Economy
Asian Equities Close Mixed as OECD Trims Global Economic Outlook
By Investors Hub
Asian stocks turned in a mixed performance on Friday after the Organization for Economic Co-operation and Development (OECD) trimmed its outlook for the global economy, saying the world was headed for its weakest economic growth since the 2007-2008 financial crisis amid trade conflicts, weak business investment and political uncertainty.
On the trade front, China said both sides still maintain communication channels, helping ease worries over the possible delay of a preliminary trade deal between the United States and China.
A report from the Wall Street Journal said China’s chief trade negotiator has invited his American counterparts to Beijing for a new round of face-to-face talks.
Chinese stocks fell, with the benchmark Shanghai Composite Index closing down 18.35 points, or 0.6 percent, at 2,885.29 as China upwardly revised its nominal gross domestic product estimate for 2018 by 2.1 percent, reflecting more complete measures of the services sector and assets. Hong Kong’s Hang Seng Index climbed 0.5 percent to 26,595.08.
Japanese shares closed higher on bargain hunting following three straight days of losses. Risk sentiment improved a little on fresh hopes that the world’s top two economies may delay their plans to roll out new tariffs, originally slated for December 15.
The Nikkei 225 Index rose 74.30 points, or 0.3 percent, to 23,112.88, while the broader Topix inched up 0.1 percent higher to 1,691.34. Exporters finished mostly higher as the yen edged lower against the dollar.
Panasonic fell 1.5 percent after saying it would end all production of liquid crystal display panels by 2021 amid stiff competition from foreign rivals.
On the data front, Japan’s private sector continued to contract in November but moved closer to stagnation, survey data from IHS Markit showed. The Jibun Bank flash composite output index rose to 49.9 from 49.1 in October.
Separately, official data showed that overall consumer prices in Japan were up 0.2 percent year-on-year in October. That was unchanged from the September reading, although it was shy of estimates for a gain of 0.3 percent.
Australian markets rebounded from two straight days of losses, with material and energy stocks leading the surge. The benchmark S&P/ASX 200 Index advanced 36.90 points, or 0.6 percent, to 6,709.80, while the broader All Ordinaries Index ended up 38.80 points, or 0.6 percent, at 6,816.50.
Mining heavyweights BHP and Rio Tinto gained 1.3 percent and 0.8 percent, respectively after commodity prices ticked higher overnight. Smaller rival Fortescue Metals Group jumped 3.9 percent.
Energy stocks such as Woodside Petroleum, Santos, Oil Search, Beach Energy and Origin Energy climbed 1-2 percent after oil prices hit a two-month high on reports that OPEC and its allies are likely to extend output cuts until mid-2020.
Westpac Banking Corp lost 1.6 percent after Investment bank Goldman Sachs cut its target amid alleged breaches of money laundering laws and associated risks.
Mayne Pharma shares slumped 11 percent after the drug maker reported that its gross profit for the first four months of the year dropped 33 percent.
Australia’s private sector saw a renewed contraction in November following no change in October, survey results from IHS Markit showed today. The corresponding index fell to 49.5 from 50.0 in October.
Seoul stocks snapped their four-day losing streak after reports suggested that China has invited top U.S. trade negotiators for a new round of face-to-face talks in Beijing.
The benchmark Kospi rose 5.36 points, or 0.3 percent, to 2,101.96, led by technology stocks. Samsung Electronics climbed 1.2 percent and SK Hynix added 1 percent.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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