Economy

Asian Stock Markets Reverse Early Losses to Finish Higher

Published

7 years ago

29/06/2018

By Investors Hub

Asian stocks reversed early losses to end mostly higher on Friday after China eased restrictions on foreign investment in sectors including banking, automotive, heavy industry and agriculture amid scrutiny from its top trading partners.

The United States and the European Union have been complaining that Beijing limits foreign firms’ ability to enter the world’s second-largest economy.

China’s Shanghai Composite Index rallied 61.41 points or 2.2 percent to finish at 2,848.43, the largest single-day gain since August 2016, as authorities eased foreign investment curbs.

Speculation was also rife that the People’s Bank of China will lower the reserve ratios for some banks next week. Hong Kong’s Hang Seng Index jumped 457.79 points or 1.6 percent to 28,955.

Japanese shares rebounded from early losses to finish modestly higher as the yen fell out of favor and EU leaders reached a deal on migration after more than 12 hours of negotiations.

The Nikkei 225 Index edged up 34.12 points or 0.2 percent to 22,304.51, while the broader Topix Index closed 0.2 percent higher at 1,730.89.

Air-conditioner maker Fujitsu General jumped 3.7 percent after the rainy season ended in Kanto-Koshin region 22 days earlier than average.

Sharp Corp soared 15.2 percent after the company cancelled plans to raise as much as 200 billion yen in a public share sale, citing a volatile market due to U.S.-China trade tensions.

In economic news, Japan’s unemployment rate decreased to the lowest level in nearly twenty-six years in May, a government report showed. The seasonally adjusted jobless rate dropped to 2.2 percent from 2.5 percent in April.

Industrial production dropped a seasonally adjusted 0.2 percent month-over-month in May, reversing a 0.5 percent increase in April, another report showed. It was the first decline in four months.

Meanwhile, Australian shares fell modestly, dragged down by healthcare and energy stocks. The benchmark S&P/ASX 200 Index dropped 20.80 points or 0.3 percent to 6,194.60, while the broader All Ordinaries Index ended down 16.10 points or 0.3 percent at 6,289.70.

Healthcare stocks extended recent losses, with CSL and Sonic Healthcare ending down 1.1 percent and 1.6 percent, respectively. Energy stocks fell modestly on profit taking as oil prices dipped on concerns about trade frictions between the U.S. and other major economies.

Banks also closed mostly lower, with ANZ falling as much as 1.5 percent. Investment bank Macquarie Group lost 2.4 percent after hitting a record high in the previous session. Fortescue Metals Group shed 2.2 percent after Atlas Iron’s board unanimously backed Gina Rinehart’s A$390 million takeover bid for the company.

On the other hand, BHP Billiton rose 0.3 percent after it agreed to pay $158 million in remediation and compensation to the Brazilian non-profit foundation it set up in response to the 2015 Samarco mine dam collapse.

Economy

NASD OTC Bourse Records Marginal 0.01% Rise

Published

12 hours ago

30/04/2025

Adedapo Adesanya

Nigeria's Unlisted Securities Market Sheds 0.78%, NASD Shares up 8.31%

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange made a marginal 0.01 per cent rise on Tuesday, April 29, pushing the Unlisted Security Index (NSI) up by 0.29 points to 3,282.42 points from the previous session’s 3,282.42 points.

Also, the market capitalisation of the trading platform increased slightly by N170 million to remain relatively unchanged at N1.922 trillion.

At the trading session, the bourse ended with two price gainers led by Geo-Fluids Plc, which chalked up 15 Kobo to sell at N2.13 per unit compared with the previous day’s N1.98 per unit, and Food Concepts Plc grew by 13 Kobo to settle at N1.29 per share compared with the N1.17 per share it was traded a day earlier.

However, Afriland Properties Plc lost N1.71 to close at N16.07 per unit versus the preceding day’s price of N17.78 per unit, and FrieslandCampina Wamco Nigeria Plc crumbled by 65 Kobo to finish at N37.50 per share, in contrast to Monday’s closing value of N38.15 per share.

The volume of securities traded in the session went up by 223.6 per cent to 2.2 million units from the 692,885 units transacted in the previous trading day, the value of transactions jumped by 70.8 per cent to N38.6 million from N22.6 million, while the number of deals fell by 18.4 per cent to 31 deals from 38 deals.

Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, followed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with a turnover of 71.2 million units valued at N24.2 million.

The most traded stock by value on a year-to-date basis was Okitipupa Plc with a turnover of 153.6 million worth N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.7 million units for N566.9 million, and Impresit Bakolori Plc 533.9 million units valued at N520.9 million.

Economy

Naira Stable at N1,601/$1 at Official Market, N1,610/$1 at Parallel Market

Published

12 hours ago

30/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira marginally appreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, April 11.

Data obtained by Business Post from the Central Bank of Nigeria (CBN) showed that the exchange rate closed at N1,601.04/$1 during the trading session compared with the previous day’s value of N1,601.38/$1, indicating that the Nigerian currency improved its value by 0.08 per cent or 34 Kobo against the greenback.

Also, against the Pound Sterling, the local currency appreciated yesterday by N5.57 to sell for N2,145.85/£1 versus Monday’s closing price of N2,186.65/£1 but against the Euro, it lost N5.00 to trade at N1,823.82/€1, in contrast to the N1,818.82/€1 it was exchanged a day earlier.

At the parallel market, the Nigerian Naira maintained stability against the US Dollar on Tuesday, remaining unchanged at N1,610/$1.

Meanwhile, the cryptocurrency market turned bearish yesterday after a wave of economic data suggests the US economic activity is slowing down due to the tariffs policies unleashed by the administration of President Donald Trump.

Consumer confidence, according to a survey by the Conference Board, is currently at its lowest level since May 2020, a period when the world was on lockdown.

However, there are evidence that negotiation of trade deals with other countries, could offer support.

Dogecoin (DOGE) depleted by 3.3 per cent to sell at $0.1740, Ripple (XRP) lost 2.6 per cent to quote at $2.22, Cardano slumped by 2.4 per cent to trade at $0.6955, Litecoin (LTC) went down by 1.9 per cent to finish at $84.89, and Solana (SOL) recorded a 1.4 per cent depreciation to close at $146.55.

Further, Ethereum (ETH) declined by 1.3 per cent to end at $1,779.01, Binance Coin (BNB) crumbled by 1.2 per cent to settle at $603.30, and Bitcoin (BTC) slipped by 0.2 per cent to trade at $94,682.75, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.

Economy

House of Reps Recovers Fresh N11.49bn from Seplat, Aradel, Four Others

Published

12 hours ago

30/04/2025

Dipo Olowookere

By Dipo Olowookere

An additional N11.49 billion has been recovered by the House of Representatives Committee on Public Accounts from some oil companies operating in Nigeria.

A statement signed by the spokesman of the lower chamber of the National Assembly, Mr Akin Rotimi, said the total amount recovered from these energy firms is now N61.5 billion.

He stated that the recovered funds were from oil and gas companies with outstanding obligations to the federal government.

It was revealed that $182,057.44 (N291.29 million) was recovered from Platform Petroleum Limited, $730,889.37 (N1.17 billion) was from Midwestern Oil and Gas, N1.58 billion from Seplat Energy, $3.9 million (N6.1 billion) from Aradel Holdings, $500,000 (N775 million)

From Network Exploration & Production, and $1 million (N1.55 billion) from Shoreline Resources Limited.

According to the statement, the committee’s intensified efforts are anchored on findings from the Auditor-General’s reports and data obtained from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

These have informed sustained engagements with oil firms to ensure accountability for unremitted funds and outstanding liabilities.

The legislative arm of government also warned some organisations ignoring invitations to desist from such.

It said these defaulting firms collectively owe over $384 million and N325.7 million to the federal government, listing them as Neconde Energy Ltd – $110.5 million and N325.7 million, Heirs Holdings – $137.7 million, AITEO Ltd – $34.8 million, Continental Oil & Gas Ltd – $31 million, General Hydrocarbon – $28.4 million, Energia Ltd – $19.5 million, Waltersmith OML 16 – $8.7 million, Bilton – $5 million, Pillar Oil Ltd – $4.6 million, Millennium Oil and Gas Ltd – $2.067 million, Conoil Producing Ltd – $1.1 million, and Frontier OML 13 – $952,216.51.

“This Committee will not tolerate attempts by corporate entities to evade their responsibility to the Nigerian people.

“These companies are withholding billions of Naira owed to the federal government, and we will not allow them to disregard the authority of parliament.

“If these companies believe they are too big to be held accountable, they must understand that their licenses are at risk.

“We are prepared to recommend immediate revocation for any company that shows contempt for this Committee and the laws of the nation,” the chairman of the panel, Mr Bamidele Salam, fumed.

“No company is above the law. The funds being withheld are critical to the country’s growth and must not be hoarded while Nigeria suffers. Every company operating in Nigeria must settle its obligations promptly, as required by law,” he declared.