Economy
Asian Equities Rise on Encouraging Chinese Data
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.
By Modupe Gbadeyanka
The Nigeria Revenue Service (NRS) has announced the commencement of compliance monitoring activities for large taxpayers under the National e-Invoicing and Electronic Fiscal System (EFS) regime.
A statement issued on Monday and signed by the agency’s chairman, Mr Zacch Adedeji, advised corporate organisations that have yet to adopt this system to do so on or before July 31, 2026.
Recall that on February 17, 2026, NRS issued an implementation timeline for the mandatory adoption of the EFS, also known as the Merchant Buyer Solution (MBS), by large taxpayers.
They were asked to complete the process of onboarding, integration, testing, and commence invoice transmission to the NRS e-invoicing platform in accordance with the prescribed implementation framework.
The compliances include the completion of onboarding on the NRS MBS; the successful integration of taxpayer systems through approved Access Point Providers (APPs) and/or Systems Integrators (SIS); the completion of all required validation and testing activities; the active transmission of invoices to the NRS e-invoicing platform in line with approved standards and guidelines; and the receipt of only compliant e-invoices with a valid Invoice Reference Number (IRN) from suppliers.
Ahead of the deadline, the NRS has commenced compliance monitoring activities to assess the level of adherence to the e-invoicing mandate across the large taxpayer segment.
Those that have not completed the process have been asked to conclude all outstanding onboarding and integration activities and commence invoice transmission before the compliance deadline.
The organisation warned that failure to comply would trigger regulatory and enforcement actions in accordance with the provisions of the relevant tax laws and regulations.
By Aduragbemi Omiyale
Transcorp Power Plc suffered declines in its revenue and profit in the first half of this year; details of the company’s financial statements for the period ended June 30, 2026, have revealed.
The losses were attributed to recurring transmission line vandalism, which materially constrained the organisation’s ability to evacuate available generation capacity.
Business Post reports that earnings contracted in the first six months of this year to N181.97 billion from the N205.81 billion recorded in the same period of last year, while profit before tax moderated to N54.99 billion from N58.73 billion.
However, on a year-to-date basis, total assets went up to N619.02 billion from N563.48 billion in December 2025, as shareholders’ funds grew to N189.34 billion from N183.40 billion in FY 2025, while retained earnings soared to N140.90 billion from N123.41 billion in FY 2025.
It was observed that the increase in receivables and borrowings largely drove the expansion in the balance sheet during the period.
Also, the firm’s gross margin expanded to 38.4 per cent from 34.7 per cent in H1 2025, operating margin increased to 30.6 per cent from 28.5 per cent, and PBT margin rose to 30.2 per cent from 28.5 per cent, reflecting cost optimisation efforts and disciplined financial management, positioning the company to continue delivering sustainable value for shareholders.
“Our H1 2026 performance is a reflection of the resilience of our business operations despite significant sector-wide existential challenges.
“Regrettably, recurring transmission line vandalisation materially constrained our ability to evacuate available generation capacity.
“Nonetheless, we continued to deliver strong profitability, maintain operational efficiency, and strengthen our balance sheet,” the chief executive of Transcorp Power, Mr Peter Ikenga, stated.
“We remain committed to working with relevant stakeholders to put an end to transmission line vandalisation and to further improving operational performance, power generation supply reliability, and creating sustainable value for our shareholders. We remain highly confident that we will recover lost ground in H1 2026 and finish FY 2026 stronger than FY 2025,” he added.
By Dipo Olowookere
A total of 2.819 billion stocks worth N182.499 billion exchanged hands in 226,729 deals on the floor of the Nigerian Exchange (NGX) Limited last week, in contrast to the 3.648 billion stocks valued at N220.568 billion transacted in 251,861 deals a week earlier.
From this, financial shares accounted for 2.006 billion units sold for N99.697 billion in 96,171 deals, contributing 71.17 per cent and 54.63 per cent to the total trading volume and value, respectively.
Consumer goods equities traded 178.863 million units worth N7.872 billion in 26,637 deals, and energy stocks recorded a turnover of 151.237 million units valued at N38.309 billion in 16,879 deals.
First Holdco, FCMB, and Access Holdings accounted for 939.402 million units worth N57.673 billion in 19,051 deals, contributing 33.33 per cent and 31.60 per cent to the total trading volume and value, respectively.
Business Post reports that the performance indicators were mixed in the five-day trading week, as the All-Share Index (ASI) depreciated by 0.14 per cent to 243,462.13 points, while the market capitalisation appreciated by 0.39 per cent to N157.057 trillion.
All other indices finished higher except the main board, consumer goods, energy, Lotus II, industrial goods, growth, and sovereign bond indices, which fell by 1.54 per cent, 0.15 per cent, 0.11 per cent, 0.40 per cent, 6.26 per cent, 0.09 per cent, and 0.33 per cent, respectively, while the commodity index closed flat.
Forty-four shares gained weight in the week versus 60 shares of the preceding week, 35 equities depreciated versus 28 equities in the previous week, and 67 stocks closed flat versus 58 stocks of the earlier week.
The best-performing stock was First Holdco, which gained 38.66 per cent to trade at N95.95. Thomas Wyatt expanded by 27.16 per cent to N3.09, Fidelity Bank grew by 15.00 per cent to N21.85, Learn Africa grew by 14.44 per cent to N10.30, and UBA chalked up 10.98 per cent to close at N45.50.
The worst-performing stock was BUA Cement after giving up 18.99 per cent to quote at N275.60, Red Star Express shed 18.53 per cent to end at N20.00, International Energy Insurance declined by 15.27 per cent to N4.66, C&I Leasing dropped 13.28 per cent to N5.55, and PZ Cussons crashed by 10.06 per cent to N80.95.
