Global Markets Mix, S&P 500 Rises Ahead of Trump, Xi Meeting
Global markets are trading mixed as investors monitor prospects for easing United States (US)-China tensions ahead of the expected meeting between President Donald Trump and President Xi Jinping.
Hong Kong’s Hang Seng Index is currently up 0.34%, Japan’s Nikkei 225 is up 0.10%, while Australia’s ASX 200 is edging 0.19% lower.
Overnight, the S&P 500 and NASDAQ Composite climbed 0.58% and 1.20%, respectively, to fresh record highs as strong gains in technology shares outweighed hotter US producer price data, although the Dow Jones Industrial Average slipped 0.14%.
In Europe, markets rebounded strongly yesterday, with the Euro Stoxx 50 rising 0.91% and the FTSE 100 gaining 0.58%, supported by a recovery in technology stocks and strength in banking and mining shares.
The JSE All Share closed 0.53% higher on Wednesday as investors awaited the upcoming Trump-Xi summit. The Top 40 advanced 0.66%, while Resources led the charge with a 1.33% gain. Industrials rose 1.11%, but Financials lagged, declining 0.75%.
The technology stocks drove much of the day’s gains, with Naspers contributing the most to the index’s advance as it recovered 3.7% of its losses from the previous session.
The session saw mixed risk appetite as markets digested United States producer price inflation data that spiked last month, though the decline in oil prices from the Middle East conflict provided relief.
The Nigerian equity market closed in positive territory, with modest gains across key market indicators reflecting sustained investor optimism.
Both the NGX All-Share Index and market capitalisation edged up by 4bps, supported by continued bargain hunting in select medium- and large-cap stocks across major sectors.
Consequently, the All-Share Index advanced by 96.52 points to close at 252,508.19, while market capitalisation increased by ₦64.14bn to ₦162.05trn. Trading activity was mixed, as total volume traded declined by 17.00%, while value traded rose by 24.77%.
Overall, 1.68bn shares valued at ₦109.44bn were exchanged across 76,557 deals. FIRSTHOLDCO dominated trading activity, leading both the volume and value charts with 32.49% and 44.43% of total turnover, respectively.
Other notable volume drivers included ACCESSCORP, FIDELITYBK, UBA, and WEMABANK.
Market breadth closed positive, with 37 gainers against 30 losers. CWG, DAARCOMM, and two others topped the gainers’ chart with 10% appreciation apiece, followed by BERGER (+9.97%), INTENEGINS (+9.96%), FTNCOCOA (+9.96%), AUSTINLAZ (+9.73%), and ABBEYBDS (+9.70%).
On the downside, NCR led the losers, shedding 10%, followed by ZICHIS, FIRSTHOLDCO, NEIMETH, ETERNA, and UCAP. Sectoral performance was largely positive, as three of the five major indices closed higher.
The Industrial Goods Index led gains, rising by 93bps, followed by the Insurance Index (+68bps) and Consumer Goods Index (+23bps). In contrast, the Banking and Oil & Gas indices declined by 253bps and 3bps, respectively. Dangote Refinery IPO Coming Soon, Says Cowry Asset
