Asian Stocks Finish Mixed as Investors Await Fed Outcome

Image

By Investors Hub

Asian stocks ended Wednesday?s session on a mixed note as Chinese manufacturing data disappointed and investors remained focused on the U.S. Federal Reserve’s monetary policy decision due later in the day.

The Fed is widely expected to leave interest rates unchanged, but the accompanying statement may offer clues about the outlook for U.S. interest rates.

Traders also digested news that the Trump administration is considering more than doubling its planned tariffs on $200 billion in Chinese imports.

China?s Shanghai Composite Index tumbled 51.87 points or 1.8 percent to 2,824.53 after the release of weak data. Hong Kong’s Hang Seng Index fell 242.27 points or 0.9 percent to 28,340.74.

The manufacturing sector in China continued to expand in July, albeit at a slower pace, the latest survey from Caixin revealed with a PMI score of 50.8, down from 51.0 in June.

Japanese shares closed on a positive note, thanks to a weaker yen and upbeat corporate earnings results from the likes of Sharp, Sony and Nintendo.

The Nikkei 225 Index climbed 192.98 points or 0.9 percent to 22,746.70, while the broader Topix Index gained 0.9 percent to finish at 1,769.76.

Sharp soared 7.2 percent and Sony rallied 4.8 percent after they posted solid results and the yen slid to near two-week lows against the dollar.

Nintendo climbed 6.4 percent after its fiscal first quarter profit jumped 44 percent on increased sales of Nintendo Switch games.

Electronic component maker Kyocera gained 5.9 percent and display manufacturer Nitto Denko advanced 8 percent after Apple reported strong results for its fiscal third quarter.

In economic news, the manufacturing sector in Japan continued to expand in July, albeit at a slower pace, the latest survey from Nikkei revealed with a PMI score of 52.3, down from 53.0 in June.

Australian shares finished marginally lower as banks followed their U.S. peers lower, offsetting gains in the mining sector. Mixed manufacturing data also weighed on markets.

The big four banks fell between 0.8 percent and 1.4 percent. A rise in commodity prices on hopes of new trade talks between the U.S. and China helped lift mining stocks, with heavyweights BHP Billiton and Rio Tinto rising around half a percent.

Debt collector and lender Credit Corp Group soared 6.4 percent after it reported a 17 percent increase in full-year profits on higher revenues.

Share
Related Stories
Image
21-February-2024

Verod Capital Buys 65% Stake in i-Fitness from CardinalStone

By Aduragbemi Omiyale The popular fitness and gym chain, i-Fitness, now has a new investor and it is Verod Capital Management, a private equity company. Verod Capital has become a major shareholder in i-Fitness, which has branches across the country, including in Lagos and Abuja, courtesy of CardinalStone Capital, another private equity firm. Cardinal Stone divested its 65 per cent stake and this was acquired by Verod Capital in a deal said to be worth about $12 million, according to TechCabal. i-Fitness, valued at $18.5 million, was established in 2015 by Mr Folusho Ogunwale and the organisation has grown to

Image
20-February-2024

Fuel Queues Emerge as FG Fails to Stop NARTO Strike

By Adedapo Adesanya Fuel queues emerged in Lagos as the meeting between the Nigerian Association of Road Transport Owners (NARTO) and officials of the federal government over the suspension of petroleum product loading activities ended in a deadlock on Monday. The meeting held in Abuja yesterday night was attended by the Minister of State Petroleum Resources (Oil), Mr Heineken Lokpobiri, with NARTO, as well as oil marketers and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, (NMDPRA). NARTO had in a letter dated February 15, addressed to the General Secretary of the Nigerian Union of Petroleum and Natural Gas (NUPENG)

Image
21-February-2024

Oil Prices Slide on Global Demand Worries

By Adedapo Adesanya Oil prices settled lower on Tuesday, with worries about global demand offsetting price support from the Israel-Hamas conflict, causing the Brent futures to lose $1.22 or 1.5 per cent to sell at $82.34 a barrel, as the US West Texas Intermediate (WTI) crude shed $1.30 or 1.4 per cent to trade at $77.04 a barrel. The crude oil market was lower following the quiet trading over the Presidents’ Day holiday in the US and as demand concerns offset ongoing Middle Eastern geopolitical tensions. Shipping has been impacted by escalating attacks on shipping lanes in the Red Sea

More Stories
Image
24-September-2021

Foundation Laments PIA’s Inability to Fix Gas Flaring

By Adedapo Adesanya The Petroleum Industry Act (PIA) won’t solve the problem of gas flaring in the country, says the Health of Mother Earth Foundation (HOMEF), calling on oil companies to bear the brunt of the cost. The Executive Director of the group, Mr Nnimmo Bassey, noted that the Act creates numerous provisions for operators to continue flaring gas unchecked, as it gives power to an agency to grant operators a permit to flare gas. Mr Bassey lamented that such permits could easily be abused and turned into a license for unchecked and perpetual environmental and health damage to communities

Image
21-May-2021

Russia, Sierra Leone Want Robust Trade, Economic, Investment Ties

By Kester Kenn Klomegah Russian Foreign Minister Sergey Lavrov has held substantive and productive diplomatic talks with his counterpart, Minister of Foreign Affairs and International Cooperation of the Republic of Sierra Leone, David John Francis, during his first foreign visit in his new post to Moscow, Russia. According to official reports, David Francis has visited the Russian Federation, and last participated in the first Russia-Africa summit in October 2019. His mid-May visit was to find ways to expand relations forward between Russia and Sierra Leone, the country that marked its 60th independence on April 27. Historically, the Soviet Union and

Image
10-August-2018

Jaiz Bank Targets 40 Branches Before End of 2018

By Dipo Olowookere Managing Director of Jaiz Bank Plc, Mr Hassan Usman, has disclosed that the non-interest lender plans to have at least 40 branches across Nigeria before the end of 2018. Mr Usman disclosed that the bank had commenced a five-year strategic plan to enable it provide better services to its customers. This, he noted, had increased its visibility in Lagos by opening more branches, adding that this would be extended to other regions of the country. “We are having a balance sheet size that is growing by 20 percent year-on-year and our branch network has increased from 27

Image
03-August-2018

Kogi East Constituents Slam Senator Aidoko over MDG Items

By Dipo Olowookere The lawmaker representing Kogi East Senatorial District at the National Assembly, Mr Atai Aidoko, is not having it easy with people of the area. This is because the Senator has been accused of hoarding items he was supposed to give to his constituents for their empowerment under the Millennium Development Goals (MDG) but were allegedly cornered by him. Some of the items, which the lawmaker, who is seeking re-election, allegedly hoarded were tricycles motorcycles, sewing machines and grinding machines. He was said to have released these items because of the 2019 elections. It was disclosed that the

Image
15-June-2018

Nigerian Stocks Lose N37b as YtD Gain Drops to 1.79%

By Dipo Olowookere The last trading session for this week at the local stock exchange ended on a negative note on Thursday as a result of sustained profit-taking by investors. Business Post reports that the Nigerian Stock Exchange (NSE) fell by 0.27 percent yesterday to reduce the Year-to-Date (YtD) returns to 1.79 percent. In addition, the All-Share Index (ASI) went down by 103.25 points to close at 38,928.47 points, while the market capitalisation decreased by N37 billion to settle at N14.102 trillion. It was observed that the Financial Services sector topped the activity chart on Thursday with 261.6 million shares

Image
26-January-2024

Oil Prices Soar on Positive US Data, Red Sea Tensions

By Adedapo Adesanya Oil prices went up on Thursday as US economic data showed faster-than-expected growth in the last quarter and as tensions in the Red Sea kept disrupting global trade. Brent crude futures appreciated by $2.39 or 2.99 per cent to $82.43 a barrel and the US West Texas Intermediate (WTI) crude futures gained $2.27 or 3.02 per cent to quote at $77.36 per barrel. Data on Thursday showed the US economy grew at a faster pace than expected in the fourth quarter, a positive demand indicator. The Bureau of Economic Analysis’ advanced gross domestic product (GDP) in the

Image
06-August-2016

Nigeria Partners Singapore On National Shipping Fleet

A Memorandum of Understanding (MoU) between Nigeria and Singapore on the re-establishment of a national fleet for the country would soon be sealed. This was disclosed in Lagos on Thursday by the Minister of Transportation, Rotimi Amaechi, during a meeting with stakeholders and the Ministerial Committee on the re-establishment of a national fleet. The Federal Government will partner with the Pacific International Lines (PIL) Singapore for the establishment of the fleet. Amaechi said at the occasion that PIL had expressed interest in a Joint Venture (JV) with Nigeria for the project, pointing out that the deal would boost indigenous participation

Image
09-March-2020

Paga Partners Visa to Expand Operations to Global Market

By Adedapo Adesanya Nigerian payment platform, Paga, has announced partnership with global payments technology company, Visa, in a bid to offer secure and convenient mobile payments solutions and expand its range of offerings and delivery to consumers and merchants. The partnership, which aligns with Visa’s goal to drive alternative payment channels through mobile wallets within its global ecosystem, will see both companies improve methods for day-to-day transactions in the market. According to a statement released on Monday (March 9) by Paga, the partnership with Visa is one step further in the company’s global expansion plans. “Now, all Paga account holders

Ad
Ad
Recent Stories
Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
21-February-2024

AFC to Pump $40m Into African Medical Centre of Excellence Abuja

By Adedapo Adesanya  African instrumental infrastructure solutions provider, Africa Finance Corporation (AFC), has signed an equity investment term sheet, pledging up to $40 million towards the construction of an Abuja-based hospital, the African Medical Centre of Excellence (AMCE). The quaternary-level multi-specialty medical institution developed by the African Export-Import Bank (Afreximbank) in collaboration with King’s College Hospital, London, aims to revolutionise healthcare in Africa. Hospitals across West Africa struggle with funding, lack of essential resources, and limited access in rural areas. This flagship facility in Abuja is a key part of Afreximbank’s network of healthcare facilities, actively countering brain drain, reducing

Image
21-February-2024

Oyo Reopens Shri-Balaji After Closure Over Pollution

By Aduragbemi Omiyale The industrial company sealed earlier this month nonconformity and adherence to environmental laws of Oyo State, Shri-Balaji Industries Limited, has been reopened. The facility was unsealed on Wednesday on the directive of the Commissioner for Environment and Natural Resource, Mr Abdulmojeed Mogbonjubola. The company, which engages in the recycling of waste tyres to produce Pyrolysis oil and carbon black and steel wire as by-products, was closed by the state government to protect the lives of residents of the area. A statement made available to Business Post disclosed that for it to be reopened, Shri-Balaji paid a fine

Image
21-February-2024

FG to Restructure, Recapitalise Bank of Agriculture for Better Value

By Adedapo Adesanya The federal government has revealed plans to recapitalise and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security. This was one of the core revelations made by the Vice President, Mr Kashim Shettima, during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. He said there is a central role that BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country. Mr Shettima, however, expressed concern about the

Image
21-February-2024

Foundation Urges Nigerians to Adopt Waste Management Hierarchy

By Aduragbemi Omiyale A recycling organisation, Turn Plastic Recycling Foundation, has encouraged Nigerians to embrace the waste management hierarchy to make the country a zero-waste society. The Project Manager for the firm, Mr Leo Nwofa, while giving a summary of the project journey in the past two years of the foundation, said to save the planet, people must adopt the system of proper waste disposal for recycling after use. The waste management hierarchy gives top priority to waste prevention, followed by reuse, recycling, recovery and finally disposal. Speaking at an event to mark the second anniversary of Turn Plastic Recycling

Image
21-February-2024

Peter Obi Fumes as CBN Hikes Cargo Clearing Rate to N1,605/$1

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has once again increased the exchange rate for customs cargo clearance by 9 per cent or N133.06 from N1,472.76/$1 to N1,605.82/$1. The new rate, which has already been reflected on the Nigeria Customs Service (NCS) portal, will further dampen the hope of importers, and trigger an increase in the price of imported products like food, fuel, spare parts, and phones, among others. The CBN had recently reduced the exchange rate from N1,515.48/$1 to N1,472.756/$1 after the market eased following some recent policy steps. This review will be the 12th since the

Image
21-February-2024

Panic at Black Market as EFCC Intensifies Clampdown on BDCs

By Dipo Olowookere There is apprehension at the black market segment of the foreign exchange (FX) market in Lagos and other cities across the country as security officials, especially from the Economic and Financial Crimes Commission (EFCC), are going after traders at the landscape. Recall that on Monday, some agents of the organisation disrupted business activities in Abuja, and on Tuesday, a similar scenario occurred at the popular Alade Market in Lagos. On Wednesday, Business Post gathered that more places were touched, with two of the Bureaux De Change (BDC) operators allegedly picked up by security operatives in the Agege

Image
21-February-2024

VFD Group Donates Books to Comenius Nursery and Primary School

By Modupe Gbadeyanka About 1,000 copies of Mama’s Sleeping Scarf by renowned Nigerian writer, Ms Chimamanda Ngozi Adichie, have been donated to the pupils of Comenius Nursery and Primary School in the Ikola area of Lagos State. The educational items were given to the elementary school by a leading proprietary investment company, VFD Group Plc, as part of its Corporate Social Responsibility (CSR) initiative. The firm, which is committed to fostering growth across diverse industries in Africa, said the books were donated to promote reading culture among children and inspire young minds to explore limitless possibilities. Mama’s Sleeping Scarf is

Image
21-February-2024

DSS Warns Organised Labour To Shun Planned Protest

By Adedapo Adesanya The Department of State Services (DSS) has urged Nigerians planning to protest next week led by organised labour to halt the idea. According to a statement from the spokesperson of the Nigerian secret police on Wednesday, Mr Peter Afunanya, there were plans by sections of the organised labour to stage protests in parts of the country over sundry economic issues between February 27 and 28, 2024 “While the Service recognises such action as the legitimate right of the labour movement, it, however, urges the body to shelve the plan in the interest of peace and public order,”

Image
21-February-2024

FG Completes $70m Yearly Concessionaire of Zungeru Plant to Penstock

By Adedapo Adesanya The federal government has completed the transfer of the operations of the Zungeru Hydroelectric Power Plant (ZHPP) to a concessionaire, Penstock Limited, in a move that will see the country earn $70 million yearly from the deal. The Vice President, Mr Kashim Shettima, confirmed this during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday. A concession is a kind of partnership between the public sector and often private companies that have shown its added value in a specific area, for example developing infrastructure. The