Economy

Asian Stocks Close Mixed as Investors Await Outcome of OPEC Meeting

Published

8 years ago

22/06/2018

By Investors Hub

Asian stocks ended mixed on Friday as worries about a potential trade war persisted and investors waited for the outcome of the OPEC meeting.

Chinese shares rose but posted their worst weekly loss since early February on worries over a continuing trade dispute with the U.S. The benchmark Shanghai Composite Index rose 14.14 points or 0.459 percent to 2.889.95 but ended the week down about 4 percent.

Trade worries lingered after Chinese Commerce Ministry spokesman Gao Feng accused the U.S. of using bullying tactics and blackmail in threatening to impose tariffs on hundreds of billions of dollars of Chinese imports.

Separately, U.S. Commerce Secretary Wilbur Ross said on Thursday the end goal of the trade negotiations is to reduce high trade barriers and tariffs for U.S. firms.

Hong Kong’s Hang Seng Index edged up 42.65 points or 0.2 percent to 29,338.70. Hong Kong’s consumer price inflation climbed an annual 2.1 percent in May, faster than the 1.9 percent rise seen in April, data from the Census and Statistics Department showed.

Meanwhile, Japanese shares fell as a firmer yen and tariff concerns pulled down automakers. The Nikkei 225 Index lost 176.21 points or 0.8 percent to finish at 22,516.83, while the broader Topix Index closed 0.3 percent lower at 1,744.83.

Honda Motor gave up 2 percent and Toyota shed 2.7 percent after German automaker Daimler issued a profit warning, citing the escalating trade spat between the U.S. and China.

Shipping firms Mitsui OSK Lines and Kawasaki Kisen fell around 1 percent each on worries that a trade war may hurt the global economy.

On the data front, Japanese consumer price inflation rose by 0.7 percent year-on-year in May, government data indicated, matching expectations.

Australian markets fell modestly even as banks climbed after ANZ doubled its share buyback program. The benchmark S&P/ASX 200 Index dipped 6.90 points or 0.1 percent to 6,225.20 after finishing almost one percent higher the previous day. The broader All Ordinaries Index eased 0.2 percent to close at 6,322.10.

ANZ rallied 2.9 percent after doubling its share buyback program to A$3 billion. The other three banks rose over 1 percent each on a weaker Aussie dollar.

On the other hand, mining and energy stocks closed broadly lower, with BHP Billiton, Rio Tinto, Woodside Petroleum, Origin Energy and Santos losing 1-3 percent.

Telecom giant Telstra dropped 1.5 percent to extend losses from the previous session after announcing its plan to cut 8,000 jobs.

Outdoor advertising company APN Outdoor Group declined 2.4 percent as it raised its takeover bid for rival Here, There & Everywhere’s Ashdel advertising unit to A$540 million from an initial A$500 million.

Economy

TotalEnergies Sells 10% Stake in Renaissance JV to Vaaris

Published

6 hours ago

14/01/2026

Adedapo Adesanya

By Adedapo Adesanya

TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.

The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (5 per cent), which holds 18 licences in the Niger Delta.

In a statement by TotalEnergies on Wednesday, it was stated that under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.

Production from these licences, it was said, represented approximately 16,000 barrels equivalent per day in company’s share in 2025.

The agreement also stated that TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licences of Renaissance JV which are producing mainly gas, namely OML 23, OML 28 and OML 77, while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.

Business Post reports that the conclusion of the deal is subject to customary conditions, including regulatory approvals.

“TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.

“Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.

“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the 3 other licenses of Renaissance JV, which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses, which currently account for 50 per cent of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals,” the statement reads in part.

The development is part of TotalEnergies’ strategies to dump more assets to lighten its books and debt.

Economy

NGX RegCo Revokes Trading Licence of Monument Securities

Published

15 hours ago

14/01/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.

Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.

The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.

“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.

Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.

However, with the latest development, the firm is no longer authorised to perform this function.

Economy

NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months

Published

16 hours ago

14/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.

In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.

According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.

The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.

The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.

The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.

“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.

“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.

NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.

It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.

This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.