Economy

Asian Stocks Appreciate on Fresh Trade Talks Optimism

Published

6 years ago

26/11/2019

By Investors Hub

Asian stocks rose broadly on Tuesday, though markets pared early gains after China’s Commerce Ministry said Vice Premier Liu He, China’s chief trade negotiator, held a call with his U.S. counterparts on core issues and that both sides agreed to keep in touch over ?remaining issues? for a phase one trade deal.

Chinese shares eked out marginal gains, led by technology companies. The benchmark Shanghai Composite Index inched up 0.89 points to 2,907.06, although Hong Kong’s Hang Seng Index fell 0.3 percent to close at 26,913.92.

Japanese shares hit their highest level in more than a year as the dollar hit a one-week high against the yen on growing optimism that China and the United States will reach a partial trade agreement.

The Nikkei 225 Index rose 80.51 points, or 0.4 percent, to 23,373.32 after reaching as high as 23,608.06, its highest level since October 5, 2018. The broader Topix closed 0.2 percent higher at 1,705.71.

Electronics part and semiconductor-related stocks were among the prominent gainers. Tokyo Electron, TDK Corp. and Murata Manufacturing jumped 3-5 percent. Exporter Sony rallied 2.7 percent and Panasonic gained 1.4 percent.

Hitachi rose 0.9 percent on a Nikkei report that the company is nearing a deal to sell its 51 percent stake in its chemical unit to Showa Denko in a deal worth about 950 billion yen. Hitachi Chemical shares soared 15.4 percent.

Australian markets gained ground as Westpac Banking Corp. snapped four sessions of declines and rising oil prices helped lift energy stocks.

The benchmark S&P/ASX 200 Index climbed 56.10 points, or 0.8 percent, to 6,787.50, while the broader All Ordinaries Index ended up 54.20 points, or 0.8 percent, at 6,889.80.

Westpac advanced 1.7 percent as its chief executive stepped down over a money laundering scandal. Bank of Queensland plunged 5.8 percent after announcing a A$250 million discounted placement.

Caltex Australia soared 13.4 percent after it received a revised unsolicited indicative takeover offer from Canadian convenience store operator Alimentation Couche-Tard Inc.

Energy stocks such as Origin Energy, Santos and Woodside Petroleum rose between 0.4 percent and 0.9 percent.

Mining giant BHP, which is set to increase its stake in SolGold, edged up slightly, while Rio Tinto ended flat and Fortescue Metals Group gained 1.5 percent.

In the healthcare sector, CSL rallied 2.3 percent, Cochlear gained 2.2 percent and Resmed rose 1.3 percent.

In economic news, Reserve Bank of Australia Deputy Governor Guy Debelle said lower wage growth has become the new normal.

“We expect wages growth to remain largely unchanged at its current level over the next couple of years,” Debelle said.

Meanwhile, Seoul stocks edged lower as foreign investors extended their selling streak to a 14th consecutive session.

The benchmark Kospi reversed early gains to end the session down 2.15 points, or 0.1 percent, at 2,121.35. Automakers fell, with Hyundai Motor falling 2 percent, while its affiliate Kia Motors dropped 1.7 percent.

Economy

NRS Launches Unified Tax ID System

Published

2 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.

The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.

According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.

The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.

“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.

The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.

According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.

“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.

The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

4 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained 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 traded for N1.9 billion.

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

Economy

FX Pressure Pushes Naira Lower to N1,373/$1 at Official Market

Published

5 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

It was a horrible day for the Nigerian Naira in the different segments of the foreign exchange (FX) market on Monday, May 15, as its value further weakened against the United States Dollar.

In the black market window, the Naira lost N5 against the Dollar yesterday to sell for N1,390/$1 compared with the previous value of N1,385/$1, but at the GTBank forex counter, it remained unchanged at N1,383/$1.

In the Nigerian Autonomous Foreign Exchange Market (NAFEX), the Nigerian currency depreciated against the greenback by N2.66 or 0.19 per cent to sell for N1,373.70/$1 compared to last Friday’s rate of N1,371.04/$1.

Equally, it fell against the Pound Sterling in the same market segment by N9.05 to trade at N1,839.66/£1 versus N1,830.61/£1, and lost N5.42 on the Euro to close at N1,600.49/€1 versus N1,595.07/€1.

The performance of the local currency during the session indicates early worries despite all signals pointing to stability, amid improved Dollar sales by the Central Bank of Nigeria (CBN), with steady, higher oil receipts to bolster the nation’s reserves.

Activity at the market showed that turnover rose 57.3 per cent to $76.29 million on Monday from $48.49 million posted on Friday.

Over the weekend, S&P raised Nigeria’s credit ratings for the first time since 2012 and highlighted improved FX market liquidity and $10 billion turnover recorded in April 2026 as one of the major gains of the CBN-led FX reforms.

The agency said the liberalisation of the exchange rate has bolstered access to foreign currency and enabled a market-driven exchange-rate environment while supporting investor and consumer confidence.

Meanwhile, the cryptocurrency market was bullish on Monday as investors monitored developments in the Iran conflict and weighed the impact of surging oil prices on inflation and US interest-rate expectations.

Ethereum (ETH) gained 0.7 per cent to trade at $2,134.10, Cardano (ADA) rose by 0.6 per cent to $0.2515, Solana (SOL) expanded by 0.3 per cent to $85.11, Binance Coin (BNB) jumped 0.2 per cent to $643.29, TRON (TRX) increased by 0.03 per cent to $0.3565, and Bitcoin (BTC) advanced by 0.02 per cent to $76,912.12.

On the flip side, Dogecoin (DOGE) slid by 1.5 per cent to $0.1044, and Ripple (XRP) decreased by 0.5 per cent to $1.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.