Global stock markets rose on Monday and oil prices eased as investors hailed strong U.S. holiday season sales and some grew less fearful about economic damage from the Omicron variant of COVID-19.
Still, fears that the pandemic could hurt economic growth pushed gold prices to the highest in more than a week despite pressure from a firmer U.S. dollar.
A Mastercard Inc survey showed a substantial rise in U.S. holiday season retail sales. This fueled investor optimism, boosting Wall Street and lifting a gauge of stocks across the globe by 0.87%. European gains offset earlier weakness across Asian markets.
Some investors grew confident a global recovery would regain steam next year even though the pandemic has prompted U.S. airlines to cancel or delay thousands of flights due to staff shortages, while several cruise ships had to cancel stops after COVID-19 outbreaks aboard.
In Asia, China reported its highest daily rise in local COVID-19 cases in 21 months as infections more than doubled in the northwestern city of Xian, its latest hotspot.
In France, the government convened a special meeting that could trigger new restrictions after the country hit another infection record.
Spot gold added 0.1% to $1,811.92 an ounce.
Wall Street’s main stock indexes notched their fourth straight session of gains, after reports last week that the highly infectious Omicron variant may not be as deadly as earlier types of COVID-19.
“Heading into 2022 we will still have COVID uncertainties but the good news is that, according to the WHO, we may be see the end of the pandemic towards the end of year,” said Jawaid Afsar, sales trader at Securequity.
He added that next year markets must also contend with other issues, ranging from inflationary pressures to policy tightening and geopolitical risks.
Looking ahead, thin trading volumes ahead of New Year could make markets volatile. Still, since 1945, the last five trading days of December and the first two days of January have boded well for U.S. stocks 75% of the time, according to CFRA Research data.
The pan-European STOXX 600 index rose 0.62%, nearing its highest level in over a month.
Mainland Chinese shares weakened, with Shanghai’s benchmark sliding 0.4% and an index of blue chips retreating less than 0.1%. Property stocks did get a lift, though, after China’s central bank vowed to promote healthy development of the real estate market.
Australia, Hong Kong and Britain were among markets closed on Monday for holidays.
On Wall Street, the Dow Jones Industrial Average rose 0.98%, while the S&P 500 gained 1.38% after hitting a record high during the session. The Nasdaq Composite added 1.39%.
In debt markets, U.S. Treasuries 10-year yields held below Thursday’s high of just above 1.5%.
In foreign exchange markets, the dollar was rangebound, despite a hawkish turn at the Federal Reserve this month that saw policymakers signal three quarter-point rate hikes in 2022.
The dollar index fell 0.026%, with the euro up 0.01% to $1.1326
In the crude market, U.S. crude recently rose 3.04% to $76.03 per barrel and Brent was at $78.94, up 3.68% on the day.
Nigerian Stocks Market Posts Second Decline in 2022
The Nigerian Exchange Limited (NGX) posted its second decline in 2022 on Thursday as the NGX All-Share Index shed 0.01 percent to close at 44,604.74 index points.
Activity on the Exchange floor was mixed as investors traded 321,753,226 shares worth N3.655 billion in 4,565 transactions during the trading hours of Thursday, against 266,328,204 shares valued at N3.822 billion in 4,502 deals during the trading hours of Wednesday.
Market value of listed equities dipped slightly to N24.032 trillion, down from N24.034 trillion it closed on Wednesday.
Sectorial performance showed the NGX Banking Index gained 7bps on JAIZBANK (+6.06%), STERLNBANK (+0.66%), ETI (+0.58%) and ZENITHBANK (+0.20%). UBN (-1.77%) lost points. While the NGX Consumer Goods Index gained 16bps on INTBREW (+4.04%). Losers were HONYFLOUR (-2.35%) and UNILEVER (-1.49%).
The NGX Oil and Gas and Industrial Indexes closed flat.
The year-to-date return of the Exchange stood at 4.42 percent as 14 stocks closed in the green against a total of 15 stocks that lost points. See the other details below.
|TRANSCORP||N 1.03||N 1.13||0.10||9.71 %|
|CHIPLC||N 0.63||N 0.68||0.05||7.94 %|
|REGALINS||N 0.42||N 0.45||0.03||7.14 %|
|JAIZBANK||N 0.66||N 0.70||0.04||6.06 %|
|INTBREW||N 4.95||N 5.15||0.20||4.04 %|
|NEM||N 4.40||N 3.96||-0.44||-10.00 %|
|CUSTODIAN||N 7.90||N 7.15||-0.75||-9.49 %|
|UACN||N 9.60||N 9.10||-0.50||-5.21 %|
|FTNCOCOA||N 0.39||N 0.37||-0.02||-5.13 %|
|JAPAULGOLD||N 0.45||N 0.43||-0.02||-4.44 %|
Alain Francis Nkontchou Invests Almost N1 Billion in Ecobank
Alain Francis Nkontchou, Chairman and Non-Executive Director of Ecobank Transnational Incorporated, has dumped almost N972,206,546.2 on shares of Ecobank.
The bank disclosed in a statement signed by Madibinet Cisse, Company Secretary and obtained by Investors King.
Alain Nkontchou purchased 131,379,263 shares at an aggregate price of N7.40 a unit between 1 September 2021 and 20 December 2021 from shares offered for sale in the market at the Nigerian Exchange Limited trading office in Lagos Nigeria.
The disclosure is in line with SEC’s new insider dealing declaration ACT to force transparency policy across the Nigerian capital market.
Alain Nkontchou was appointed as Chairman of Ecobank on June 30, 2021. Prior to joining the bank, Alain Nkontchou is the Managing Partner and co-founder of Enko Capital Management LLP, an asset management company based in London and Johannesburg, which focuses on African investment opportunities.
Mr Nkontchou was an advisor at Laurent Perrier champagne, having been a NonExecutive Director from 1999 to 2009. He was Managing Director of Credit Suisse’s Global Macro Trading Group in London between 1995 and 2008 and also at JP Morgan Chase & Co. in the same capacity.
Between 1989 and 1994, he was with Chemical Bank in Paris and New York, where he became Vice- President, Head of Trading and Sales.
Mr Nkontchou has a track record of business success, having generated significant dollar revenues for each of these top tier institutions. He has an MSc in Electrical Engineering from Supélec and P.M. Curie University, Paris, and an MSc in Finance and Accounting from ESCP (Ecole Supérieure de Commerce de Paris).
Jaiz Bank, Unity Bank, Others Lead Stock Gainers on Wednesday
The Nigerian Exchange Limited (NGX) extended gains on Wednesday on the back of a strong positive close in Jaiz Bank, Academy Press Plc, Unity Bank Plc and others.
Investors transacted 266,328,204 shares worth N3.822 billion in 4,502 deals during the trading hours of Wednesday to push the NGX All-Share Index to 44,608.82 index points, an increase of 1.71 percent. The market value of all listed equities crossed N24 trillion to N24.034 trillion.
The Exchange year-to-date improved to 4.43 percent as 24 stocks closed in the red against 15 stocks lost points.
Sectorial performance showed that the NGX Banking Index gained 39bps on JAIZBANK (+10.00%), UNITYBANK (+8.70%), WEMABANK (+2.30%), UBA (+1.23%), FIDELITYBK (+1.18%) and ZENITHBANK (+0.20%). STERLINGBANK (-1.95%) and ETI (-0.58%) lost points.
Similarly, the NGX Consumer Goods Index gained 14bps on CHAMPION (+3.40%), GUINNESS (+2.93%), and PZ (+2.14%). HONYFLOUR (-2.86%) lost points.
The NGX Oil and Gas Index gained 137bps on SEPLAT (+2.99%) and ETERNA (+0.72%). CONOIL (-3.18%) lost points. While the NGX Industrial index gained 306bps on DANGCEM (+6.18%).
|JAIZBANK||N 0.60||N 0.66||0.06||10.00 %|
|ACADEMY||N 0.60||N 0.66||0.06||10.00 %|
|UNITYBNK||N 0.46||N 0.50||0.04||8.70 %|
|SOVRENINS||N 0.24||N 0.26||0.02||8.33 %|
|MBENEFIT||N 0.27||N 0.29||0.02||7.41 %|
|CHIPLC||N 0.69||N 0.63||-0.06||-8.70 %|
|REGALINS||N 0.46||N 0.42||-0.04||-8.70 %|
|SUNUASSUR||N 0.37||N 0.34||-0.03||-8.11 %|
|AIICO||N 0.81||N 0.78||-0.03||-3.70 %|
|NEIMETH||N 1.86||N 1.80||-0.06||-3.23 %|
Debt Management Office Releases Q1, 2022 Calendar
eCommerce Payment Transactions to Exceed $7.5 Trillion Globally by 2026, as Omnichannel Retail Momentum Accelerates
Manufacturing Activities, Macroeconomy Witness Gradual Growth in Q4 2021: MAN
Technology3 weeks ago
World Mobile, Altaeros Partner to Launch Aerostat Balloons to Connect the Unconnected in Africa
News3 weeks ago
Npower Payment: NASIMS Confirms Payment of Allowance to Non-Graduate Trainees
News2 weeks ago
Npower Payment: NASIMS Commence Npower Batch C October Payment, Removes November Payroll Status
News4 weeks ago
Sweden Introduces New Measures to Battle COVID-19
News4 weeks ago
Npower News: FG Launches New Skill Acquisition Programme
Cryptocurrency3 weeks ago
Shiba Inu Burn Update: 351.1 Million Shiba Inu Coin Destroyed In 24 Hours
News4 weeks ago
Osinbajo Lauds Buhari Regime’s Social Investment Programmes
Appointments4 weeks ago
Kaizen Academy Limited Appoints Three New Directors