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Economy

Traders May Cash in on Recent Strength on Wall Street

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wall street

By Investors Hub

The major U.S. index futures are pointing to a lower opening on Thursday following the modest strength seen in the previous session.

Profit taking may contribute to initial weakness on Wall Street after the uptick seen on Wednesday lifted the major averages to new record closing highs.

Uncertainty about the outlook for the Republican tax reform plan may also weigh on the markets along with rising tensions in the Middle East.

After several quiet days on the U.S. economic front, the Labor Department also released a report showing a bigger than expected increase in initial jobless claims in the week ended November 4th.

Stocks turned in another lackluster performance during trading on Wednesday, with the major averages spending much of the day showing only modest moves. Despite the choppy trading, the major averages reached new record closing highs.

The major averages ended the day modestly above the unchanged line. The Dow inched up 6.13 points or less than a tenth of a percent to 23,563.36, the Nasdaq rose 21.34 points or 0.3 percent to 6,789.12 and the S&P 500 edged up 3.74 points or 0.1 percent to 2,594.38.

The choppy trading on Wall Street came as many traders remained on the sidelines amid another quiet day on the U.S. economic front.

The economic calendar picks up somewhat in the coming days with the release of reports on weekly jobless claims, wholesale inventories, and consumer sentiment.

Developments overseas also attracted some attention as President Donald Trump has traveled to China to meet with Chinese President Xi Jinping.

Trump is expected to push China to do more to address the threat posed by North Korea, with the president arguing in a speech in South Korea that the weight of the crisis is on the conscience of nations that choose to ignore the threat.

“I hope I speak not only for our countries, but for all civilized nations, when I say to the North: Do not underestimate us and do not try us,” Trump said in a speech to the South Korean National Assembly.

Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.

Telecom stocks showed a significant move to the upside, however, with the NYSE Arca Telecom Index advancing by 1.6 percent. With the gain, the index reached a five-month closing high.

Sprint (S) helped to lead the telecom sector higher, surging up by 4.2 percent after ending the previous session at its lowest closing level in over a year.

Considerable strength was also visible among electronic storage stocks, as reflected by the 1.4 percent gain posted by the NYSE Arca Disk Drive Index. The index climbed to a two-year closing high.

Housing, networking, and pharmaceutical stocks also saw some strength on the day, while banking and natural gas stocks showed notable moves to the downside.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Economy

AXA Mansard Offers MSME Customers Free Exhibition Stands at Fair

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Axa Mansard

By Modupe Gbadeyanka

Customers of AXA Mansard in the Micro Small and Medium Scale Enterprise (MSME) sector of the economy will enjoy free exhibition stands at the Made by Nigerians Fair.

The fair is scheduled to take place on Saturday, December 7 and Sunday, December 8, 2024, at the Landmark Event Centre, Lagos.

To support small business owners, AXA Mansard is paying for stands for selected entrepreneurs to showcase their products at the fair, which attracts thousands of people.

According to the Head of Marketing at AXA Mansard Insurance Plc, Mr Olusesan Ogunyooye, this is another gesture by the company to show that MSMEs can benefit from having insurance.

He described MSMEs as the backbone of any economy, noting that they drive innovation, create jobs, and contribute significantly to national development.

“Our support for these businesses at the MBN Fair reflects the commitment to their growth and sustainability.  We are passionate about helping them reach their full potential by connecting them with resources and opportunities that foster success.

“By the very nature of insurance, its benefits are in the future and they are uncertain. That has been a main source of discouragement, particularly to MSMEs. Businesses are geared to making money.

“So, when thinking about insurance, an average MSME would rather invest the money in the growth of his business first.

“The risks that businesses face are also real. There are various types of risks businesses have to contend with today; from burglary to fire, the health of employees, and so on.

“When these risks manifest, they can significantly impact a business negatively. We understand that to get MSMEs to protect themselves and the millions of jobs they create, we must help them strike a balance between growing their businesses and protecting them.

“So, we have come up with different Initiatives to help them grow their businesses. The opportunity to exhibit their products and services to thousands of visitors to the MBN Fair is another in the series of our initiatives.

“We are convinced that for insurance to grow, we need to help people and businesses see it as a strategic lever to grow their businesses, not a cost that takes away from them. If we get this right, it can’t have a massive impact on our economy because, when MSMEs thrive, the economy will prosper.

“We have experimented with this model, and we are particularly excited about the responses from our customers. It is a call for us to do more, and we are committed to Nigerian MSMEs,” Mr Ogunyooye stated.

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Economy

NASD Index Rises 0.05% on Afriland Properties Closes in Green

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NASD securities exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.05 per cent gain on Friday, December 6 after the price of Afriland Properties Plc went up by 60 Kobo to settle for the day at N16.60 per share versus Thursday’s closing price of N16.00 per share.

Consequently, the market capitalisation of the bourse increased during the session by N520 billion to settle at N1.056 trillion, the same value it ended a day earlier, as the NASD Unlisted Security Index (NSI) went up by 1.5 points to wrap the session at 3,014.91 points compared with 3,013.41 points recorded in the previous session.

Business Post reports that yesterday, the price of Acorn Petroleum Plc depreciated at the close of business by 15 Kobo to trade at N1.54 per unit compared with the preceding day’s N1.69 per unit.

The volume of securities traded in the session by investors soared by 168.3 per cent on Friday to 199,577 units from 74,381 units, but the value of securities went down by 45.8 per cent to N1.4 million from the N2.7 million recorded a day earlier, and the number of deals grew by 20 per cent to six deals from the five deals executed in the preceding session.

Geo-Fluids Plc remained the most active stock by volume (year-to-date) with 1.7 billion units sold for N3.9 billion, trailed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units worth N5.3 million.

Also, Aradel Holdings Plc remained the most active stock by value (year-to-date) with 108.7 million units worth N89.2 billion, followed by Okitipupa Plc with 752.2 million units valued at N7.8 billion, and Afriland Properties Plc with 297.3 million units sold for N5.3 billion.

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Economy

Nigerian Exchange Rebounds by 0.10%

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Nigerian Exchange Limited

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rebounded by 0.10 per cent on Friday as almost all the key sectors closed in green when trading activities ended for the week.

The banking index appreciated by 0.73 per cent, the insurance sector gained 0.55 per cent, the energy counter improved by 0.17 per cent, and the industrial goods space jumped by 0.04 per cent, while the consumer goods sector depreciated by 0.16 per cent.

At the close of business, the All-Share Index (ASI) moved up by 96.64 points to 98,210.75 points from 98,114.11 points and the market capitalisation gained N58 billion to quote at N59.534 trillion compared with Thursday’s closing value of N59.476 trillion.

The bourse finished with 27 price advancers and 21 price decliners, representing a positive market breadth index and bullish sentiment.

Golden Guinea Breweries jumped by 9.98 per cent to N5.40, Japaul improved by 9.30 per cent to N2.35, Sunu Assurances expanded by 9.07 per cent to N5.05, Sovereign Trust Insurance rose by 7.69 per cent to 84 Kobo, and Secure Electronic Technology grew by 7.69 per cent to 70 Kobo.

On the flip side, Eterna lost 4.62 per cent to N22.70, Sterling Holdings depreciated by 4.12 per cent to N4.65, Prestige Assurance fell by 3.85 per cent to 75 Kobo, Consolidated Hallmark shrank by 3.85 per cent to N2.50, and Champion Breweries slumped by 3.50 per cent to N3.86.

Yesterday, investors bought and sold 1.0 billion equities worth N17.5 billion in 7,220 deals, in contrast to the 723.0 million equities valued at N12.8 billion transacted in 8,495 deals a day earlier, indicating a decline in the number of deals by 15.01 per cent and a surge in the trading volume and value by 43.98 per cent and 36.72 per cent, respectively.

On top of the activity chart on Friday was Wema Bank with the sale of 472.5 million stocks valued at N4.1 billion, Fidelity Bank traded 251.5 million shares worth N4.0 billion, FCMB transacted 45.0 million equities for N404.9 million, UBA sold 42.3 million shares valued at N1.4 billion, and Japaul traded 20.7 million stocks worth N46.3 million.

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