Economy
Asian Stock Markets Extend Rally Friday
By Investors Hub
Asian stocks rose on Friday to extend gains from the previous session after separate surveys showed U.S. private payrolls and the services industry rebounding last month.
News that U.S.-China trade talks were back on the table also supported sentiment ahead of the release of U.S. jobs data for August later in the day.
Chinese stocks rose as Beijing continued to emphasize support for the economy. The benchmark Shanghai Composite Index climbed 13.74 points, or 0.5 percent, to 2,999.60 and ended the week up 3.9 percent, marking its best weekly gain since late June.
“(We) will use both broad and targeted RRR cuts in a timely manner as tools to guide financial institutions to guide more funds into inclusive finance, and ramp up support for the real economy,” China’s cabinet said in a meeting on Wednesday.
Hong Kong’s Hang Seng Index ended up 175.23 points, or 0.7 percent, at 26,690.76 despite global rating agency Fitch Ratings downgrading Hong Kong’s long-term foreign currency issuer default rating.
The rating agency observed that ongoing demonstrations have done long-lasting damage to international perceptions about the effectiveness of Hong Kong’s governance system and rule of law.
Japanese shares closed higher for the fourth straight day as the yen retreated against the dollar on the back of upbeat U.S. data and amid comments from Bank of Japan Governor Haruhiko Kuroda suggesting that cutting interest rates further into the negative zone is always an option.
The Nikkei 225 Index rose 113.63 points, or 0.5 percent, to 21,199.57, while the broader Topix closed 0.2 percent higher at 1,537.10.
Honda Motor jumped 3 percent and Panasonic gained 1.8 percent as the dollar climbed to a one-month high against the yen. Market heavyweight SoftBank declined 2.7 percent, while Fast Retailing rose 1.8 percent.
Daiwa Securities rose 0.9 percent after it announced a capital alliance with credit card company Credit Saison. Shares of the latter rallied 2.2 percent.
Rakuten slumped 5.2 percent on a Nikkei report that the e-commerce group will delay the commercial launch of its wireless carrier service by six months due to slow progress in building the network.
On the data front, a government report revealed that average household spending in Japan rose an annual 0.8 percent in July, matching expectations.
Australian shares eked out modest gains amid signs of a slight thaw in U.S.-China relations. The benchmark S&P/ASX 200 Index rose 34.10 points, or 0.5 percent, to 6,647.30, while the broader All Ordinaries Index ended up 31.90 points, or 0.5 percent, at 6,752.70.
Tech stocks paced the gainers after the Nasdaq closed up above 8,000 overnight. Afterpay Touch soared 4.1 percent and Computershare jumped 3.2 percent.
Rare earths producer Lynas Corp added 2.9 percent after it signed a pact with a city in Western Australia to explore a potential initial ore processing site.
Mining giants BHP and Rio Tinto rose 0.7 percent and 0.4 percent, respectively, while smaller rival Fortescue Metals Group gained 1.7 percent after completing a $600 million bond offering. The big four banks rose between 0.4 percent and 0.9 percent.
Gold miners Evolution, Newcrest, Northern Star, Regis Resources and Saracen Mineral Holdings lost 2-5 percent as gold fell its most in a day for 2019 on news that the U.S. and China plan to hold talks next month.
In economic news, investors shrugged off survey data showing that the construction sector in Australia continued to contract in August, albeit at a slower pace.
Seoul stocks extended gains for the third day as trade concerns abated and solid U.S. data helped ease global growth worries. The benchmark Kospi edged up 4.38 points, or 0.2 percent, to close at 2,009.13. Technology firms, financials and shipbuilders paced the gainers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 1.18 per cent, with the Unlisted Security Index (USI) crossing the 3,000 mark after it went up by 35.24 points on Tuesday, November 26 to 3,032.92 points from the 2,997.68 points recorded in the previous session.
At the close of transactions yesterday, the market capitalisation increased by N12.36 billion to settle at N1.063 trillion, in contrast to Monday’s closing value of N1.050 trillion.
During the session, FrieslandCampina Wamco Nigeria Plc gained N3.31 to sell at N43.90 per share versus the N40.59 per share it traded a day earlier, and 11 Plc appreciated by N16.75 to end the session at N230.00 per unit versus the preceding closing rate of N213.25 per unit.
On the flip side, Afriland Properties Plc slipped by 11 Kobo to sell at N15.81 per share, in contrast to the N15.92 per share it was transacted a day earlier.
There was a slump in the volume of securities traded in the session by 80.2 per cent to 327,425 units from the 1.7 million units traded in the preceding session, but there was a rise in the value of transactions by 141.9 per cent to N15.7 million from the N6.5 million traded on Monday, and the number of deals decreased by 55.0 per cent to nine deals from the 20 deals carried out a day earlier.
At the close of business, Geo-Fluids Plc remained the most traded stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, followed by Okitipupa Plc with the sale of 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units worth N5.3 million.
Similarly, Aradel Holdings Plc maintained its position as the most active stock by value (year-to-date) with a turnover of 108.7 million units worth N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 billion.
By Adedapo Adesanya
The Naira strengthened its value against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Tuesday by 0.97 per cent or N16.18 to exchange at N1,659.44/$1 compared wth the previous day’s value of N1,675.62/$1 amid an improvement in the supply of forex to the market segment by the Central Bank of Nigeria (CBN).
Data showed that the FX transactions for the trading session increased by 291.6 per cent or $317.19 million to $425.98 million from the $108.79 million recorded in the last trading session.
Also, the domestic currency improved its value against the Pound Sterling in the spot market yesterday by N23.42 to settle at N2,116.44/£1, in contrast to Monday’s closing price of N2,139.86/£1 and against the Euro, it closed flat at the value of N1,783.36/€1.
In the parallel market, the Nigerian currency remained unchanged against the US Dollar during the trading day at N1,750/$1, according to data obtained by Business Post.
At the 298th Monetary Policy Committee (MPC) meeting, the Governor of the CBN, Mr Yemi Cardoso, said the apex bank will continue to carry out measures to ensure stability in the FX market, and plans to avoid any move that will disrupt progress it has made. This was after the bank further raised the interest rate by 0.50 per cent to 27.50 per cent.
In the cryptocurrency market, some of the gains made during the recent post-US election price surge have weakened, as traders see the presidency of Mr Donald Trump as bullish for the industry especially with some of his allies and expected appointees to certain financial positions.
Ripple (XRP) shed 3.9 per cent to trade at $1.38, Binance Coin (BNB) depleted by 3.7 per cent to $619.77, Solana (SOL) slumped by 3.2 per cent to $230.87, Dogecoin (DOGE) fell by 3.0 per cent to $0.3938, Bitcoin (BTC) dropped 1.6 per cent to $93,220.19, Cardano (ADA) depreciated by 1.1 per cent to $0.9682, and Ethereum (ETH) slid by 0.2 per cent to at $3,417.79.
However, Litecoin (LTC) appreciated by 0.4 per cent to quote at $94.68, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00, respectively.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited had a narrow escape from the claws of the bears on Tuesday after it closed higher by a marginal 0.01 per cent.
This happened as investor sentiment waned yesterday, with profit-taking witnessed in the banking space, which fell by 0.21 per cent at the close of transactions.
However, bargain-hunting from the other sectors ensured that the bulls took charge of the bourse, with the insurance index rising by 0.91 per cent.
Further, the industrial goods sector appreciated by 0.76 per cent, the energy counter improved by 0.36 per cent, and the consumer goods space gained 0.09 per cent.
Consequently, the All-Share Index (ASI) moved up by 13.61 points to 97,639.88 points from 97,626.27 points and the market capitalisation expanded by N9 billion to N59.178 trillion from the preceding day’s N59.169 trillion.
The market breadth index was negative during the trading session as Customs Street ended with 24 price gainers and 25 price losers.
Haldane McCall topped the gainers’ chart after it chalked up 9.98 per cent to trade at N6.17, Sunu Assurances grew by 9.80 per cent to N3.81, Japaul increased its value by 9.72 per cent to N2.37, Prestige Assurance jumped by 9.64 per cent to 91 Kobo, and Neimeth leapt by 9.55 per cent to N2.18.
Conversely, Multiverse lost 9.92 per cent to finish at N5.90, Tantalizers slowed by 9.30 per cent to N1.17, UPDC REIT tumbled by 9.01 per cent to N5.05, Universal Insurance retreated by 5.88 per cent to 32 Kobo, and RT Briscoe fell by 5.67 per cent to N2.66.
Yesterday, investors transacted 552.1 million stocks valued at N8.0 billion in 9,305 deals versus the 671.3 million stocks sold for N10.6 billion in 10,464 deals a day earlier, representing a decline of 17.75 per cent, 24.53 per cent, and 11.08 per cent in the trading volume, value and number of deals, respectively.
The most traded equity for the day was Haldane McCall, which exchanged 177.1 million units for N1.1 billion, followed by Tantalizers with 37.0 million units sold for N46.7 million, UBA transacted 29.6 million units valued at N947.3 million, Prestige Assurance traded 28.6 million units worth N25.6 million, and FBN Holdings transacted 21.5 million units valued at N536.2 million.
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