Economy
Asian Shares Fall as Hopes of Possible US-China Trade Deal Fades
By Investors Hub
Asian stocks fell across the board on Monday as hopes of an imminent U.S.-China trade deal faded and investors looked ahead to the U.S. midterm elections as well as the Federal Reserve meeting for directional cues.
China’s Shanghai Composite Index ended the session down 11.05 points or 0.4 percent at 2,665.43 despite President Xi Jinping praising globalization and China’s commitment to free trade.
On the data front, China’s private sector expanded at the slowest pace in more than two years in October, with both services and manufacturing seeing weaker performances, survey results from IHS Markit showed today. The Caixin composite output index fell to a 28-month low of 50.5 in October from 52.1 in September.
Hong Kong’s Hang Seng Index tumbled 551.96 points or 2.1 percent to 25,934.39. The private sector in Hong Kong continued to contract in October, albeit at a slower pace, the latest survey from Nikkei showed with a PMI score of 48.6, up from 47.9 in September.
Japanese shares fell sharply in thin trading as caution set in ahead of the U.S. midterm elections. The Nikkei 225 Index slumped 344.67 points or 1.6 percent to 21,898.99 after jumping 5 percent last week. The broader Topix Index closed 1.1 percent lower at 1,640.39.
Gaming giant Nintendo gave up 2.7 percent after posting disappointing earnings last week. SoftBank shares ended 0.6 percent higher. After the market close, the company reported second-quarter earnings that topped forecasts.
Bank of Japan Governor Haruhiko Kuroda said the economy has clearly improved and the central bank will consider both positive and negative effects of its monetary policy in a balanced manner going forward.
Separately, domestic demand is expected to continue on an upward trend, while annual inflation is predicted to maintain its gradual climb to the target of 2 percent, the minutes from the Bank of Japan’s September meeting revealed.
Activity in Japan’s services sector expanded at a faster rate in October, the latest survey from Nikkei revealed, with a PMI score of 52.4, up from 50.2 in September.
Australian markets finished lower to snap a six-day winning streak, with energy and healthcare stocks pacing the decliners. The benchmark S&P/ASX 200 Index dropped 31.10 points or 0.5 percent to 5,818.10, while the broader All Ordinaries Index ended down 0.5 percent at 5,904.80.
Hearing aid maker Cochlear tumbled 3.8 percent after it lost a U.S. patent infringement case. CSL fell 2.4 percent to end lower for the first time in seven sessions.
Energy stocks such as Woodside Petroleum, Santos, Oil Search and Beach Energy declined 1-3 percent as oil prices continued to fall amid signs of rising global supply.
Lender Westpac Banking Corp rose 0.6 percent after reporting a 1 percent rise in annual net profit, in line with expectations. ANZ climbed 1.1 percent and NAB advanced 0.7 percent.
Mining giant BHP Billiton fell 1.2 percent, while Rio Tinto gained 1.6 percent and Fortescue Metals Group jumped 2.4 percent.
Online travel agency Webjet entered a trading halt after it agreed to acquire Dubai-based business travel wholesaler Destinations of the World for A$240 million.
On the economic front, the latest survey from the Australian Industry Group revealed that the service sector in Australia continued to expand in October, albeit at a slower pace, with a PSI score of 51.1, down from 52.5 in September.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
By Aduragbemi Omiyale
The ex-depot prices of the two major petroleum products in the country, Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (Diesel), have been slashed by Dangote Petroleum Refinery.
The company, in a statement on Wednesday, disclosed that while petrol is now N1,165 per litre, diesel is now N1,570 per litre.
The energy firm said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
The latest cut in the price of PMS represents N50, as it was previously sold to marketers at N1,215 per litre, while diesel witnessed an N80 reduction, as it was formerly being sold at N1,650 per litre.
Dangote Refinery stated that the downward price review reflects its ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria, saying it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
