Asian Equities Close Broadly Lower on Possible US Action in Syria

Image

By Investors Hub

Asian stocks closed broadly lower on Thursday as concerns over possible U.S. military action in Syria and hawkish statements from the Federal Reserve dented investors’ risk appetite.

Traders also awaited cues from the U.S. earnings season, which kicks off with a bang on Friday as some of the largest banks and financial services companies report their quarterly results.

China’s Shanghai Composite Index fell 27.88 points or 0.9 percent to 3,180.20 amid rising Middle East tensions, while Hong Kong’s Hang Seng Index dipped 66.43 points or 0.2 percent to 30,831.28.

Chinese foreign direct investment increased slightly in March, the Ministry of Commerce said. Foreign direct investment into China rose 0.4 percent year-on-year to CNY 88.14 billion in March. In the first quarter, FDI climbed 0.5 percent.

Japanese shares fell slightly as the dollar sagged against the yen on concerns about possible U.S. military action against Syria. The Nikkei 225 Index edged down 26.82 points or 0.1 percent to 21,660.28, while the broader Topix Index closed 0.4 percent lower at 1,718.52.

Convenience store operator Lawson fell almost 5 percent after the company said its fiscal year operating profit for year ending February 2019 will likely fall by 8.8 percent. On the positive side, Aeon jumped 4 percent after reporting a 14 percent rise in annual profit.

Japan Petroleum jumped 3 percent after oil prices hit their highest level in more than three years overnight. Japan’s Fast Retailing rallied 2.1 percent. The Uniqlo owner raised its annual profit forecast after reporting a 35 percent increase in its second quarter operating profit.

Household goods retailer Ryohin Keikaku soared 5.2 percent. The company said it expects an 11 percent rise in its net profit for the year through February 2019.

Australian shares closed modestly lower after Trump warned of imminent U.S. military action in Syria. The benchmark S&P/ASX 200 Index dropped 13.20 points or 0.2 percent to 5,815.50, and the broader All Ordinaries Index ended down 14.40 points or 0.2 percent at 5,911.40.

The big four banks fell between 0.3 percent and 0.8 percent, while miners BHP Billiton and Rio Tinto rose 0.7 percent and 0.3 percent, respectively.

Energy stocks also closed broadly higher after oil prices hit their highest level since late-2014 on Wednesday. Oil Search, Origin Energy and Beach Energy rallied 1-2 percent.

Share
Related Stories
Image
29-February-2024

MasterCard, MTN Partner to Boost Digital Commerce, Payments

By Aduragbemi Omiyale A partnership aimed at driving acceleration of the mobile money ecosystem in Africa across 13 markets has been entered into between Mastercard and MTN Group Fintech. This is coming shortly after the payments giant completed the purchase of a minority stake in the telecommunications company. The deal will see Mastercard giving a prepaid virtual card tailored for MTN’s MoMo customers, granting them access to over 100 million acceptance points worldwide. Additionally, it will empower MoMo merchants to seamlessly accept card payments, enhancing the platform’s instant cross-border money remittance services and capabilities. Further, Mastercard will use its cutting-edge

Image
01-March-2024

Lokpobiri Charges New NCDMB Council on Growth of Nigeria’s Energy Sector

By Adedapo Adesanya  The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has charged the newly inaugurated fourth Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB) to continue advancing the country’s oil and gas industry. The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the energy sector. The fourth NCDMB Governing Council would be chaired by Mr Lokpobiri, while the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, would serve as the Secretary. Others are the

Image
29-February-2024

EnjoyCorp Buys Heineken’s Stake in Champion Breweries

By Adedapo Adesanya EnjoyCorp Limited, a holding company established for food, beverage and hospitality brands, has reached an agreement with Heineken B.V., to acquire its entire shareholding in The Raysun Nigeria Company Limited. The firm holds an 86.5 per cent stake in Champion Breweries Plc, a leading regional brewer listed on the Nigerian Exchange (NGX) Limited. The proposed transaction is subject to obtaining requisite regulatory approvals and the parties expect to close the transaction in the second quarter of this year (Q2 2024). EnjoyCorp intends to keep Champion Breweries Plc listed on the NGX. Heineken will continue to support Champion

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

More Stories
Image
15-December-2016

5 Interesting Ways To Avoid Holiday Financial Hangover

By Adeniyi Ogunfowoke The holidays are here again and many Nigerians will pay visits to their favourite mall to pick or two things. For others, they may prefer to shop online. Whichever one you prefer, you need money to settle the transactions. And in this present Nigerian economy, money is something you can’t afford to spend indiscriminately. You should remember that life continues after the holidays. You have utility bills to settle, children’s school fees and other essential responsibilities. Since, you can’t escape these duties, and to prevent any financial hangover after the holidays, Jumia Travel shares 5 ways to

Image
19-May-2017

Kirusa Unveils InstaVoice Channels with Tigo in Rwanda

By Dipo Olowookere A leading telecom service provider, Kirusa, has announced the launch of celeb and sports content services on InstaVoice® Channels platform, with Tigo Rwanda, a leading mobile network in the country. The celeb content service, which is offered as a part of InstaVoice Channels, brings celebrities and their fans together. Using the voice blogging feature, celebrities express their emotions and share their joyous and challenging moments daily; the voice messages are delivered instantly to the fans, creating a “Voice Twitter” like experience. With the launch of this content service, Tigo subscribers can receive voice updates from popular Rwandan

Image
05-May-2020

DPR Donates PPE to Lagos State Government

By Adedapo Adesanya The Department of Petroleum Resources (DPR) has donated Personal Protective Equipment (PPE) to the Lagos State government to support its efforts in the fight of the COVID-19 pandemic in the state. The items donated included 1,000 units of face masks, 1,000 units of protective boots, 1,000 units of coverall protective gowns, 1,000 units of hand gloves, 1,000 units of disposable bags and other protective materials. The Director of DPR, Mr Sarki Auwalu, who handed over the items to the state through the agency’s Head of Public Affairs, Mr Paul Osu, said the gesture was in line with

Image
31-January-2018

Nigeria: Economy, Reserves, Equities to Grow in 2018—Report

By Dipo Olowookere Analysts at Capital Bancorp Plc have predicted a very positive year for Nigeria in 2018, saying the economy, foreign reserves and the stock market will record significant growth. Speaking on Tuesday in Lagos at the presentation of its Economic Review and Outlook For 2018, Managing Director of Capital Bancorp, Mr Higo Aigboje, disclosed that the nation’s bourse would post 25 percent growth this year. In 2017, the Nigerian Stock Exchange (NSE) increased by 42.3 percent, emerging the third best performing markets globally. In its 70-page report, the firm said performance in 2018 would be hinged on stability 

Image
12-February-2020

P+ Measurement Services Wins NMNA Award

By Modupe Gbadeyanka It was a special moment for a leading player in the media monitoring and measurement industry, P+ Measurement Services, recently in Lagos. At the 13th Nigerian Media Nite-out awards (NMNA) held in Lagos State, this agency, which commenced operations few years ago, was rewarded for putting the budding industry on the map again. Before its existence, there was little or nothing known about media measurement in the country, but P+ Measurement Services opened the eyes of many to this vital sector of the economy. At the event, which had governors, prominent personalities, media experts and publishers in

Image
02-February-2024

Adenike Aboderin Begins Tenure as SAHCO Chief Executive

By Adedapo Adesanya Mrs Adenike Aboderin began her role as Managing Director/Chief Executive Officer of the Skyway Aviation Handling Company (SAHCO) Plc on February 1, 2024. She is taking over from Mr Basil Agboarumi due to the completion of his tenure. She is a seasoned finance professional with many years of Executive Leadership, Financial, and Management experience in both Private and Public Sectors. Her skills include policy/strategy formulation, financial advisory, oil & gas, infrastructural, marine and transport development, business/risk management, and public policy. According to a statement, her appointment reflects SAHCO’s commitment to excellence in aviation ground handling services, including

Image
16-January-2018

US Stocks May Record New Highs on Earnings Optimism

By Investors Hub The major U.S. index futures are pointing to a higher opening on Tuesday, with stocks poised to climb to new record highs. Better than expected quarterly results from Dow components Citigroup (C) and UnitedHealth (UNH) have added to optimism about the earnings season. After showing a strong move to the upside in morning trading on Friday, stocks remained firmly positive throughout the afternoon. With the upward move, the major averages once again climbed to new record closing highs. The major averages ended the day just off their highs of the session. The Dow advanced 228.46 points or

Image
28-April-2018

Four in Police Custody over Sale of Leaked WASSCE Exam Questions

By Dipo Olowookere Four persons have been arrested in Ondo, Edo and Osun States for selling leaked WASSCE May/June, 2018 Examination questions to candidates writing the examination. The suspects, accused of retailing the exam questions on websites and whatsapps platforms, were apprehended by operatives of Rapid Response Squad (RSS). According to the security operatives who napped them, the suspects are Samuel Kayode, 28-year-old from Ondo State; Adebayo Ifeoluwa, 17-year-old from Osun State; Alayande Ahmed; and Elusode Festus, 20 years from Edo State. They were all arrested in their respective states. Samuel Kayode, a part time teacher in two secondary schools

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods