Economy
Chinese, Japanese, Australian Shares Record Gains
By Investors Hub
Asian stocks followed their U.S. peers higher on Friday as news of robust U.S. economic growth and remarks from Federal Reserve Chairman Jerome Powell that the central bank’s gradual interest rate increases are helping sustain the economic expansion bolstered investor optimism about the world’s largest economy.
Chinese stocks rose to post their second consecutive weekly gain amid expectations for stimulus and on hopes that more Chinese shares will be included in mainstream global benchmarks.
The benchmark Shanghai Composite Index jumped 29.58 points or 1.1 percent to 2,821.35, while Hong Kong’s Hang Seng Index rose 72.85 points or 0.3 percent to 27,788.52.
Japanese shares moved notably higher, with export-oriented stocks surging as the dollar hit a nine-month high versus the yen after the release of upbeat U.S. data.
The Nikkei 225 Index surged up 323.30 points or 1.4 percent to 24,120.04, a tad below its highest level in 27 years on hopes for continued corporate earnings growth. The broader Topix Index closed 1 percent higher at 1,817.25.
Honda Motor, Nissan Motor, Mazda Motor and Toyota Motor all rose around 1 percent amid indications the U.S. will not impose additional tariffs on the Japanese auto sector.
Electronics maker Sony jumped 4.5 percent, and SoftBank Group rallied 4.7 percent after launching a taxi-hailing service using a smartphone app developed by Chinese ride-share firm Didi Chuxing Technology.
On the data front, Japanese industrial output rose in August for the first time in four months, government data showed. The value of retail sales grew 0.9 percent sequentially in the month and the unemployment rate fell to 2.4 percent from 2.5 percent, while consumer prices in the region rose an annual 1.3 percent in September, a slew of reports showed.
Australian stocks also moved to the upside after news of robust U.S. economic growth. The benchmark S&P/ASX200 Index rose 26.40 points or 0.4 percent to 6,207.60, while the broader All Ordinaries Index ended up 26.20 points or 0.4 percent at 6,325.50.
Lender Westpac advanced 1.2 percent despite cutting its earnings forecast. The other three banks climbed 1-2 percent after the release of an interim report from the Royal Commission.
Mining heavyweights BHP Billiton and Rio Tinto ended on a mixed note, while energy stocks such as Woodside Petroleum, Oil Search and Santos fell between 0.2 percent and 1 percent.
Investment bank Macquarie Group dropped 1.3 percent. The company?s chief executive Nicholas Moore and his successor, Shemara Wikramanayake, are expected to be interviewed by German police over the bank’s alleged role in a share-trading case.
Economy
Afriland Properties, Geo-Fluids Shrink OTC Securities Exchange by 0.06%
By Adedapo Adesanya
The duo of Afriland Properties Plc and Geo-Fluids Plc crashed the NASD Over-the-Counter (OTC) Securities Exchange by a marginal 0.06 per cent on Wednesday, December 11 due to profit-taking activities.
The OTC securities exchange experienced a downfall at midweek despite UBN Property Plc posting a price appreciation of 17 Kobo to close at N1.96 per share, in contrast to Tuesday’s closing price of N1.79.
Business Post reports that Afriland Properties Plc slid by N1.14 to finish at N15.80 per unit versus the preceding day’s N16.94 per unit, and Geo-Fluids Plc declined by 1 Kobo to trade at N3.92 per share compared with the N3.93 it ended a day earlier.
At the close of transactions, the market capitalisation of the bourse, which measures the total value of securities on the platform, shrank by N650 million to finish at N1.055 trillion compared with the previous day’s N1.056 trillion and the NASD Unlisted Security Index (NSI) went down by 1.86 points to wrap the session at 3,012.50 points compared with 3,014.36 points recorded in the previous session.
The alternative stock market was busy yesterday as the volume of securities traded by investors soared by 146.9 per cent to 5.9 million units from 2.4 million units, as the value of shares transacted by the market participants jumped by 360.9 per cent to N22.5 million from N4.9 million, and the number of deals increased by 50 per cent to 21 deals from 14 deals.
When the bourse closed for the day, Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units valued at N3.9 billion, followed by Okitipupa Plc with 752.2 million units worth N7.8 billion, and Afriland Properties Plc 297.5 million units sold for N5.3 million.
Also, Aradel Holdings Plc, which is now listed on the Nigerian Exchange (NGX) Limited after its exit from NASD, remained the most active stock by value (year-to-date) with 108.7 million units sold for N89.2 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.5 million units worth N5.3 billion.
Economy
Naira Weakens to N1,547/$1 at Official Market, N1,670/$1 at Black Market
By Adedapo Adesanya
The euphoria around the recent appreciation of the Naira eased on Wednesday, December 11 after its value shrank against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) by N5.23 or 0.3 per cent to N1,547.50/$1 from the N1,542.27/$1 it was valued on Tuesday.
It was observed that spectators’ activities may have triggered the weakening of the local currency in the official market at midweek as they tried to fight back and ensure the value of funds in foreign currencies strengthened.
The domestic currency was regaining its footing after the Central Bank of Nigeria (CBN) launched an Electronic Foreign Exchange Matching System (EFEMS) platform to tackle speculation and improve transparency in Nigeria’s FX market.
At midweek, the Nigerian currency depreciated against the Pound Sterling by N3.56 to close at N1,958.68/£1 compared with the preceding day’s N1,955.12/£1 and against the Euro, it slumped by 34 Kobo to trade at N1,612.66/€1, in contrast to the previous session’s N1,613.00/€1.
As for the black market segment, the Naira lost N45 against the American currency during the session to quote at N1,670/$1 compared with the N1,625/$1 it was traded a day earlier.
A look at the cryptocurrency market showed a recovery following profit-taking as the US Consumer Price Index report matched economist forecasts.
The news was enough to convince traders that the Federal Reserve is certain to trim its benchmark fed funds rate another 25 basis points at its meeting next week.
The move also saw Bitcoin (BTC), the most valued coin, return to the $100,000 mark as it added a 2.9 per cent gain and sold for $100,566.12.
The biggest gainer was Cardano (ADA), which jumped by 15.00 per cent to trade at $1.16, as Litecoin (LTC) appreciated by 10.4 per cent to sell for $121.76, and Ethereum (ETH) surged by 7.0 per cent to $3,929.30, while Dogecoin (DOGE) recorded a 6.7 per cent growth to finish at $0.4181.
Further, Binance Coin (BNB) went up by 5.2 per cent to $716.72, Solana (SOL) expanded by 4.6 per cent to $229.77, and Ripple (XRP) increased by 4.2 per cent to $2.43, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
Economy
Dangote Refinery Makes First PMS Exports to Cameroon
By Aduragbemi Omiyale
The Dangote Refinery located in the Lekki area of Lagos State has made its first export of premium motor spirit (PMS) just three months after it commenced the production of petrol.
In September 2024, the refinery produced its first petrol and began loading to the Nigerian National Petroleum Company (NNPC) on September 15.
However, due to some issues, the facility has not been able to flood the local market with its product, forcing it to look elsewhere.
In a landmark move for regional energy integration, Dangote Refinery has partnered with Neptune Oil to take its petrol to neighbouring Cameroon.
Neptune Oil is a leading energy company in Cameroon which provides reliable and sustainable energy solutions.
Dangote Refinery said this development showcases its ability to meet domestic needs and position itself as a key player in the regional energy market, adding that it represents a significant step forward in accessing high-quality and locally sourced petroleum products for Cameroon.
“This first export of PMS to Cameroon is a tangible demonstration of our vision for a united and energy-independent Africa.
“With this development, we are laying the foundation for a future where African resources are refined and exchanged within the continent for the benefit of our people,” the owner of Dangote Refinery, Mr Aliko Dangote, said.
His counterpart at Neptune Oil, Mr Antoine Ndzengue, said, “This partnership with Dangote Refinery marks a turning point for Cameroon.
“By becoming the first importer of petroleum products from this world-class refinery, we are bolstering our country’s energy security and supporting local economic development.
“This initial supply, executed without international intermediaries, reflects our commitment to serving our markets independently and efficiently.”
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