Economy
Asian Equities Crash Amid Fresh Liquidity Injections in China
By Investors Hub
Asian stocks fell sharply on Monday despite emergency rate cuts by the U.S. Federal Reserve and the Reserve Bank of New Zealand and a fresh round of liquidity injections in China. Weak economic data from China added to investor worries about the impact of the coronavirus.
Chinese stocks fell after the release of dismal industrial data. The benchmark Shanghai Composite Index tumbled 98.17 points, or 3.4 percent, to 2,789.25, while Hong Kong’s Hang Seng Index slumped 969.34 points, or 4 percent, to 23,063.57.
China’s central bank added more funds into the banking system today but kept its borrowing cost unchanged after the U.S. Federal Reserve unexpectedly reduced interest rates by a steep 100 basis points.
The central bank last week had reduced the reserve requirement ratio by 50-100 basis points for qualifying banks to shore up the economy hit by the outbreak of covid-19.
In economic news, official data showed that Chinese industrial production and retail sales plunged more than expected at the start of the year amid a widespread shutdown of manufacturing operations.
Industrial production plunged 13.5 percent in the January to February period after rising 6.9 percent in December, the National Bureau of Statistics said. Economists had forecast a moderate 3 percent decrease.
Retail sales logged a sharp fall of 20.5 percent, reversing an 8 percent increase in December. Sales were forecast to drop only 4 percent.
Fixed asset investment was down 24.5 percent versus a 5.4 percent rise in January to December 2019. The jobless rate surged to 6.2 percent.
Home sales decreased 34.7 percent annually in the first two months of 2020, while property investment fell 16.3 percent after rising 9.9 percent in January to December 2019.
Japanese shares fluctuated before finishing lower despite the Bank of Japan announcing emergency monetary policy measures and core machinery orders data, an indicator of capital spending in the coming six to nine months, pointing to a rebound.
The total value of core machine orders in Japan climbed a seasonally adjusted 2.9 percent sequentially in January, the Cabinet Office said, coming in at 839.4 billion yen. That exceeded expectations for a decline of 1.0 percent following the upwardly revised 11.9 percent decline in December (originally -12.5 percent).
On a yearly basis, core machine orders eased 0.3 percent – again beating forecasts for a drop of 1.1 percent following the 3.5 percent decline in the previous month.
The Nikkei 225 Index tumbled 429.01 points, or 2.5 percent, to 17,002.04, while the broader Topix closed 2 percent lower at 1,236.34.
Australian markets extended their sell-off into a fourth week and plunged deep into bear market territory despite the Reserve Bank of Australia pumping extra liquidity into the banking system to ensure businesses and households have access to credit amid the coronavirus outbreak.
The benchmark S&P/ASX 200 Index plummeted 537.30 points, or 9.7 percent, to 5,002.00, marking the biggest loss since the Black Monday crash in 1987. The broader All Ordinaries Index ended down 532.50 points, or 9.5 percent, at 5,058.20.
Energy stocks succumbed to heavy selling pressure, with Woodside Petroleum, Santos, Oil Search and Beach Energy falling 14-20 percent. The big four banks gave up 10-12 percent.
Miners heavyweights BHP, Fortescue Metals Group and Rio Tinto dropped 3-6 percent, while gold miner Evolution Mining plunged 11.4 percent, Newcrest lost 13.2 percent and Regis Resources declined 13 percent.
Hearing implants maker Cochlear plummeted 19 percent after withdrawing its earnings outlook.
South Korea’s Kospi dropped 56.58 points, or 3.2 percent, to 1,714.86 as the mainstay industries such as automobiles and steel faced a crisis for their first quarter performance.
By Aduragbemi Omiyale
The profit after tax (PAT) of Lafarge Africa Plc for the first quarter of 2026 more than doubled to N97.95 billion from N48.64 billion in the same period of last year.
This was largely driven by volume-led revenue growth, sustained cost discipline, and prudent financial management.
Analysis of the results filed with the Nigerian Exchange (NGX) Limited, the leading provider of innovative and sustainable building solutions noted that it improved its net sales by 35 per cent year-on-year to N334.88 billion from N248.35 per cent in the corresponding period of 2025, supported by improved volumes, enhanced plant stability, and distribution efficiency, while operating profit went up by 97 per cent to N141 billion.
According to the chief executive of Lafarge Africa, Mr Lolu Alade-Akinyemi, these numbers “reflect continued progress in executing our strategic priorities” and also “underscore our continued focus on delivering sustainable value to our shareholders.”
He stated that sustained revenue growth and continued progress on cost and efficiency initiatives were responsible for the rise in operating profit.
Mr Alade-Akinyemi noted that the company will continue to leverage the industrial and technical expertise of its partner, Huaxin Building Materials Ltd, to further enhance operations and unlock additional efficiency gains.
He stated that the company would continue to focus on disciplined capital deployment and tight cost control in its operations while unlocking opportunities aligned with its growth priorities, explaining that the company’s volume growth, evident in sustained momentum in consumer demand, resulted from easing macroeconomic pressures and reduced global supply chain disruptions.
“We anticipate continued market expansion from Nigeria’s infrastructure and construction sector demand, underpinned by improving economic fundamentals and demand across key segments.
“Within this context, we remain focused on capturing volume growth opportunities across its operating markets, while maintaining disciplined cost optimisation initiatives to safeguard margins amidst global tensions,” he said.
While expressing profound appreciation to customers and loyal stakeholders for their support, he noted that the company would continue to do its best to deliver consistent performance and long-term value to shareholders.
“Our sustainability-led growth model continues to anchor our long-term value creation agenda, supported by the effective execution of our strategic priorities and an unwavering commitment to operational excellence,” he added.
By Adedapo Adesanya
The average price of refilling a 5kg cooking gas cylinder surged 12.60 per cent in March 2026 to N7,655.73 from N6,799.18 in February 2026, according to the latest estimates by the National Bureau of Statistics (NBS).
The NBS disclosed this in its Cooking Gas Price Watch for March, released this week.
It disclosed that on a year-on-year basis, the 5kg price climbed 4.55 per cent from N7,322.49 in March 2025, as Nigerians suffer the ripple effect of the Middle East crisis.
Kaduna had the highest state price at N9,212.21, followed by Lagos at N8,909.73, and Taraba at N8,802.78, while Bauchi recorded the lowest at N6,295.40, with Osun at N6,457.35, and Ondo at N6,598.10.
By zone, the North-West led at N8,137.81, trailed by the North-East at N7,890.53, while the South-South had the lowest at N7,300.95.
For 12.5kg cylinders, prices jumped 15.62 per cent month-on-month to N19,652.83 from N16,997.94 in the previous month, and rose 6.48 per cent year-on-year from N18,456.24.
Nasarawa hit the highest at N23,418.12, followed by Kaduna at N23,030.52, and Akwa Ibom at N22,816.74. Bauchi was lowest at N15,738.50, then Osun at N16,143.38, and Ondo at N16,495.25. The North-West zone averaged at N20,701.66, with the South-East lowest at N18,432.63.
The rise in the price of cooking fuel came as the closure of the Strait of Hormuz affected prices of liquified natural gas (LNG) and over 10 billion cubic feet per day (Bcf/d) of global LNG supplies. Coupled with other issues like volatile exchange rates, global market swings, and high transport costs to northern rural areas, the cost continued to bite.
LPG, priced in US Dollars, faces higher landing costs from Naira devaluation and imported supply reliance.
By Aduragbemi Omiyale
The one-for-three bonus share issue proposed by the board of Nigerian Exchange (NGX) Limited has been approved by shareholders.
The approval was given at the 65th Annual General Meeting (AGM) of the organisation on Wednesday. They also authorised the payment of the proposed N2.00 per share dividend for 2025.
Shareholders applauded the board and management for the group’s performance and strategic direction, urging continued focus on growth and long-term value creation.
They okayed the re-election of Mr Umaru Kwairanga as the chairman, Okechukwu Itanyi as an independent non-executive director, and Mrs Ojinika Olaghere as an independent non-executive director.
Speaking at the event, the president of New Dimension Shareholders Association, Mr Patrick Ajudua, commended the leadership of the firm for delivering a strong financial outcome, noting that the results reflect both improved market conditions and deliberate strategic execution.
“The numbers speak to a business that is gaining strength and direction,” he said.
Similarly, the chairman of the Progressive Shareholders Association of Nigeria, Mr Boniface Okezie, lauded the group’s commitment to innovation and infrastructure development.
“The market is becoming more forward-looking, supported by strong leadership at the Group level. Initiatives around market infrastructure and participation are yielding results, and this is positive for investors,” he noted.
Mr Kwairanga, while addressing investors, appreciated them for their continued support and reaffirmed the board’s commitment to sustainable value delivery, saying, “The progress recorded reflects the strength of the group’s strategy and the performance of its operating businesses.
|As a board, our responsibility is to ensure disciplined oversight, uphold strong governance standards, and position NGX Group to deliver sustainable, long-term value to shareholders.”
The chief executive of NGX Group, Mr Temi Popoola, said, “This next phase is about deepening momentum. Our priority is to scale infrastructure, broaden participation, and unlock new pathways for capital formation.”
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