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Economy

Asian Stocks Close Mixed Amid US-Mexico Tariff Stalemate

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Asian Stocks Close Mixed Amid US-Mexico Tariff Stalemate

By Investors Hub

Asian stocks turned in a mixed performance on Thursday after the U.S. and Mexico failed to reach a deal during their tariff talks on Wednesday.

China’s Shanghai Composite Index ended down 33.62 points or 1.2 percent at 2,827.80 after the International Monetary Fund cut China’s growth forecast for this year and next, citing downside risks and high uncertainty surrounding trade tensions.

The lender lowered the growth forecast for this year to 6.2 percent from the 6.3 percent seen in April. The projection for next year was trimmed to 6 percent from 6.1 percent.

The IMF added it expects China’s growth to gradually slow to 5.5 percent by 2024, as the economy moves towards a more sustainable growth path.

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Meanwhile, stocks in Hong Kong showed a modest move to the upside, with the Hang Seng Index rising 69.84 points or 0.3 percent to 26,965.28.

Japanese shares ended roughly flat amid trade uncertainties after the U.S. and Mexico failed to reach a deal on immigration issues. The Nikkei 225 Index fluctuated before finishing marginally lower at 20,774.04. The broader Topix closed 0.3 percent lower at 1,524.91.

Exporters Panasonic, Sony and Honda Motor fell 1-2 percent as the yen hit a five-month high after the release of weak private jobs data from the U.S.

Nissan Motor declined 1.7 percent and Mitsubishi Motors plunged 5.9 percent as Fiat Chrysler Automobiles NV abruptly withdrew its offer to combine with Renault SA, the alliance partner of the two Japanese firms.

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Murata Manufacturing, TDK and Taiyo Yuden lost 3-5 percent amid uncertainties over the global trade environment.

On the other hand, Rakuten soared 4.7 percent after the e-commerce company announced a tie-up with East Japan Railway on cashless services.

Australian stocks gained ground as financials extended gains for a third straight session. The benchmark S&P/ASX 200 Index climbed 24.50 points or 0.4 percent to 6,383.00, while the broader All Ordinaries Index ended up 22.80 points or 0.4 percent at 6,466.40.

The big four banks rose between 0.4 percent and 0.8 percent on expectations the Reserve Bank’s decision to cut its official interest rate to a record low will improve housing affordability.

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Bank of Queensland gained 1 percent after appointing George Frazis, outgoing head of consumer banking at Westpac, as its chief executive and managing director.

Santos gained over 1 percent after confirming a major oil and gas resource at its Dorado-2 appraisal well in Western Australia.

Woodside Petroleum, Oil Search and Origin Energy edged lower as U.S. oil prices plunged back into a bear market. Miners BHP, Rio Tinto and Fortescue Metals Group dropped 1-3 percent after copper weakened to a five-month low.

In economic news, Australia’s trade surplus unexpectedly dipped to A$4.87 billion in April from A$4.88 billion in March on higher imports, data from the Australian Bureau of Statistics showed.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

Making New Kings of Mastery

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OctaFX Kings of Mastery

Let’s be honest, we do not adore those African traditional movies anymore. The ones where coronation ceremonies are held; where the king will be forced to drink one or two concoctions, perform some ritual rites and then finally sit on his throne and have people sing great songs to him. While some of us have stopped consuming that form of Nollywood entertainment, we forget that we live it every day.

We want to become kings and masters at our workplaces, or in businesses we manage, we want to have those skills that make us “boss”. So, we perform the rites needed to become a king; from the concoction of sleepless nights to the long strolls on the internet; researching what isn’t lost but must be found.

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We put in the work, so we can finally call ourselves Kings and Queens of mastery; either at that Design job, Photography gig, Business and Life in general!

The only question left to ask is, “why don’t we channel this same energy into Forex trading?” Yes, think about the question for a second because I’m sure you have a “Why” to the question being asked. Great, the truth remains that as Nigerians, we are always ready to put in the work, get the job done, earn as much as we can and be one step closer to financial freedom. Now that’s where trading with OctaFX comes in.

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As we hustle our way towards combining multiple jobs and businesses, we can also trade forex, all we need to do is learn, put in the work, and become masters at it.

OctaFX Kings of Mastery

Forex might not be a walk in the park but like kings, we have built the resilience required for the challenge. And OctaFX is always ready and available to make the process easier by providing proper guidance to traders on its website.

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As an international forex broker operating in Nigeria, it’s the brand’s mission to provide traders of all skill levels with new and exciting opportunities to increase their financial gains.

OctaFX Kings of Mastery

So, stop reading the article. Begin your journey to mastery here and this side too.

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Economy

Nigeria’s Unlisted Securities Market Sheds 1.55%

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Unlisted Securities Market

By Adedapo Adesanya

Depreciation in the stock prices of FrieslandCampina WAMCO Nigeria Plc, Central Securities Clearing Systems (CSCS) Plc, and Nigerian Exchange Group depressed the NASD Over-the-Counter (OTC) Securities Exchange on Friday, July 23.

Yesterday, Nigeria’s unlisted securities market depreciated by 1.55 per cent at the close of transactions, with investors losing N10.33 million. This weakened the market capitalisation to N655.73 billion from N666.06 billion it finished on Thursday.

Also, the NASD Unlisted Security Index (NSI) shed 11.88 points at the close of business to end the day at 754.43 points as against 766.31 points it recorded at the previous session.

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Business Post reports that Friesland lost 6.6 per cent or N7.92 to settle at N120.08 per share compared to N128.00 per cent of the previous session.

CSCS Plc depreciated by 2.7 per cent or 50 kobo to close at N18.50 per unit in contrast to N19.00 per unit of the preceding day, while NGX went down by 0.3 per cent or 5 kobo to close the day at N17.13 per share versus N17.18 per share it ended on Thursday.

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When the market closed for the day, the number of shares transacted by investors increased by 1.1 per cent to 2.6 million units from 2.6 million units, the value of shares rose by 54.1 per cent to N71.7 million from N46.5 million, while the number of deals increased by 19.2 per cent to 31 deals from 26 deals.

With 1.0 billion units of its shares traded for N700.1 million, Geo Fluids Plc ended the session as the most active stock by volume (year-to-date). NGX Group Plc followed with 348.2 million units valued at N7.5 billion, while Swap Technologies & Telecomms Plc occupied third place with 46.6 million units worth N41.0 million.

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However, NGX Group finished the session as the most active stock by value (year-to-date) for trading 348.2 million units for N7.5 billion, VFD Group Plc remained in the second spot with 4.1 million units valued at N1.3 billion, while NDEP Plc has traded 3.2 million units valued at N976.2 million.

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Economy

Domestic Currency Falls to N504/$1 at Black Market

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domestic currency

By Adedapo Adesanya

The Naira weakened against the Dollar at the black market on Friday, July 23, losing N1 to sell at N504/$1 in contrast to N503/$1 it traded on Thursday.

Also, at the unregulated segment of the foreign exchange (FX) market yesterday, the domestic currency depreciated against the Pound Sterling and the Euro.

Against the British currency, the Naira lost N2 to close at N705/£1 compared to Thursday’s N703/£1 while against the Euro, it dropped N5 to close at N595/€1 compared to N590/€1 of the previous day.

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However, at the Investors and Exchange (I&E) window, the Nigerian Naira appreciated against the greenback yesterday by 13 kobo or 0.03 per cent to trade at N411.50/$1 versus N411.63/$1 it traded at the preceding session.

Though the turnover for the day reduced, the demand for FX at the market segment remained high as investors transacted $135.28 million compared with the $137.83 million achieved on Thursday, signifying that the total transactions went down by 1.9 per cent or $2.55 million.

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But the exchange rate of the Naira relative to the Dollar remained unchanged at the interbank segment of the market, closing at N410.14/$1, the same rate it was traded on Thursday.

As for the digital currency market, investors are beginning to have confidence in cryptocurrencies as the tokens tracked by Business Post on the trading platform, Quidax, closed mostly positive.

At the close of business yesterday, Ethereum (ETH) appreciated by 9.7 per cent to close at N1,008,998.99, Dash (DASH) gained 1.5 per cent to sell at N72,899.99, Ripple (XRP) improved by 0.7 per cent to N305.00, the US Dollar Tether (USDT) increased by 0.5 per cent to N514.99, while Bitcoin (BTC) appreciated by 0.1 per cent to close at N16,500,002.00.

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However, Tron (TRX) lost 4.8 per cent to sell at N27.03, while Litecoin (LTC) declined by 3.7 per cent to trade at N59,204.99.

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