Europe Markets Close Flat as Sell-Off in Spanish Stocks Eases

Image

By Investors Hub

European stocks were flat to slightly higher on Tuesday to hover near 3-month highs as a sell-off in Spanish markets eased and upbeat U.S. economic data bolstered investor optimism about global economic growth.

Spanish Prime Minister Mariano Rajoy on Monday said the government will seek a joint response with other political parties to the “pro-independence challenge” in Catalonia.

The pan-European Stoxx Europe 600 index was marginally lower at 390.05 in late opening deals after rising half a percent on Monday.

France’s CAC 40 index was moving up 0.2 percent and the U.K.’s FTSE 100 was marginally higher in lackluster trade, while the German market remained closed for a public holiday.

Spanish banks rebounded after steep losses on Monday, with CaixaBank rising over 1 percent.

Mining giant Rio Tinto advanced 1.3 percent on saying it has successfully completed the first fully autonomous rail journey at its iron ore operations in the Pilbara region of Western Australia.

Ferguson shares rallied 2.8 percent. The plumbing supplies group hiked dividend and announced a share buyback plan after reporting a rise in trading profit.

Bakery chain Greggs jumped 2 percent on reporting a 5 percent rise in like-for-like sales in the 13 weeks to the end of September.

Royal Dutch Shell rose half a percent on a Bloomberg report that the company and its partners Eneco Holdings NV and Mitsubishi Corp. are seeking to sell a stake in two Dutch offshore wind-farm projects.

Coca Cola HBC lost 2.6 percent after announcing the death of its CEO, Dimitris Lois.

Shire Plc slid half a percent after it sued Allergan for allegedly scheming to block doctors from prescribing its new treatment for dry eye disease.

Share
Related Stories
Image
29-February-2024

Navigating the Complex World of Investing: What Novices Need to Know

Have you finally decided to take the leap into the exciting arena of investing? Not only is this an excellent way to secure a lucrative nest egg for the future, but many have begun to use these opportunities as a springboard for their businesses. However, appreciating the intricacies of online trading is no easy task. A great deal of preparation will be required and mistakes can occur on occasion. This is why knowing where to begin is one of the best ways to establish strong foundations. Let us therefore cut through a fair amount of “fluff” and examine a handful

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

Local Stock Market Rebounds, Closes Last Day of February 0.68% Higher

By Dipo Olowookere The last trading session of February 2024 at the Nigerian Exchange (NGX) Limited ended on a positive note as it rebounded by 0.68 per cent after the interest rate hike scare. The growth posted on Thursday was triggered by bargain-hunting in financial stocks, especially those selling at cheaper prices after the sell-offs in the past few sessions. However, profit-taking persisted in the other sectors of the bourse, with the energy, and consumer goods indices closing lower by 0.33 per cent, and 0.18 per cent, respectively. Business Post reports that the banking space rose by 6.14 per cent,

More Stories
Image
15-February-2018

Wall Street Puts Slew of US Economic Data in Focus

By Investors Hub The major U.S. index futures are pointing to a higher opening on Thursday, with stocks likely to extend the upward move seen over the past few sessions. The upward momentum on Wall Street comes as traders digest a slew of U.S. economic data, including a Labor Department report showing producer prices rose in line with economist estimates in January. After initially moving to the downside, stocks moved sharply higher over the course of the trading session on Wednesday. With the strong upward move on the day, the major averages added to the gains posted in the three

Image
24-March-2022

Dangote Has Created Thousands of Jobs Across Nigeria—Buhari

By Adedapo Adesanya President Muhammadu Buhari has commended Dangote Industries Limited owned by billionaire businessman, Mr Aliko Dangote, for supporting the nation’s economy through job creation. Speaking at the commissioning of the Dangote Fertilizer Plant in Lagos on Wednesday, the President said with companies like Dangote, Nigeria’s dependence on imported products in the agriculture sector will soon be a thing of the past. The Dangote Fertilizer Factory has an installed capacity of 3.0 million metric tonnes of Urea per annum and according to Mr Buhari, the facility will further advance the country’s drive towards achieving self-sufficiency in food production, job

Image
16-January-2019

Court Jails Dangote Cement Staff for N15m Fraud

By Dipo Olowookere An employee of Dangote Cement factory at Ibese, Ogun State has been sentenced to five years imprisonment. The convict, Mr Adewale Dalmeida, was jailed on January 14, 2019, by Justice O. J. Bamgbose of the High Court of Ogun State, Abeokuta for an offence bordering on conspiracy and stealing to the tune of N15 million. He was brought before the court by the Economic and Financial Crimes Commission (EFCC) on December 6, 2018, along with Ibrahim Lawal, Lukman Adam and Afeez Olaniba. The complainant, Dangote Cement, alleged that Mr Dalmeida, a Fleet Analyst, Dangote Cement; Lawal, Chief

Image
29-March-2022

Ojemudia, Edu Lead Walk for Insurance in Abuja

By Modupe Gbadeyanka There is no doubt that insurance penetration in Nigeria is low and this is why various stakeholders in the sector are doing everything possible to make things better. Recently, the foremost life insurer, African Alliance Insurance Plc, joined others to take the gospel of insurance to the grassroots through an Insurance Awareness Walk in Abuja. The walk for insurance was held in partnership with the Nigerian Council of Registered Insurance Brokers (NCRIB) and had in attendance the President of the Council of NCRIB, Mr Rotimi Edu; the NCRIB Abuja Area Committee Chairman, Mr Abass Owolabi; the Managing

Image
25-November-2017

Akwa Ibom Presents N651.5b Budget for 2018

By Dipo Olowookere A total of N651.50 billion has been proposed to be used to run the affairs of Akwa Ibom State in 2018 by Governor Udom Emmanuel. Governor Emmanuel, who presented his 2018 budget proposal to the Akwa Ibom State House of Assembly on Friday, disclosed that N92.69 billion has been earmarked for recurrent expenditure, while N437.67 billion is for capital expenditure, and N120.86 billion is allotted for consolidated revenue. A breakdown of the budget showed that road networks and transport got the lion share of N211.42 billion, education has N10.53 billion while N17.91 billion has been allocated to

Image
01-September-2023

Moniepoint Announces $12bn Monthly Transactions as Nigeria’s Digital Payments Grow

By Adedapo Adesanya Moniepoint has said it now processes average monthly transactions valued at $12 billion as more businesses in Nigeria embrace digital payments over the last few years. This disclosure was made by the Acting Managing Director of Moniepoint Microfinance Bank, Mr Babatunde Olofin, during a chat with journalists on Thursday in Lagos. He attested to the fact that the cash scarcity incidence that occurred early this year pushed more businesses and individuals to go cashless. Mr Olofin further disclosed that the fintech, which recently announced its entry into personal banking, having been on the business side of digital

Image
18-August-2021

Don’t Panic! Chaka, Bamboo, Rise Assure Investors

By Ashemiriogwa Emmanuel Following the latest move by the Central Bank of Nigeria (CBN) which has sent investors into a frenzy, affected financial technology (fintech) companies have assured their subscribers that their monies are safely managed and accessible. On Tuesday, Justice Ahmed Michael of the federal high court in Abuja granted the apex bank’s request to freeze the bank accounts of few fintech companies for six months as a result of alleged “illegal foreign exchange transactions.” According to the national lender, “it is evident that Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Chaka Technologies Limited and Trove Technologies Limited

Image
25-July-2019

Ernest Ndukwe Takes Over as MTN Nigeria Chairman

By Dipo Olowookere Former Chief Executive Officer of the Nigerian Communications Commission (NCC), Mr Ernest Ndukwe, has been announced as the Chairman-designate of MTN Nigeria Plc from September 2, 2019. Mr Ndukwe served as head of the telecommunications industry regulator from February 2000 to March 2010. Business Post reports that on October 20, 2015, the NCC imposed a fine of N1.04 trillion on MTN for infraction of the provision of the NCC Telephone Subscribers Registration Regulations 2011; for failure to disconnect 5.2 million improperly-registered Subscriber Identification Modules (SIM) lines within the prescribed deadline, because these lines had economic activities on

Ad
Ad
Recent Stories
Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in