Asian Stocks Extend Rally as Chinese Data Beat Expectations

By Modupe Gbadeyanka Strong inflationary pressures in November further negatively impacted companies in Nigeria, with new orders and output both falling as customers were either reluctant or unable to pay higher charges. Purchase prices rose at the fastest pace in almost two years amid exchange rate weakness and higher costs for fuel and materials. According to the latest Purchasing Managers’ Index (PMI) from Stanbic IBTC, business conditions remained under pressure, scoring 48.0 points last month compared with the 49.1 points it garnered in October 2023. Readings above 50.0 signal an improvement in business conditions, while readings below 50.0 show deterioration.

By Adedapo Adesanya The boards of insurance companies operating in the country have been charged by the National Insurance Commission (NAICOM) to embrace the measures put in place to tackle the challenges of unpaid claims. The Commissioner for Insurance, Mr Sunday Thomas, expressed worry over the number of outstanding claims in the sector despite efforts by the regulator to address the issue. Mr Thomas, who is also the chief executive of NAICOM, said the organisation, in collaboration with members of the Insurers’ Committee, has taken decisions and incepted measures designed to tame the menace of unpaid claims. Speaking at the

By Dipo Olowookere The last trading day of November 2023 on the floor of the Nigerian Exchange (NGX) Limited ended on a bullish note by 0.11 per cent on Thursday. Mild bargain-hunting in industrial goods equities like Lafarge Africa, supported by Airtel Africa, GTCO and other financial stocks left the market in the green territory at the close of business. Consequently, the All-Share Index (ASI) increased by 81.91 points to settle at 71,365.25 points compared with the preceding day’s 71,283.34 points, and the market capitalisation grew by N44 billion to N39.052 trillion from N39.008 trillion. Business Post reports that the

By Adedapo Adesanya  Oil prices weakened on Monday after new tariffs imposed by the United States and China came into force, raising concerns about a further hit to global growth and demand for crude. Brent crude slipped 59 cents to $58.66 per barrel by 8 p.m. (Nigerian Time), while U.S. benchmark West Texas WTI crude was down 7 cents at $55.03 per barrel. The United States began imposing 15 percent tariffs on a variety of Chinese goods on Sunday – including footwear, smart watches and flat-panel televisions – as China put new duties on U.S. crude, the latest escalation in

By Investors Hub Asian stocks ended mostly lower on Friday as trade-war worries persisted and reports suggested that special counsel Robert Mueller has subpoenaed documents related to U.S. President Donald Trump’s businesses, adding to the continued sense of political uncertainty in the U.S. Meanwhile, the White House denied reports that Trump has decided to remove national security adviser H.R. McMaster from the administration. Chinese and Hong Kong stocks fell on concerns over the increasingly protectionist policies of the Trump administration. China’s Shanghai Composite Index fell 20.72 points or 0.6 percent to 3,269.88, while Hong Kong’s Hang Seng Index edged down

By Professor Maurice Okoli The Executive Board of the International Monetary Fund (IMF), after several stages of negotiations, has finally approved a 36-month arrangement under the Extended Credit Facility (ECF) in an amount equivalent to SDR 2.242 billion (around $3 billion or 304 per cent of quota) for the Republic of Ghana. While this Credit Facility Arrangement for Ghana is presumably necessary for the country’s economic recovery, it is also necessary to examine the governance system adopted in the country. In recent years, Ghana has found itself in an economic crisis – brought on by excessive borrowing – and a

By Dipo Olowookere There seems to be confusion over a fresh court order secured by a shareholder of Oando Plc concerning the suspension of the company’s Annual General Meeting (AGM). In 2019, the Securities and Exchange Commission (SEC) suspended the yearly shareholders’ meeting of Oando, preventing the energy firm from meeting its obligations of filing financial statements to the Nigerian Stock Exchange (NSE). But on Tuesday, February 23, 2021, one Mr Patrick Ajudua claimed he obtained an order from Justice O. A Musa of the High Court of the FCT, Abuja, declaring the action of SEC, the apex regulator in

By Dipo Olowookere The board of Lafarge Africa Plc will hold a crucial meeting today to discuss the company’s investment in neighbouring Ghana, which is not palatable. A statement issued by its General Counsel/Company Secretary, Adewunmi Alode, disclosed that the emergency meeting will specifically look into the organisation’s investment in Continental Blue Investment Limited. Business Post reports that the cement giant based in Nigeria controls a considerable stake, 35 per cent, in Continental Blue Investment. Continental Blue Investment is involved in the business of manufacturing and processing of non-precious minerals and building material in Ghana and the interest in the

By Ahmed Rahma A subsidiary of Stanbic IBTC Holdings PLC, Stanbic IBTC Bank, has not seized to show its commitment to the nation’s economic growth by fostering international trade. At the recent Africa China Agent Proposition (ACAP) webinar with the theme Advancing Africa-China Trade Opportunities, the bank disclosed its support for the Africa-China trade relations. The challenges which confronted Nigeria-China trade relations as a result of COVID-19 pandemic and the impact of recent regulatory pronouncements on trade between both countries were discussed by the panellists during the session. In his welcome address, the CEO of Stanbic IBTC Holdings PLC, Dr

By Modupe Gbadeyanka Leadership of UDP Youth Forum has asked residents of Taraba State to massively vote for candidate of the party in the March 9, 2019 governorship election in the state. The group, in a statement issued by its Director of Communication, Mr Abubakar Isah, said unlike other contestants who were stoned, attacked and booed by the electorates during electioneering campaigns, Mama Taraba was nicely received by the people because of her credible track records and people-oriented programmes and policies. He therefore thanked the people of Taraba State for their warmed reception and nice treatments given Mrs Aisha Jummai

By Adedapo Adesanya Nigeria’s headline inflation rate accelerated marginally for the sixth consecutive time to 22.79 per cent in June, showing the impact of the removal of fuel subsidies by President Bola Tinubu in May 2023. According to data by the National Bureau of Statistics (NBS) released on Monday, prices of goods and services in the country increased by 0.38 per cent last month from 22.41 per cent the previous month. The inflation rate climbed to an 18-year high in June after the President, as part of his first assignment, scrapped fuel subsidies and later floated the currency as well