Listeners:
Top listeners:
Omanyano ovanhu koikundaneki yomalungula kashili paveta, Commisiner Sakaria takunghilile Veronika Haulenga
Business / Economics
todayNovember 14, 2024 5
By Leonard Witbeen
In the latest market developments, Namibia’s local stock market had a relatively quiet session on November 13, with a total of N$1.16 million in value traded. According to the NSX daily report, the local market saw a volume of over 125,000 shares exchanged through 12 deals. While the day’s activity appeared subdued, the year-to-date figures paint a busier picture, with over 22 million shares traded, totaling N$360 million in value across 1,286 deals. The contrasting dynamics between the quieter session and the broader market trends underscore the fluctuations investors have been navigating this year.
The South African rand faced pressure as it dropped 1% to R18.10 against the US dollar. This marks the rand’s weakest level since mid-August, driven by the strengthening of the greenback in the aftermath of Donald Trump’s 2024 presidential victory. As per the IOL publication, the decline is attributed to emerging market concerns over potential trade actions and inflationary fiscal policies under Trump’s leadership. These uncertainties have contributed to volatility in emerging market currencies, with investors closely monitoring any signs of economic shifts that may impact global trade dynamics.
In another significant move, Nigeria’s state oil company, NNPC Ltd, announced a major deal on November 13. A subsidiary of NNPC has committed to supplying 100 million standard cubic feet of gas per day to the Dangote oil refinery for the next 10 years. While the financial terms of the agreement have not been disclosed, this long-term deal highlights the growing importance of energy supply agreements in the region. The Dangote refinery, set to become one of Africa’s largest, is crucial for Nigeria’s energy sector, and this supply commitment underscores the strategic importance of maintaining a reliable energy source for its operations.
On the global front, US stocks showed mixed performance as new consumer inflation data sparked speculation that the Federal Reserve might move forward with a rate cut in the coming months. The Nasdaq Composite dipped 0.3% after earlier gains, while the S&P 500 closed nearly flat. On a more positive note, the Dow Jones rose slightly by 0.1%. The mixed signals from the US stock market suggest that investors are weighing the potential for economic easing against the backdrop of broader inflation concerns.
For those tracking key financial indicators, here are the latest updates:
As global markets continue to evolve, the implications of political decisions, like Donald Trump’s presidential win, and energy supply agreements, such as Nigeria’s with the Dangote refinery, will likely have ripple effects on local and international markets. Investors are advised to keep a close eye on emerging trends, such as shifts in commodity prices and currency movements, which could influence market strategies in the weeks ahead.
Stay tuned for more updates from the world of business and finance.
Written by: Leonard Witbeen
Bitcoin Value Consumer Inflation Dangote refinery Donald Trump dow jones FEDERAL RESERVE gold price local market Namibia Stock Exchange Nasdaq Composite nigeria oil NSX market rand decline S&P 500 US presidential win
todayNovember 14, 2024 4
todayNovember 14, 2024 11
[adrotate group=”1″]
CurrencyRate
[adrotate group=”2″]