Economy
Asian Markets Finish Sharply Lower on Renewed High Interest Rates Worries
By Investors Hub
Asian stocks closed sharply lower on Friday on renewed worries about higher interest rates after the yield on the 10-year U.S. Treasury note neared its highest levels in four years and the Bank of England hinted at somewhat earlier than expected rate hikes.
A downturn in oil prices and concerns about high valuations also spooked investors. The declines in Asia mirrored the overnight sell-off on Wall Street, where the Dow Jones Industrial Average plunged 4.2 percent to enter correction territory.
Chinese shares led regional losses as liquidity conditions tightened before the Chinese New Year break starting next week. China’s central bank said it has released temporary liquidity of almost 2 trillion yuan ($316.11 billion) to meet cash demand before the long Lunar New Year holidays.
The benchmark Shanghai Composite Index plummeted 131.12 points or 4 percent to finish at 3,130.93, while Hong Kong’s Hang Seng Index plunged 943.85 points or 3.1 percent to 29,507.42.
On the economic front, China’s consumer and producer price inflation slowed in January, data from the National Bureau of Statistics showed.
Consumer prices climbed 1.5 percent year-on-year in January, the weakest in four months, after rising 1.8 percent in December. Producer prices grew 4.3 percent year-on- year, weaker than December’s 4.9 percent increase but exceeding expectations for 4.2 percent growth.
Japanese shares tumbled as crude prices slumped and the dollar neared a four-month low versus the yen. The Nikkei 225 Index fell 508.24 points or 2.3 percent to 21,382.62, taking its weekly loss to 8 percent. The broader Topix Index closed 1.9 percent lower at 1,731.97, down about 7 percent for the week.
Nissan Motor plummeted 3.1 percent after the automaker slashed its full-year operating profit forecasts. On the flip side, Nikon rallied 3 percent after reporting a significant rise in earnings for the first nine months of the fiscal year.
Australian shares lost ground following weak cues from Wall Street and other regional markets. The benchmark S&P/ASX 200 Index dropped 52.70 points or 0.9 percent to 5,838 amid across the board selling.
The broader All Ordinaries Index fell 57.70 points or 1 percent to 5,937.50 as oil and metal prices slid to their lowest levels in several weeks.
Santos, Origin Energy and Beach Energy lost 2-5 percent as oil prices extended losses for the sixth straight session.
Mining heavyweights BHP Billiton and Rio Tinto declined around 1 percent, while banks ended with modest losses. Department store chair Myer Holdings plummeted 9.3 percent after warning of more writedowns.
On the positive side, gold miner Evolution Mining jumped 4.5 percent, while Northern Star and Regis Resources rose about 2 percent as the precious metal traded firm on safe-haven buying.
Australian’s jobless rate is forecast to fall to 5.25 percent for the year ending June 2018, instead of 5.5 percent estimated three months ago, the Reserve Bank of Australia said in its Statement on Monetary Policy.
At the same time, estimates for economic growth and inflation were broadly unchanged from the November statement.
By Aduragbemi Omiyale
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.
