Economy

Asian Shares Appreciate Amidst Weak Economic Data

Published

7 years ago

09/09/2019

By Investors Hub

Asian stocks ended mostly higher on Monday as weak economic data from the U.S. and China raised hopes of further stimulus from global central banks.

Data released Friday showed weaker than expected U.S. jobs growth in the month of August, while data from China showed that the country’s exports unexpectedly fell during the month.

Buoying market confidence were expectations that the European Central Bank would also cut interest rates on Thursday to boost growth.

Chinese stocks advanced as the country’s central bank pumped 120 billion yuan (about $16.94 billion) into the financial system to shore up the flagging economy.

The benchmark Shanghai Composite Index gained 25.14 points, or 0.8 percent, to close at 3,024.74, although Hong Kong’s Hang Seng Index ended marginally lower at 26,681.40.

Investors shrugged off official data showing that Chinese exports unexpectedly decreased in August amid the ongoing trade dispute with the U.S. administration.

In dollar terms, exports decreased 1 percent on a yearly basis in August, confounding expectations for an increase of 2.1 percent. At the same time, imports declined 5.6 percent, slower than the expected fall of 6.3 percent.

As a result, the trade balance showed a surplus of $34.8 billion in August versus the $42.8 billion surplus forecast by economists.

Japanese shares hit a 5-1/2-week high on hopes that central banks in some of the world’s largest economies would deploy new monetary stimulus to stave off a brewing global recession.

The Nikkei 225 Index rose 118.85 points, or 0.6 percent, to 21,318.42, its highest closing level since August 2, while the broader Topix Index closed 0.9 percent higher at 1,551.11.

Nissan Motor shares edged down slightly on a Nikkei report that Nissan CEO Hiroto Saikawa has expressed his intention to step down.

On the economic front, the Ministry of Finance said that Japan had a current account surplus of 1,999.9 billion yen in July, down 1.3 percent from last year. That was shy of expectations for a surplus of 2,046 billion yen and up from 1,211.2 billion yen in June.

The trade balance showed a deficit of 74.5 billion yen, shy of expectations for a deficit of 24.0 billion yen and down from the 759.3-billion-yen surplus in the previous month.

Japan’s economy grew an annualized 1.3 percent in the April-June quarter, weaker than the preliminary reading for 1.8 percent annualized growth on the back of softer capital spending, Cabinet Office data showed.

Australian markets fluctuated before ending roughly flat. Both the benchmark S&P/ASX 200 Index and the broader All Ordinaries Index closed marginally higher at 6,648 and 6,760.10, respectively.

The big four banks rose between 0.3 percent and 1 percent on expectations of further policy easing by the U.S. Federal Reserve and the European Central Bank. Investors are also betting that Australia’s central bank will cut interest rates more steeply than previously thought.

Mining and energy stocks ended on a subdued note as investors digested new data out of China showing that exports unexpectedly fell in August with a large contraction for shipments to the United States. Gold miners Evolution and Newcrest Mining dropped 2-3 percent as gold prices fell on improved risk appetite.

Australia’s mortgage approvals increased more-than-expected in July, figures from the Australian Bureau of Statistics showed today. The number of owner occupier loans increased 4.2 percent, much larger than the expected growth of 1.5 percent.

Seoul stocks extended gains for the fourth straight session on hopes the European Central Bank will announce new stimulus measures during its meeting slated for Thursday. Traders also remained optimistic about the upcoming U.S.-China trade talks.

The benchmark Kospi climbed 10.42 points, or 0.5 percent, to finish at 2,019.55. Market heavyweight Samsung Electronics rose 1.3 percent, while chipmaker SK Hynix rallied 2.9 percent.

Meanwhile, logistics firm Hyundai Glovis declined 1.6 percent on reports its ship accidentally tilted sideways off the east coast of the United States.

Economy

FrieslandCampina Wamco, Three Others Raise NASD OTC Exchange by 1.41%

Published

21 hours ago

16/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 1.41 per cent on Friday, May 15, supported by four securities on the platform.

During the session, FrieslandCampina Wamco Plc added N14.24 to its share price to sell for N159.00 per unit, in contrast to the previous day’s N144.76 per unit.

Further, Central Securities and Clearing System (CSCS) Plc appreciated by N1.34 to N72.34 per share from N71.00 per share, Geo-Fluids Plc improved its price by 4 Kobo to N2.94 per unit from N2.90 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to trade at 61 Kobo per share compared with Thursday’s closing price of 60 Kobo per share.

As a result, the NASD Unlisted Security Index (NSI) rose by 58.20 points to 4,188.41 points from 4,130.21 points, and the market capitalisation soared by N34.82 billion to N2.506 trillion from N2.471 trillion on Thursday.

During the session, the volume of trades went up by 180.8 per cent to 1.2 million units from 417,349 units, and the value of transactions increased by 29.8 per cent to N29.8 million from N23.2 million, while the number of deals fell by 22.6 per cent to 24 deals from 31 deals.

Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units valued at N1.9 billion.

GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.

Economy

Profit-taking Sinks Nigeria’s Equity Market by 0.76% as Bears Take Control

Published

21 hours ago

16/05/2026

Dipo Olowookere

By Dipo Olowookere

The bears overpowered the Nigerian Exchange (NGX) Limited on Friday, sinking it further by 0.76 per cent when the closing gong was struck by 4 pm.

The nation’s flagship equity market was under selling pressure during the session, as investors booked profits after the shares witnessed price appreciation in the past trading sessions.

The energy sector was the most impacted, as it shed 4.43 per cent. The consumer goods index declined by 0.90 per cent, the banking counter decreased by 0.15 per cent, and the industrial goods sector lost 0.08 per cent, while the insurance counter gained 2.42 per cent, which was not enough to salvage the situation.

Consequently, the All-Share Index (ASI) contracted by 1,912.19 points to 250,330.92 points from 252,243.11 points, and the market capitalisation moderated by 1.225 trillion to N160.444 trillion from N161.669 trillion.

Zichis was the worst-performing stock for the session after it gave up 9.97 per cent to close at N29.43, FTN Cocoa slipped by 9.95 per cent to N8.96, The Initiates slumped by 9.90 per cent to N32.30, LivingTrust Mortgage Bank tumbled by 9.88 per cent to N3.83, and International Energy Insurance dropped 9.71 per cent to trade at N2.79.

The best-performing stock was ABC Transport, which grew by 10.00 per cent to N6.27. May and Baker also appreciated by 10.00 per cent to N47.30, SCOA Nigeria surged by 9.98 per cent to N33.05, Trans-Nationwide Express expanded by 9.97 per cent to N7.06, and DAAR Communications jumped 9.76 per cent to N2.25.

Yesterday, investors traded 1.1 billion shares worth N44.3 billion in 65,744 deals compared with the 1.0 billion shares valued at N41.6 billion transacted in 74,822 deals a day earlier. This indicated a dip in the number of deals by 12.13 per cent, and a rise in the trading volume and value by 10.00 per cent and 6.49 per cent, respectively.

Chams was the busiest equity for the day, with 328.5 million units sold for N1.1 billion. UBA traded 61.6 million units worth N2.7 billion, First Holdco transacted 58.7 million units valued at N4.2 billion, Secure Electronic Technology exchanged 51.9 million units worth N45.0 million, and Access Holdings traded 51.8 million units valued at N1.3 billion.

Economy

Naira Weakens to N1,371/$1 at Official Market

Published

22 hours ago

16/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note for the Naira on Friday, May 15, as it lost N15 Kobo or 0.1 per cent against the Dollar to trade at N1,371.04/$1 compared with the previous day’s N1,370.89/$1.

However, it further appreciated against the Pound Sterling in the same market segment yesterday by N20.77 to close at N1,830.61/£1 versus Thursday’s value of N1,851.38/£1, and gained N7.91 against the Euro to settle at N1,595.07/€1 versus N1,602.98/€1.

At the GTBank FX desk, the Naira lost N2 against the US Dollar during the session to sell at N1,383/$1 compared with the preceding session’s N1,381/$1, and at the black market, it remained unchanged at N1,385/$1.

The Naira is forecast to be broadly stable, supported by Dollar sales by the Central Bank of Nigeria (CBN) amid steady, higher oil receipts, with the ‌market settling ⁠into a balance.

Policy direction is also expected to give the market some boost as the CBN said the new edition of the FX market guidelines will deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.

According to the Governor of the CBN, Mr Yemi Cardoso, the update is due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework. According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.

Meanwhile, the cryptocurrency market plunged into the red zone as rising bond yields hit risk assets across markets, while traders are increasingly betting the Federal Reserve may need to raise rates again. Rising energy prices and resurging inflation could force central banks back into tightening mode.

Cardano (ADA) shrank by 4.4 per cent to $0.2557, Dogecoin (DOGE) slid by 3.7 per cent to $0.1104, Ripple (XRP) depreciated by 3.5 per cent to $1.41, Solana (SOL) crashed by 3.5 per cent to $87.81, and Binance Coin (BNB) slumped by 3.4 per cent to $659.64.

Further, Bitcoin (BTC) declined by 2.6 per cent to $78,547.49, Ethereum (ETH) lost 2.1 per cent to quote at $2,209.19, and TRON (TRX) tumbled by 0.7 per cent to $0.3509, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.