Economy

Asian Stock Markets Trade Mixed as Investors Await Cues from G-7 Summit

Published

7 years ago

06/06/2018

By Investors Hub

Asian stocks ended on a mixed note Tuesday as weak commodity prices pulled down resource stocks and investors waited for cues from the G-7 summit in Canada later this week as well the June 12th summit in Singapore between U.S. President Donald Trump and North Korean leader Kim Jong Un.

Gold held steady after three sessions of declines and the dollar held near a two-week high against the yen, while oil edged higher after falling nearly 2 percent in the previous session on concerns over growing U.S. production and expectations of higher OPEC supplies.

Chinese shares rose after data showed activity in China’s service sector expanded at a steady pace in May. The Caixin Services PMI stood at 52.9, matching expectations and unchanged from the previous month. The benchmark Shanghai Composite Index gained 23.22 points or 0.8 percent to end at 3,114.41.

Hong Kong’s Hang Seng Index rose 95.47 points or 0.3 percent to 31,093.45 despite the Nikkei PMI score for the private sector coming in at 47.8 in May, down from 49.1 in April.

Japanese shares eked out modest gains as the yen edged lower against the dollar and data on service sector activity and household spending painted a mixed picture of the economy. The Nikkei 225 Index inched up 63.60 points or 0.3 percent to 22,539.54, while the broader Topix Index finished marginally higher at 1,774.96.

Tech shares followed their U.S. peers higher, with Tokyo Electron and Advantest ending up more than 1 percent each. Japan Communications soared 7.3 percent after Japan’s financial watchdog said it would support a fintech experiment project by a consortium including the company.

Sharp Corp. lost 4.1 percent on reports that it is in talks to finalize a deal to buy Toshiba Corp’s personal computer business for around 5 billion yen.

Meanwhile, Australian shares closed lower as iron ore and oil prices fell and the Reserve Bank of Australia left interest rates unchanged at a historic low of 1.5 percent for the 20th consecutive meeting, citing sluggish wage growth and tepid inflation.

The service sector in Australia continued to expand in May and at an accelerated pace, the latest survey from the Australian Industry Group revealed with a Performance of Service Index score of 59.0, up from 55.2 in April.

The benchmark S&P/ASX 200 Index dropped 30.60 points or 0.5 percent to 5,994.90, while the All Ordinaries Index ended down 30.10 points or 0.5 percent at 6,108.50.

Commonwealth Bank rose 1 percent to extend Monday’s gains after settling a civil lawsuit. The other three big banks fell between 0.1 percent and 0.3 percent.

The overnight fall in oil prices weighed on the energy sector, with Oil Search, Santos and Origin Energy losing 1-2 percent. Miners BHP Billiton, Rio Tinto and Fortescue Metals Group dropped more than 1 percent each.

Economy

Afriland Properties, Geo-Fluids Shrink OTC Securities Exchange by 0.06%

Published

3 hours ago

12/12/2024

Adedapo Adesanya

By Adedapo Adesanya

The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.

The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.

Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.

At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.

The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.

When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.

Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.

Economy

Naira Weakens to N1,547/$1 at Official Market, N1,670/$1 at Black Market

Published

4 hours ago

12/12/2024

Adedapo Adesanya

By Adedapo Adesanya

The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.

It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.

The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.

At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.

As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.

A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.

The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.

The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.

The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.

Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.

Economy

Dangote Refinery Makes First PMS Exports to Cameroon

Published

5 hours ago

12/12/2024

Aduragbemi Omiyale

By Aduragbemi Omiyale

The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.

In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.

However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.

In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.

Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.

Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.

“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.

“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.

His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.

“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.

“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”