![]() ![]() To put it in perspective, the combined value of these 11 companies amounted to N28.849 trillion as of August 31, 2023, representing 79.2 percent of the total market value of N36.423 trillion. Others include Zenith Bank Plc, Seplat Energy Plc, Nestle Nigeria Plc, Stanbic IBTC Holdings Plc, and Geregu Power Plc. These standout companies comprise Dangote Cement Plc, MTN Nigeria Communication Plc, Airtel Africa Plc, BUA Cement Plc, BUA Foods Plc, and Guaranty Trust Holding Company Plc (GTCO). ![]() reduced its estimate of the probability of a US recession.Ĭhief economist Jan Hatzius noted, “Continued positive inflation and labor market news has led us to cut our estimated 12-month US recession probability further to 15%, down 5pp from our prior estimate.”ġ1 blue-chip companies out of the 155 listed on the Nigerian Exchange Limited (NGX) have emerged as dominant players in the equities market for the first eight months of 2023, growing their market value by 79.2 percent. The developer is also proposing to extend principal payments for eight yuan bonds, as reported by holders briefed by company advisers. informed creditors that it had paid coupons of two dollar bonds within the grace periods. In a more positive development, Country Garden Holdings Co. Gold, on the other hand, experienced a decline. In other market developments, oil prices remained near their highest levels since November due to supply cuts from OPEC+. European Central Bank President Christine Lagarde refrained from signaling whether policymakers would raise or maintain interest rates in her speech on Monday. Later in the day, traders will shift their focus to August PMI data from the euro area amid concerns about stagflation in the region. The offshore yuan weakened in response to the PMI data. In contrast, the US dollar gained strength against most of its Group-of-10 peers, while Treasuries slipped as cash trading resumed following a US holiday on Monday. This development supports the argument for the central bank to remain open to further policy tightening.Īustralian equities remained relatively stable, while the Australian dollar continued its earlier decline following the central bank’s decision to keep rates on hold for the third consecutive month.Īlthough officials indicated that further tightening might be necessary, they also acknowledged that inflation had peaked, and Australia’s bonds recovered some of their earlier losses. in Melbourne, stated, “It’s the typical post-party reality check that’s cooling down China’s rally today, as the services PMI notably missed expectations, suggesting further economic downturn ahead.”ĭuring Asian trading, futures for European and US stocks also fell while South Korean stocks joined the decline as August inflation accelerated faster than economists had predicted, driven by rising energy costs. ![]() The MSCI Asia Pacific Index is on track for its first decline in seven days, with Hong Kong shares leading the way with a dip of more than 1%.Īccording to an industry survey, China’s services sector saw the slowest growth this year in August, further reinforcing the notion that the economic recovery is losing steam. Global markets experienced a downward trend as disappointing China services data added to concerns over the nation’s fragile economic recovery.Īustralia’s dollar continued its losses after the central bank decided to keep interest rates unchanged. ![]()
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