1.03 18-01-2019 1696.20 7157.23 -3.77 -1.91 22-01-2019 1632.17 7020.36 0.48 0.08 23-01-2019 1640.02 7025.77 0.91 0.68 24-01-2019 1654.93 7073.46 0.95 1.29 25-01-2019 1670.57 7164.86 -1.96 -1.11 28-01-2019 1637.89 7085.68 -2.69 -0.81 29-01-2019 1593.88 7028.29 4.80 2.20 30-01-2019 1670.43 7183.08 2.89 1.37 31-01-2019 1718.73 7281.74 -5.38 -0.25 01-02-2019 1626.23 7263.87 0.44 1.15 04-02-2019 1633.31 7347.54 1.56 0.74 05-02-2019 1658.81 7402.08 -1.12 -0.36 06-02-2019 1640.26 7375.28 -1.58 -1.18 07-02-2019 1614.37 7288.35 -1.62 0.14 08-02-2019 1588.22 7298.20 0.18 0.13 11-02-2019 1591.00 7307.90 2.95 1.46 12-02-2019 1638.01 7414.62 0.12 0.08 13-02-2019 1640.00 7420.38 -1.06 0.09 14-02-2019 1622.65 7426.95 -0.91 0.61 15-02-2019 1607.95 7472.41 1.22 0.19 19-02-2019 1627.58 7486.77 -0.34 0.03 20-02-2019 1622.10 7489.07 -0.16 -0.39 21-02-2019 1619.44 7459.71 0.75 0.91 22-02-2019 1631.56 7527.54 0.09 0.36 25-02-2019 1633.00 7554.46 0.21 -0.07 26-02-2019 1636.40 7549.30 0.29 0.07 27-02-2019 1641.09 7554.51 -0.08 -0.29 28-02-2019 1639.83 7532.53 1.95 0.83 01-03-2019 1671.73 7595.35 1.46 -0.23 04-03-2019 1696.17 7577.57 -0.22 -0.02 05-03-2019 1692.43 7576.36 -1.39 -0.93 06-03-2019 1668.95 7505.92 -2.58 -1.13 07-03-2019 1625.95 7421.46 -0.32 -0.18 08-03-2019 1620.80 7408.14 3.07 2.02 11-03-2019 1670.62 7558.06 0.15 0.44 12-03-2019 1673.10 7591.03 1.06 0.69 13-03-2019 1690.81 7643.41 -0.27 -0.16 14-03-2019 1686.22 7630.91 1.55 0.76 15-03-2019 1712.36 7688.53 1.74 0.34 18-03-2019 1742.15 7714.48 1.13 0.12 19-03-2019 1761.85 7723.95 2.01 0.06 20-03-2019 1797.27 7728.97 1.22 1.42 21-03-2019 1819.26 7838.96 -3.00 -2.50 22-03-2019 1764.77 7642.67 0.54 -0.07 25-03-2019 1774.26 7637.54 0.54 0.71 26-03-2019 1783.76 7691.52 -1.01 -0.63 27-03-2019 1765.70 7643.38 0.44 0.34 28-03-2019 1773.42 7669.17 0.41 0.78 29-03-2019 1780.75 7729.32 1.88 1.29 01-04-2019 1814.19 7828.91 -0.01 0.25 02-04-2019 1813.98 7848.69 0.37 0.60 03-04-2019 1820.70 7895.55 -0.10 -0.05 04-04-2019 1818.86 7891.78 1.01 0.59 05-04-2019 1837.28 7938.69 0.68 0.19 08-04-2019 1849.86 7953.88 -0.76 -0.56 09-04-2019 1835.84 7909.28 0.63 0.69 10-04-2019 1847.33 7964.24 -0.18 -0.21 11-04-2019 1844.07 7947.36 -0.05 0.46 12-04-2019 1843.06 7984.16 0.10 -0.10 15-04-2019 1844.87 7976.01 0.98 0.30 16-04-2019 1863.04 8000.23 0.10 -0.05 17-04-2019 1864.82 7996.08 -0.17 0.02 18-04-2019 1861.69 7998.06 1.38 0.22 22-04-2019 1887.31 8015.27 1.93 1.32 23-04-2019 1923.77 8120.82 -1.14 -0.23 24-04-2019 1901.75 8102.01 0.03 0.21 25-04-2019 1902.25 8118.68 2.54 0.34 26-04-2019 1950.63 8146.40 -0.63 0.19 29-04-2019 1938.43 8161.85 -0.61 -0.81 30-04-2019 1926.52 8095.39 -0.78 -0.57 01-05-2019 1911.52 8049.64 -0.56 -0.16 02-05-2019 1900.82 8036.77 3.24 1.58 03-05-2019 1962.46 8164.00 -0.61 -0.50 06-05-2019 1950.55 8123.29 -1.51 -1.96 07-05-2019 1921.00 7963.76 -0.17 -0.26 08-05-2019 1917.77 7943.32 -0.93 -0.41 09-05-2019 1899.87 7910.59 -0.52 0.08 10-05-2019 1889.98 7916.94 -3.56 -3.41 13-05-2019 1822.68 7647.02 0.96 1.14 14-05-2019 1840.12 7734.49 1.69 1.13 15-05-2019 1871.15 7822.15 1.95 0.97 16-05-2019 1907.57 7898.05 -2.02 -1.04 17-05-2019 1869.00 7816.28 -0.54 -1.46 20-05-2019 1858.97 7702.38 -0.08 1.08 21-05-2019 1857.52 7785.72 0.12 -0.45 22-05-2019 1859.68 7750.84 -2.38 -1.58 23-05-2019 1815.48 7628.28 0.43 0.11 24-05-2019 1823.28 7637.01 0.72 -0.39 28-05-2019 1836.43 7607.35 -0.94 -0.79 29-05-2019 1819.19 7547.31 -0.16 0.27 30-05-2019 1816.32 7567.72 -2.27 -1.51 31-05-2019 1775.07 7453.15 -4.64 -1.61 03-06-2019 1692.69 7333.02 2.18 2.65 04-06-2019 1729.56 7527.12 0.52 0.64 05-06-2019 1738.50 7575.48 0.91 0.53 06-06-2019 1754.36 7615.55 2.83 1.66 07-06-2019 1804.03 7742.10 3.14 1.05 10-06-2019 1860.63 7823.17 0.16 -0.01 11-06-2019 1863.70 7822.57 -0.45 -0.38 12-06-2019 1855.32 7792.72 0.81 0.57 13-06-2019 1870.30 7837.13 -0.03 -0.52 14-06-2019 1869.67 7796.66 0.88 0.62 17-06-2019 1886.03 7845.02 0.81 1.39 18-06-2019 1901.37 7953.88 0.39 0.42 19-06-2019 1908.79 7987.32 0.49 0.80 20-06-2019 1918.19 8051.34 -0.36 -0.24 21-06-2019 1911.30 8031.71 0.14 -0.32 24-06-2019 1913.90 8005.70 -1.86 -1.51 25-06-2019 1878.27 7884.72 1.04 0.32 26-06-2019 1897.83 7909.97 0.34 0.73 27-06-2019 1904.28 7967.76 -0.56 0.48 28-06-2019 1893.63 8006.24 1.51 1.06 01-07-2019 1922.19 8091.16 0.63 0.22 02-07-2019 1934.31 8109.09 0.24 0.75 03-07-2019 1939.00 8170.23 0.20 -0.10 05-07-2019 1942.91 8161.79 0.48 -0.78 08-07-2019 1952.32 8098.38 1.84 0.54 09-07-2019 1988.30 8141.73 1.46 0.75 10-07-2019 2017.41 8202.53 -0.81 -0.08 11-07-2019 2001.07 8196.04 0.50 0.59 12-07-2019 2011.00 8244.14 0.50 0.17 15-07-2019 2020.99 8258.19 -0.55 -0.43 16-07-2019 2009.90 8222.80 -0.89 -0.46 17-07-2019 1992.03 8185.21 -0.71 0.27 18-07-2019 1977.90 8207.24 -0.68 -0.74 19-07-2019 1964.52 8146.49 1.07 0.71 22-07-2019 1985.63 8204.14 0.45 0.58 23-07-2019 1994.49 8251.40 0.32 0.85 24-07-2019 2000.81 8321.50 -1.35 -1.00 25-07-2019 1973.82 8238.54 -1.56 1.11 26-07-2019 1943.05 8330.21 -1.57 -0.44 29-07-2019 1912.45 8293.33 -0.73 -0.24 30-07-2019 1898.53 8273.61 -1.67 -1.19 31-07-2019 1866.78 8175.42 -0.61 -0.79 01-08-2019 1855.32 8111.12 -1.73 -1.32 02-08-2019 1823.24 8004.07 -3.19 -3.47 05-08-2019 1765.13 7726.04 1.29 1.39 06-08-2019 1787.83 7833.27 0.31 0.38 07-08-2019 1793.40 7862.83 2.20 2.24 08-08-2019 1832.89 8039.16 -1.38 -1.00 09-08-2019 1807.58 7959.14 -1.25 -1.20 12-08-2019 1784.92 7863.41 2.21 1.95 13-08-2019 1824.34 8016.36 -3.36 -3.02 14-08-2019 1762.96 7773.94 0.75 -0.09 15-08-2019 1776.12 7766.62 0.93 1.67 16-08-2019 1792.57 7895.99 1.31 1.35 19-08-2019 1816.12 8002.81 -0.81 -0.68 20-08-2019 1801.38 7948.56 1.23 0.90 21-08-2019 1823.54 8020.21 -1.04 -0.36 22-08-2019 1804.66 7991.39 -3.05 -3.00 23-08-2019 1749.62 7751.77 1.10 1.32 26-08-2019 1768.87 7853.74 -0.40 -0.34 27-08-2019 1761.83 7826.95 0.14 0.38 28-08-2019 1764.25 7856.88 1.26 1.48 29-08-2019 1786.40 7973.39 -0.57 -0.13 30-08-2019 1776.29 7962.88 0.76 -1.11 03-09-2019 1789.84 7874.16 0.60 1.30 04-09-2019 1800.62 7976.88 2.23 1.75 05-09-2019 1840.72 8116.83 -0.39 -0.17 06-09-2019 1833.51 8103.07 -0.12 -0.19 09-09-2019 1831.35 8087.44 -0.59 -0.04 10-09-2019 1820.55 8084.16 0.13 1.06 11-09-2019 1822.99 8169.68 1.13 0.30 12-09-2019 1843.55 8194.47 -0.23 -0.22 13-09-2019 1839.34 8176.71 -1.71 -0.28 16-09-2019 1807.84 8153.54 0.81 0.40 17-09-2019 1822.55 8186.02 -0.28 -0.11 18-09-2019 1817.46 8177.39 0.22 0.07 19-09-2019 1821.50 8182.88 -1.50 -0.80 20-09-2019 1794.16 8117.67 -0.49 -0.06 23-09-2019 1785.30 8112.46 -2.45 -1.46 24-09-2019 1741.61 7993.63 1.53 1.05 25-09-2019 1768.33 8077.38 -1.61 -0.58 26-09-2019 1739.84 8030.66 -0.83 -1.13 27-09-2019 1725.45 7939.63 0.61 0.75 30-09-2019 1735.91 7999.34 -0.01 -1.13 01-10-2019 1735.65 7908.68 -1.29 -1.56 02-10-2019 1713.23 7785.25 0.65 1.12 03-10-2019 1724.42 7872.26 0.88 1.40 04-10-2019 1739.65 7982.47 -0.40 -0.33 07-10-2019 1732.66 7956.29 -1.57 -1.67 08-10-2019 1705.51 7823.78 0.97 1.02 09-10-2019 1721.99 7903.74 -0.10 0.60 10-10-2019 1720.26 7950.78 0.68 1.34 11-10-2019 1731.92 8057.04 0.26 -0.10 14-10-2019 1736.43 8048.65 1.78 1.24 15-10-2019 1767.38 8148.71 0.57 -0.30 16-10-2019 1777.43 8124.18 0.57 0.40 17-10-2019 1787.48 8156.85 -1.68 -0.83 18-10-2019 1757.51 8089.54 1.60 0.91 21-10-2019 1785.66 8162.99 -1.12 -0.72 22-10-2019 1765.73 8104.30 -0.20 0.19 23-10-2019 1762.17 8119.79 1.06 0.81 24-10-2019 1780.78 8185.80 -1.09 0.70 25-10-2019 1761.33 8243.12 0.89 1.01 28-10-2019 1777.08 8325.99 -0.81 -0.59 29-10-2019 1762.71 8276.85 0.98 0.33 30-10-2019 1779.99 8303.98 -0.19 -0.14 31-10-2019 1776.66 8292.36 0.83 1.13 01-11-2019 1791.44 8386.40 0.74 0.56 04-11-2019 1804.66 8433.20 -0.16 0.02 05-11-2019 1801.71 8434.68 -0.33 -0.29 06-11-2019 1795.77 8410.63 -0.42 0.28 07-11-2019 1788.20 8434.52 -0.13 0.48 08-11-2019 1785.88 8475.31 -0.80 -0.13 11-11-2019 1771.65 8464.28 0.36 0.26 12-11-2019 1778.00 8486.09 -1.40 -0.05 13-11-2019 1753.11 8482.10 0.08 -0.04 14-11-2019 1754.60 8479.02 -0.86 0.73 15-11-2019 1739.49 8540.83 0.75 0.11 18-11-2019 1752.53 8549.94 0.01 0.24 19-11-2019 1752.79 8570.66 -0.41 -0.51 20-11-2019 1745.53 8526.73 -0.62 -0.24 21-11-2019 1734.71 8506.21 0.63 0.16 22-11-2019 1745.72 8519.88 1.61 1.32 25-11-2019 1773.84 8632.49 1.30 0.18 26-11-2019 1796.94 8647.93 1.20 0.66 27-11-2019 1818.51 8705.18 -0.97 -0.46 29-11-2019 1800.80 8665.47 -1.07 -1.12 02-12-2019 1781.60 8567.99 -0.65 -0.55 03-12-2019 1769.96 8520.64 -0.52 0.54 04-12-2019 1760.69 8566.67 -1.15 0.05 05-12-2019 1740.48 8570.70 0.64 1.00 06-12-2019 1751.60 8656.53 -0.12 -0.40 09-12-2019 1749.51 8621.83 -0.59 -0.07 10-12-2019 1739.21 8616.18 0.55 0.44 11-12-2019 1748.72 8654.05 0.66 0.73 12-12-2019 1760.33 8717.32 0.03 0.20 13-12-2019 1760.94 8734.88 0.47 0.91 16-12-2019 1769.21 8814.23 1.21 0.10 17-12-2019 1790.66 8823.36 -0.37 0.05 18-12-2019 1784.03 8827.74 0.46 0.67 19-12-2019 1792.28 8887.22 -0.32 0.42 20-12-2019 1786.50 8924.96 0.36 0.23 23-12-2019 1793.00 8945.65 -0.21 0.08 24-12-2019 1789.21 8952.88 4.45 0.78 26-12-2019 1868.77 9022.39 0.06 -0.17 27-12-2019 1869.80 9006.62 -1.23 -0.67 30-12-2019 1846.89 8945.99 0.00 0.00

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