Economy
Asian Equities Rise Tuesday Despite Weak Japanese Data
By Investors Hub
Asian stocks rose on Tuesday as hopes grew of progress towards resolving the U.S.-China trade war and reports suggested British Prime Minister Boris Johnson has prepared a blueprint for a new Brexit deal.
Chinese and Hong Kong markets were closed for the 70th anniversary of the founding of the People’s Republic of China.
Japanese shares advanced despite the release of weak economic data. The Nikkei average climbed 129.40 points, or 0.6 percent, to 21,885.24, while the broader Topix closed 1 percent higher at 1,603.
Japan’s manufacturing sector contracted the most in seven months in September, as firms reduced production amid weak demand, survey data from IHS Markit showed. The corresponding index dropped to 48.9 from 49.3 in August.
Separately, the Bank of Japan’s quarterly Tankan survey revealed the manufacturing sector in Japan continued to expand in the third quarter, albeit at a slower pace, with a large manufacturing diffusion index score of +5.
That beat forecasts for +1, although it was down from +7 in the three months prior. The outlook came in at +2, exceeding expectations for 0 but also down from +7.
The unemployment rate in Japan came in at a seasonally adjusted 2.2 percent in August, beneath expectations for 2.3 percent and unchanged from the previous month.
Honda motor, Nissan Motor and Panasonic climbed around 3 percent as the yen weakened amid easing U.S.-China trade tensions.
Apple-related companies gained ground as JP Morgan raised its iPhone volume forecasts for the September and December quarters. Murata Manufacturing advanced 2.8 percent and TDK Corp gained 2.7 percent.
Australian markets rose sharply as the Reserve Bank of Australia reduced its interest rates further as widely expected.
The board of the Reserve Bank of Australia, governed by Philip Lowe, decided to reduce the cash rate by 25 basis points to 0.75 percent, saying an extended period of low interest rates will be required to reach full employment and achieve the inflation target.
Meanwhile, investors shrugged off survey results from IHS Markit showing that Australia’s manufacturing sector expanded at a slower pace in September.
The benchmark S&P/ASX 200 Index jumped 54.50 points, or 0.8 percent, to 6,742.80 while the broader All Ordinaries Index ended the session up 52.40 points, or 0.8 percent, at 6,853.
Adelaide Brighton, a manufacturer of cement, lime and dry blended products, rallied 2.3 percent after home prices in the country posted their biggest monthly jump in 2-1/2 years in September.
Retailers Wesfarmers and Woolworths Group rose around 1 percent. Airline Qantas Airways surged up 2.4 percent after oil futures plunged overnight, sending U.S. prices to their lowest settlement in a month.
Seoul stocks rose for the second straight day as the country’s consumer prices declined for the first time on record in September and exports continued to fall, adding pressure on the central bank to ease monetary policy.
Consumer prices fell 0.4 percent year-on-year in September after staying flat in August, a government report showed. The benchmark Kospi gained 9.37 points, or 0.5 percent, to finish at 2,072.42, led by bio and chemical stocks.
Samsung BioLogics soared 5 percent as it won a patent lawsuit against Switzerland-based pharmaceutical giant Lonza.
Economy
AXA Mansard Offers MSME Customers Free Exhibition Stands at Fair
By Modupe Gbadeyanka
Customers of AXA Mansard in the Micro Small and Medium Scale Enterprise (MSME) sector of the economy will enjoy free exhibition stands at the Made by Nigerians Fair.
The fair is scheduled to take place on Saturday, December 7 and Sunday, December 8, 2024, at the Landmark Event Centre, Lagos.
To support small business owners, AXA Mansard is paying for stands for selected entrepreneurs to showcase their products at the fair, which attracts thousands of people.
According to the Head of Marketing at AXA Mansard Insurance Plc, Mr Olusesan Ogunyooye, this is another gesture by the company to show that MSMEs can benefit from having insurance.
He described MSMEs as the backbone of any economy, noting that they drive innovation, create jobs, and contribute significantly to national development.
“Our support for these businesses at the MBN Fair reflects the commitment to their growth and sustainability. We are passionate about helping them reach their full potential by connecting them with resources and opportunities that foster success.
“By the very nature of insurance, its benefits are in the future and they are uncertain. That has been a main source of discouragement, particularly to MSMEs. Businesses are geared to making money.
“So, when thinking about insurance, an average MSME would rather invest the money in the growth of his business first.
“The risks that businesses face are also real. There are various types of risks businesses have to contend with today; from burglary to fire, the health of employees, and so on.
“When these risks manifest, they can significantly impact a business negatively. We understand that to get MSMEs to protect themselves and the millions of jobs they create, we must help them strike a balance between growing their businesses and protecting them.
“So, we have come up with different Initiatives to help them grow their businesses. The opportunity to exhibit their products and services to thousands of visitors to the MBN Fair is another in the series of our initiatives.
“We are convinced that for insurance to grow, we need to help people and businesses see it as a strategic lever to grow their businesses, not a cost that takes away from them. If we get this right, it can’t have a massive impact on our economy because, when MSMEs thrive, the economy will prosper.
“We have experimented with this model, and we are particularly excited about the responses from our customers. It is a call for us to do more, and we are committed to Nigerian MSMEs,” Mr Ogunyooye stated.
Economy
NASD Index Rises 0.05% on Afriland Properties Closes in Green
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.05 per cent gain on Friday, December 6 after the price of Afriland Properties Plc went up by 60 Kobo to settle for the day at N16.60 per share versus Thursday’s closing price of N16.00 per share.
Consequently, the market capitalisation of the bourse increased during the session by N520 billion to settle at N1.056 trillion, the same value it ended a day earlier, as the NASD Unlisted Security Index (NSI) went up by 1.5 points to wrap the session at 3,014.91 points compared with 3,013.41 points recorded in the previous session.
Business Post reports that yesterday, the price of Acorn Petroleum Plc depreciated at the close of business by 15 Kobo to trade at N1.54 per unit compared with the preceding day’s N1.69 per unit.
The volume of securities traded in the session by investors soared by 168.3 per cent on Friday to 199,577 units from 74,381 units, but the value of securities went down by 45.8 per cent to N1.4 million from the N2.7 million recorded a day earlier, and the number of deals grew by 20 per cent to six deals from the five deals executed in the preceding session.
Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units worth N5.3 million.
Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed 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.
Economy
Nigerian Exchange Rebounds by 0.10%
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 0.10 per cent on Friday as almost all the key sectors closed in green when trading activities ended for the week.
The banking index appreciated by 0.73 per cent, the insurance sector gained 0.55 per cent, the energy counter improved by 0.17 per cent, and the industrial goods space jumped by 0.04 per cent, while the consumer goods sector depreciated by 0.16 per cent.
At the close of business, the All-Share Index (ASI) moved up by 96.64 points to 98,210.75 points from 98,114.11 points and the market capitalisation gained N58 billion to quote at N59.534 trillion compared with Thursday’s closing value of N59.476 trillion.
The bourse finished with 27 price advancers and 21 price decliners, representing a positive market breadth index and bullish sentiment.
Golden Guinea Breweries jumped by 9.98 per cent to N5.40, Japaul improved by 9.30 per cent to N2.35, Sunu Assurances expanded by 9.07 per cent to N5.05, Sovereign Trust Insurance rose by 7.69 per cent to 84 Kobo, and Secure Electronic Technology grew by 7.69 per cent to 70 Kobo.
On the flip side, Eterna lost 4.62 per cent to N22.70, Sterling Holdings depreciated by 4.12 per cent to N4.65, Prestige Assurance fell by 3.85 per cent to 75 Kobo, Consolidated Hallmark shrank by 3.85 per cent to N2.50, and Champion Breweries slumped by 3.50 per cent to N3.86.
Yesterday, investors bought and sold 1.0 billion equities worth N17.5 billion in 7,220 deals, in contrast to the 723.0 million equities valued at N12.8 billion transacted in 8,495 deals a day earlier, indicating a decline in the number of deals by 15.01 per cent and a surge in the trading volume and value by 43.98 per cent and 36.72 per cent, respectively.
On top of the activity chart on Friday was Wema Bank with the sale of 472.5 million stocks valued at N4.1 billion, Fidelity Bank traded 251.5 million shares worth N4.0 billion, FCMB transacted 45.0 million equities for N404.9 million, UBA sold 42.3 million shares valued at N1.4 billion, and Japaul traded 20.7 million stocks worth N46.3 million.
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