Economy

Upbeat Chinese Data May Generate Early Buying Interest

Published

7 years ago

01/04/2019

By Investors Hub

The major U.S. index futures are pointing to a higher opening on Monday, with stocks likely to see further upside following the notable advance seen last week.

Early buying interest is likely to be generated by continued optimism about U.S.-China trade talks as well as upbeat Chinese manufacturing data.

Official data showed Chinese manufacturing activity unexpectedly grew for the first time in fourth months in March.

A private survey also showed the manufacturing sector in the world’s second biggest economy returning to growth.

Additionally, Beijing has announced that it will continue to suspend additional tariffs on U.S. vehicles and auto parts after April 1 as a gesture after Washington delayed tariff hikes on Chinese imports.

A delegation led by Chinese Vice Premier Liu He is headed to Washington later this week for another round of trade talks.

The positive sentiment may partly be offset by the release of a Commerce Department report showing an unexpected decrease in U.S. retail sales in February, although the modest drop followed a significantly upwardly revised increase in sales in the previous month.

Stocks moved mostly higher over the course of the trading day on Friday, adding to the gains posted last Thursday. The major averages moved higher at start of trading and saw further upside as the day progressed.

Eventually, the major averages ended the session just off their best levels of the day. The Dow advanced 211.22 points or 0.8 percent to 25,928.68, the Nasdaq climbed 60.16 points or 0.8 percent to 7,729.32 and the S&P 500 rose 18.96 points or 0.7 percent at 2,834.40.

The major averages also moved notably higher for the week. While the Dow surged up by 1.7 percent, the S&P 500 and the Nasdaq jumped by 1.2 percent and 1.1 percent, respectively.

The continued strength on Wall Street came amid optimism about the ongoing trade talks between the U.S. and China.

In a post on Twitter this morning, Treasury Secretary Steven Mnuchin described the latest round of high-level U.S. trade talks as “constructive.”

Mnuchin also said he looks forward to welcoming China’s Vice Premier Liu He to continue the important discussions in Washington next week.

Optimism about the trade talks also contributed to a continued rebound by treasuries, with the yield on the benchmark ten-year note continuing to recover after ending Wednesday’s trading at its lowest closing level since December of 2017.

On the U.S. economic front, a report released by the Commerce Department showed personal income in the U.S. increased by slightly less than anticipated in the month of February.

The report said personal income rose by 0.2 percent in February after edging down by 0.1 percent in January. Economists had expected personal income to climb by 0.3 percent.

Reflecting the continued impact of the recent government shutdown, the Commerce Department also released data on personal spending in January but not February.

Personal spending inched up by 0.1 percent in January after falling by 0.6 percent in December, while economists had expected spending to increase by 0.3 percent.

Meanwhile, a separate Commerce Department report showed a much bigger than expected increase in U.S. new home sales in the month of February.

The Commerce Department said new home sales surged up by 4.9 percent to an annual rate of 667,000 in February from the revised January rate of 636,000. Economists had expected new home sales to increase by about 1.3 percent.

With the increase in February, new home sales are at their high level since hitting a rate of 672,000 last March and up 0.6 percent compared to the same month a year ago.

Computer hardware stocks turned in some of the market’s best performances on the day, resulting in a 2.4 percent jump by the NYSE Arca Computer Hardware Index.

Significant strength was also visible among biotechnology stocks, with the NYSE Arca Biotechnology Index surging up by 2 percent.

Optimism about the U.S.-China trade talks also contributed to the considerable strength in the steel sector, as reflected by the 1.6 percent gain posted by the NYSE Arca Steel Index.

Semiconductor, healthcare, and software stocks also saw notable strength, moving higher along with most of the other major sectors.

Economy

All Set for Champion Breweries’ 50th AGM on Thursday

Published

6 hours ago

19/05/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.

At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.

Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.

In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.

This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.

These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.

The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.

The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.

“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.

“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.

Economy

NRS Launches Unified Tax ID System

Published

11 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.

The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.

According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.

The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.

“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.

The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.

According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.

“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.

The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

14 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.

GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.