Economy
Asian Shares Close Mixed Monday
By Investors Hub
Asian stocks turned in a mixed performance on Monday as global growth worries offset hopes for policy support from China.
U.S. job growth almost halted in February and new bank loans in China fell sharply last month, adding to concerns over cooling global growth.
Investors also awaited a crucial vote on U.K. Prime Minister Theresa May’s revised Brexit deal on Tuesday for directional cues.
Chinese stocks rebounded from heavy losses in the previous session after central bank governor Yi Gang said Beijing would not use the yuan exchange rate as a tool to boost exports or ease trade frictions.
The benchmark Shanghai Composite Index rallied 57.13 points or 1.92 percent to 3,026.99, while Hong Kong’s Hang Seng Index jumped 274.88 points or 1 percent to finish at 28,503.30.
Japanese shares bounced back from four days of losses as investors looked ahead to the Bank of Japan policy meeting later this week.
The Nikkei 225 Index rose 99.53 points or 0.5 percent to 21,125.09, while the broader Topix ended up by 0.6 percent at 1,581.44.
Automakers Honda Motor, Toyota, Mitsubishi Motors and Nissan Motor gained between 0.7 percent 1.1 percent as the dollar remained strong above the 111.00 yen threshold.
Nissan Motor, Renault and Mitsubishi Motors will create a new decision-making body to discuss business collaboration across the three-way alliance, replacing a setup that concentrated power in former chief Carlos Ghosn, Nikkei Asian Review reported.
Hitachi Chemical soared 20 percent after Kyodo news reported that parent company Hitachi was considering a sale of its stake at a hefty premium of more than 40 per cent.
Meanwhile, Australian markets fell, dragged down by energy stocks after crude oil prices fell 1 percent on Friday on weak data from China and the U.S. The European Central Bank’s surprising dovish stance also fueled growth concerns.
The benchmark S&P/ASX 200 Index dropped 23.60 points or 0.4 percent to 6,180.20, while the broader All Ordinaries Index ended down 23.80 points or 0.4 percent at 6,263.30.
Energy stocks such as Woodside Petroleum, Oil Search and Santos lost around 2 percent. The big four banks ended largely unchanged after CEOs from several major banks faced questioning in parliament.
Weak copper prices weighed on the mining sector, with heavyweights BHP and Rio Tinto losing 1 percent and 0.7 percent, respectively.
Gold miner Newcrest Mining rallied 3.8 percent after it agreed to buy a copper and gold mine in Canada for $806.5 million. Rivals Northern Star and Evolution Mining jumped over 4 percent after a surge in gold prices.
Appen entered a trading halt. The artificial intelligence firm is launching a A$300 million capital raising to fund the acquisition of U.S.-based machine learning software firm Figure Eight.
Seoul stocks
fluctuated before ending largely unchanged amid growth worries. The
benchmark Kospi edged up by 0.66 point to 2,138.10, snapping a
six-session losing streak. Cosmetics maker AmorePacific slumped 4.6
percent and oil refiner S-Oil gave up 4 percent.
By Adedapo Adesanya
Market bellwethers, Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc, lifted the NASD Over-the-Counter (OTC) Securities Exchange by 2.08 per cent on Monday, August 3.
CSCS Plc, the Nigerian securities depository company, gained N10.00 to close at N112.00 per share compared with the previous session’s N102.00 per share, and FrieslandCampina Wamco Nigeria Plc advanced by N4.71 to quote at N152.64 per unit versus last Friday’s N147.93 per unit.
As a result, the NASD Security Index (NSI) added 92.14 points to finish at 4,523.85 points compared with the preceding session’s 4,431.71 points, and the market capitalisation appreciated by N55.31 billion to N2.715 trillion from N2.659 trillion.
Business Post reports that the price of MRS Oil Plc crashed during the trading day by N12.00 to N120.00 per share from N132.00 per share, and UBN Property Plc dipped by 3 Kobo to N1.90 per unit from N1.93 per unit.
Trading data showed that the volume of securities exchanged rose by 113.1 per cent to 1.5 million units from 690,990 units, and the number of deals climbed by 19.2 per cent to 31 deals from 26 deals, while the value of securities slid by 13.1 per cent to N65.2 million from N75.0 million.
Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and CSCS Plc with 76.8 million units traded for N5.5 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 Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Adedapo Adesanya
The Nigeria Revenue Service (NRS) has introduced a 1.5 per cent stamp duty on eligible virtual asset transactions, with the tax deducted directly from the cryptocurrency purchased before it is credited to the buyer’s wallet.
According to the new guidelines issued on Monday, anyone buying Bitcoin (BTC), USDT or other cryptocurrencies in Nigeria will receive fewer digital assets due to the deduction.
This requires registered crypto exchanges and other Virtual Asset Service Providers (VASPs) to withhold the levy in the digital asset being traded and remit it to the government, marking Nigeria’s most comprehensive move yet to bring cryptocurrency transactions into the country’s tax net.
Unlike traditional taxes deducted from a customer’s bank account, the 1.5 per cent charge will be taken from the cryptocurrency itself, meaning buyers will receive less Bitcoin, USDT or other tokens than they paid for.
The tax body stated that “income tax deducted at source and stamp duty shall be remitted to the service in the originating token of the transaction.”
Besides the new stamp duty, the guidelines also clarify how income tax, Value Added Tax (VAT) and other tax obligations will apply to virtual asset activities such as trading, staking, mining and other crypto-related transactions.
To illustrate the new rule, the tax authority said a buyer who pays N1 million for one Bitcoin will receive only 0.985 BTC after 0.015 BTC is deducted as stamp duty and remitted to the government. When that Bitcoin is later sold, the next buyer will also have 1.5 per cent deducted from the cryptocurrency credited to their wallet.
The NRS said the guidelines are intended to provide clarity for taxpayers, crypto exchanges, peer-to-peer (P2P) marketplace operators, financial institutions, tax consultants and all participants in Nigeria’s virtual asset ecosystem.
According to the guidelines, the 1.5 per cent duty applies to eligible virtual asset transactions facilitated through registered exchanges and other recognised intermediaries. Where a cryptocurrency is used to complete a transaction that already attracts stamp duty under the law, the applicable duty on the underlying instrument will also be payable.
For crypto users, the implication is higher transaction costs, as eligible purchases will attract the 1.5 per cent stamp duty, while VAT on exchange service fees and income tax on taxable gains may also apply, depending on the nature of the transaction.
By Adedapo Adesanya
The Naira opened the week on a positive note, as it appreciated against the US Dollar by N3.39 or 0.25 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday, August 3, to N1,364.83/$1 from N1,368.22/$1 last Friday.
However, it suffered a marginal decline against the Pound Sterling in the official market during the session by 10 Kobo to close at N1,837.89/£1 compared with the preceding session’s N1,837.79/£1, and lost 6 Kobo on the Euro to sell at N1,573.93/€1, in contrast to the previous trading day’s N1,573.87/€1.
At the black market segment, the Nigerian currency traded flat against the Dollar yesterday at N1,405/$1, and at the GTBank forex counter, it was unchanged at N1,374/$1.
Interbank FX transactions increased sharply as market makers’ activities raised total Dollar volume exchanged to $137.048 million, more than 132 per cent above $58.990 million in turnover at the previous close. The surge in turnover was driven by increased deals at the NFEM window. The central bank reported that deal count at the interbank FX window rose to 138 from 67 on Friday.
As for the cryptocurrency market, major tokens advanced despite ongoing uncertainty around unresolved Coldcard wallet sweeps that have drained hundreds of Bitcoin (BTC), while traders are watching whether bitcoin can hold above $63,000 through the US session. BTC rose by 1.70 per cent to $63,765.88.
Bitcoin treasury firm Strategy disclosed Monday it sold 1,638 bitcoin for about $105 million between July 27 and Aug. 2, its third sale of 2026, per an SEC filing.
Also, an attacker has moved about 1,816 bitcoins, or roughly $114 million, from more than 5,200 addresses since July 30 in a fourth wave of sweeps targeting BTC in Coldcard-generated addresses.
Cardano (ADA) appreciated by 6.7 per cent to $0.1959, Binance Coin (BNB) gained 1.5 per cent to sell for $590.82, Solana (SOL) jumped by 1.3 per cent to $73.72, TRON (TRX) soared by 0.9 per cent to $0.3286, Dogecoin (DOGE) also grew by 0.9 per cent to $0.0703, Ripple (XRP) advanced by 0.5 per cent to $1.07, and Ethereum (ETH) rose by 0.4 per cent to $1,863.33, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
