BusinessDay

Five things to know to start your Wednesday

UACN, GSK, other stocks push market higher by 0.35%

Nigeria’s stock market furthered its northward movement on Tuesday by 0.35percent or N99billion as investors showed remarkable buy interest in stocks like UACN, GSK, Global Spectrum Energy Services, Japaul Gold and Jaiz Bank. The market’s positive return year-to-date (ytd) increased to 24.71percent

UACN share price rose most on Tuesday, from day-open low of N11 to N11.50, up by 50kobo or 4.55percent. GSK also increased, from N6.85 to N7.20, up 35kobo or 5.11percent. Global Spectrum Energy Services also moved up from N2.50 to N2.75, adding 25kobo or 10percent.

Also, Japaul Gold increased from 30kobo to 32, up by 2kobo or 6.67percent, while Jaiz Bank share price rose from 88kobo to 95kobo, adding 7kobo or 7.95percent.

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Saudi Aramco promotes key executives in quest to grow trading company

Saudi Arabia’s Aramco is promoting trading executives to help them achieve their goal of becoming the world’s largest oil trading company.

The former head of trading, Ibrahim Al-Buainain, has been promoted to vice president for trading, sales, and supply planning, while his deputy has been promoted to take over as chief executive officer of Aramco Trading Co., Bloomberg reported.

These promotions, which are integral to achieving its objective as a force in crude oil sales and marketing, will align the company closer to oil giants like Shell and BP Plc. companies that earn billions from oil trading deals annually.

These changes also prepare the trading company ahead of its initial public offering, coming soon.

UAE in talks with South Africa on extraditing Gupta brothers

The United Arab Emirates and South African authorities are in advanced talks to extradite Rajesh and Atul Gupta to South Africa after Interpol declared them the two most wanted criminals in the world.

The Emirati is in the advanced stage of preparing extradition papers for the two men who are alleged to have conspired to loot billions of dollars during the administration of former president Jacob Zuma.

The two infamous individuals who lived a life of opulence and a public display of stolen wealth were arrested in the UAE on Tuesday by the Dubai police and are expected to be deported at any moment to South Africa.

The two men were fingered as major culprits in fraud cases that saw more than 500 billion rand, which is equivalent to $32 billion, stolen away during Jacob Zuma’s nine-year rule.

According to Bloomberg, a judicial panel of inquiry report fingered the Guptas in corruption cases that saw billions stolen away from the transportation, power, and defence sectors.

Read also: Nigeria’s longest election cycle kicks off

US futures fall after losing 2-day gains

US stock futures slipped, losing gains made earlier this week, as investors continue to place more emphasis on analysing the impact inflation and higher interest rates will have on corporate earnings.

 

According to tradingeconomics, futures contracts linked to the Dow Jones, S&P 500, and Nasdaq lost 0.2 percent of their market value.

According to Yahoo Finance, the Dow finished the day up 0.8 percent, the S&P 500 up 0.95 percent, and the Nasdaq up 0.94 percent for their second straight day of gains.

 

Accordingly, only one sector, or clicker, out of the eleven clickers S&P sectors ended in negative territory. The biggest gainers were the energy, industrial, and health sectors.

 

Investors now look forward to Friday’s consumer price index reading for May, which will help guide the Federal Reserve’s policy formulation, especially considering if the bank will continue with its 50 basis point interest rate hike beyond July.

South Africa’s economy reaches pre-pandemic size in strong Q1

Statistics South Africa (SSA) released its latest report which showed that the South African economy, considered to be Africa’s second-largest economy behind Nigeria according to Statista, exceeded growth expectations for the first quarter.

The economy returned to its pre-pandemic growth level for the first time in twenty-four months following strong performance from the manufacturing, trade, catering, and accommodation sectors. Others that contributed to this growth figure are agriculture, forestry, and fishing.

President Cyril Ramaphosa, who took over office from former President Jacob Zuma, will look at this result as a good return for all the stimulus he has implemented to drive economic growth.

In the first three months of 2022, the gross domestic product increased by 1.9 percent in quarter-on-quarter seasonally adjusted terms and by 3.0 percent year on year unadjusted. This is according to Reuters.

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