Economy

Asian Equities Rise on Encouraging Chinese Data

Published

7 years ago

04/09/2019

By Investors Hub

Asian stocks ended mostly higher on Wednesday as investors cheered encouraging data from China as well as news that Hong Kong leader Carrie Lam will officially withdraw a controversial extradition bill that triggered months of unrest.

Investors kept a close eye on international trade developments after U.S. President Donald Trump warned he would be “tougher” on Beijing if negotiations extended beyond the 2020 U.S. presidential election and he is re-elected.

Chinese shares rose sharply after a report showed growth in China’s service sector accelerated in August despite broader economic headwinds. The benchmark Shanghai Composite Index climbed 27.26 points, or 0.9 percent, to 2,957.41.

China’s private sector logged its fastest growth in four months in August as both manufacturers and service providers saw improved rates of activity growth, survey data from IHS Markit showed. The Caixin composite output index climbed to 51.6 from 50.9 in July.

Activity across the service sector advanced at a faster pace than in the manufacturing sector. The services Purchasing Managers’ Index came in at a three-month high of 52.1, up from 51.6 in July.

Hong Kong’s Hang Seng Index soared 3.9 percent to finish at 26,523.23 after reports the embattled leader of Hong Kong, Chief Executive Carrie Lam, will formally withdraw a controversial bill that would have allowed extraditions to China.

Japanese shares finished marginally higher as a weak yen and encouraging service sector activity data prompted some late bargain hunting.

Service sector growth in Japan accelerated in August, the latest survey from Jibun Bank revealed with a PMI score of 53.3, up from 51.8 in July.

The Nikkei 225 Index inched up 23.98 points, or 0.1 percent, to 20,649.14, but the broader Topix closed 0.3 percent lower at 1,506.81.

Gaming company Nintendo jumped 2.6 percent after announcing a new Nintendo Direct broadcast. Clothing chain operator Fast Retailing rose 0.9 percent as it announced a 9.9 percent rise in same-store sales at its Uniqlo outlets in Japan in August.

Australian markets ended lower after the release of mixed domestic data, with GDP expanding at its slowest pace in a decade last quarter.

In seasonally adjusted terms, GDP grew 0.5 percent over the June quarter, or 1.4 percent for the year ? marking the worst annual growth recorded since the global financial crisis in the September quarter of 2009, the Australian Bureau of Statistics said.

Meanwhile, the latest survey from the Australian Industry Group revealed that the service sector in Australia moved into expansion territory in August with a Performance of Services Index score of 51.4, up sharply from 43.9.

The benchmark S&P/ASX 200 Index dropped 20.40 points, or 0.3 percent, to 6,553, while the broader All Ordinaries Index ended down 17.40 points, or 0.3 percent, at 6,656.10.

The big four banks ended down between 0.1 percent and 0.4 percent. Mining and energy stocks turned in a mixed performance.

Bendigo and Adelaide Bank edged up 0.3 percent and Bank of Queensland shed 0.9 percent after the country’s corporate regulator sued the two regional banks over ‘unfair’ contracts.

Export-driven healthcare stocks lost ground, with biotech major CSL declining 1.5 percent and Ramsay Health Care losing 1.1 percent.

Papua New Guinea-based Oil Search rallied 3.3 percent after the government said it would allow the Papua LNG project to go ahead in accordance with the terms of the gas agreement.

Gold miners Newcrest Mining and Evolution Mining jumped around 3 percent after gold prices surged overnight.

Seoul stocks rallied on renewed hopes of a U.S.-China trade deal. The benchmark Kospi jumped 22.84 points, or 1.2 percent, to 1,988.53 after falling sharply in the previous session.

Market heavyweight Samsung Electronics surged up 2 percent, while chipmaker SK Hynix soared 3.9 percent. Asiana Airlines slumped 4.5 percent after preliminary bids to acquire the carrier closed Tuesday with a three-way race.

Economy

Nigerian Stocks Chalk up 0.33% on Positive Market Breadth Index

Published

2 hours ago

09/06/2026

Dipo Olowookere

By Dipo Olowookere

Renewed buying interest raised the Nigerian Exchange (NGX) Limited by 0.33 per cent on Monday, with gains recorded in almost all the major sectors of the bourse at the close of transactions.

According to data harvested by Business Post, the insurance counter expanded by 0.62 per cent, the banking index grew by 0.59 per cent, the energy sector appreciated by 0.40 per cent, and the consumer goods space improved by 0.10 per cent, while the industrial goods segment closed flat.

When the closing gong was struck by 4 pm to signify the close of business on Customs Street, the All-Share Index (ASI) was up by 1,113.76 points to 243,707.07 points from 242,593.31 points, and the market capitalisation chalked up N714 billion to close at N156.308 trillion compared with the previous session’s N155.594 trillion.

Interest in Nigerian stocks yesterday resulted in a rise in the activity level, with the trading volume soaring by 17.86 per cent to 717.2 million units from 608.5 million units. The trading value advanced by 77.19 per cent to N56.7 billion from N32.0 billion, and the number of deals surged by 36.22 per cent to 73,321 deals from 53,826 deals.

FCMB was the busiest stock during the trading day, with a turnover of 152.3 million units worth N1.8 billion, Premier Paints exchanged 61.0 million units valued at N135.3 million, Dangote Cement traded 34.7 million units for N29.7 billion, The Initiates sold 32.8 million units worth N1.0 billion, and Jaiz Bank transacted 32.6 million units valued at N293.3 million.

Yesterday, the market breadth index was positive after the exchange closed with 37 price gainers and 28 price losers, representing strong investor sentiment.

International Energy Insurance gained 9.92 per cent to settle at N7.98, the Initiates added 9.91 per cent to its share price to quote at N32.15, ABC Transport garnered 9.68 per cent to trade at N6.80, Abbey Mortgage Bank grew by 9.63 per cent to close at N10.25, and Linkage Assurance soared by 9.36 per cent to N1.87.

On the flip side, Fidson Healthcare gave up 10.00 per cent to finish at N122.85, Academy Press crashed by 9.70 per cent to N7.45, RT Briscoe depreciated by 9.43 per cent to N13.45, SUNU Assurances tumbled by 9.37 per cent to N4.06, and Learn Africa decreased by 8.70 per cent to N10.50.

Economy

NASD OTC Exchange Opens Week Lower as Valuation Dips N1.27bn

Published

2 hours ago

09/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a marginal 0.05 per cent drop on Monday, June 8, depleting the market capitalisation by N1.27 billion to N2.606 trillion from N2.607 trillion, and cutting the Unlisted Security Index (NSI) by 2.12 points to 4,356.20 points from the previous 4,358.32 points.

The contraction witnessed during the session was triggered by a price loser, which overpowered that gains recorded by two securities on the trading platform.

Data indicated that MRS Oil Plc lost N6 at the close of business to settle at N165.00 per share compared with last Friday’s price of N171.00 per share.

Conversely, Lighthouse Financial Services Plc added 9 Kobo to sell at N1.03 per unit versus 94 Kobo per unit, and Central Securities Clearing System (CSCS) Plc appreciated by 8 Kobo to N78.48 per share from N78.40 per share.

The volume of securities traded by investors yesterday soared by 51.9 per cent to 213,188 units from 140,345 units, and the value of securities increased by 12.6 per cent to N20.2 million from N17.9 million, while the number of deals executed fell by 7.4 per cent to 25 deals from 27 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units valued at N6.5 billion, and CSCS Plc with 64.8 million units exchanged for N4.4 billion.

GNI Plc also remained as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, trailed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.

Economy

Naira Loses Against Dollar Official, Black Markets

Published

5 hours ago

09/06/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira opened the new trading week on a negative note on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEX) and the black market.

At the parallel market, the Nigerian currency weakened against the US Dollar by N5 to sell for N1,380/$1 compared with the preceding session’s rate of N1,375/$1, and at the GTBank FX desk, it shed N1 to trade at N1,373/$1 versus N1,372/$1.

At the official market, it lost 63 Kobo or 0.05 per cent against the Dollar during the session to close at N1,362.84/$1, in contrast to last Friday’s value of N1,362.21/$1.

However, the Nigerian Naira gained N2.30 against the Pound Sterling at the spot market yesterday, quoting at N1,821.29/£1 compared with the previous rate of N1,823.59/£1, and improved against the Euro by 23 Kobo to settle at N1,574.35/€1 versus N1,574.58/€1.

Data from the Central Bank of Nigeria (CBN) showed that interbank forex turnover increased to $92.248 million across 90 deals, from $73.565 million last Friday.

On the policy front, participants believed that the application of the fourth edition of the Foreign Exchange Manual of the central bank, which introduces updated guidelines for foreign exchange transactions and tightening compliance requirements for authorised dealers and market participants, will enhance market flexibility and ease previous restrictions.

Meanwhile, the cryptocurrency market snapped from recent declines, jolted by Strategy’s purchase of 1,550 Bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC. The company raised $181 million through common stock sales, using the proceeds to fund the bitcoin purchase and increase its cash reserves to $1 billion, pushing the price of the coin higher by 3.2 per cent to $63,731.69.

Cardano (ADA) appreciated by 8.4 per cent to $0.1738, Ethereum (ETH) rose by 5.2 per cent to $1,711.54, Solana (SOL) expanded by 5.1 per cent to $67.82, and Ripple (XRP) improved by 4.9 per cent to $1.18.

Further, Dogecoin (DOGE) jumped by 4.3 per cent to $0.0873, Binance Coin (BNB) soared by 2.7 per cent to $609.50, and TRON (TRX) increased by 0.7 per cent to $0.3274, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $0.9997 and $0.9998, respectively.