Business
European Bonds Decline on Manufacturing Data as Kiwi Gain
LONDON – European government bonds fell after a report confirmed euro-area manufacturing expanded for a fifth month in November. The New Zealand and Australian dollars rallied as Asian economic reports beat estimates.
German 10-year bund yields climbed four basis points to 1.73 percent at 10:35 a.m. in London. Treasury 10-year note yields gained four basis points and the rate on similar-maturity gilts jumped seven basis points. The pound rose to its strongest level versus the dollar since August 2011, the kiwi jumped 0.8 percent and the Aussie added 0.3 percent.
The Stoxx Europe 600 Index fell 0.2 percent and Standard & Poor’s 500 Index (SPA) contracts were little changed. Gold dropped 0.8 percent while crude oil gained 0.4 percent.
Manufacturing in the euro area expanded, with Markit Economics’s factory index rising to 51.6 in November from 51.3 in October and an estimate for 51.5.
The gauge in Spain fell to 48.6, the lowest since May, and compared with a forecast 51.1. Manufacturing indexes in China beat estimates for November as gauges in South Korea, India and Taiwan climbed. The U.S. Institute for Supply Management’s index was 55.1 in November, falling from the highest level since April 2011, according to the median economist forecast in a Bloomberg survey.
“The European PMIs were stronger than expected, apart from Spain, and this is weighing on bunds,” said Mathias Van Der Jeugt, a fixed-income strategist at KBC Bank NV in Brussels. “In the short term, the data limits the chance that the ECB will ease further. We believe U.S. manufacturing ISM can also beat consensus today and add downward pressure onto bunds.”
Treasuries, Gilts
Treasury 10-year notes rose to 2.79 percent and the rate on similar-maturity gilts climbed to 2.84 percent. Sterling gained 0.3 percent to $1.641 after advancing to $1.6443, the highest since Aug. 29, 2011.
New Zealand’s dollar strengthened against all of its 16 major counterparts, rising the most against the euro. Australia’s dollar strengthened to 91.32 U.S. cents.
The yen weakened 0.3 percent to 102.77 per U.S. dollar and the euro slipped 0.2 percent to $1.3561. Sterling jumped as much as 0.5 percent to $1.6443 before paring its advance to $1.6421.
The Stoxx Europe 600 Index dropped after falling as much as 0.3 percent after the Spanish data. Three stocks declined for every one that rose. The index gained 0.9 percent in November for a third consecutive monthly gain. The gauge has climbed 16 percent this year.
ThyssenKrupp AG slumped 7.8 percent after Germany’s largest steelmaker said it will sell equity equivalent to as much as 10 percent of its market value. ThyssenKrupp agreed to sell its U.S. steel plant to ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. for $1.55 billion, the Essen-based company said in a Nov. 29 statement. ArcelorMittal gained 2.1 percent.
U.S. Futures
Futures (SPX) on the S&P 500 expiring this month declined less than 0.1 percent. The index advanced 27 percent this year and reached an all-time high on Nov. 27.
Spending on a Black Friday weekend fell for the first time since 2009. Purchases at stores and websites fell 2.9 percent to $57.4 billion during the four days beginning with the Nov. 28 Thanksgiving holiday, according to a survey commissioned by the National Retail Federation.
The MSCI Asia Pacific Index dropped 0.1 percent, Japan’s Topix rose less than 0.1 percent, while Australia’s S&P/ASX 200 slid 0.7 percent. Hong Kong’s Hang Seng Index added 0.7 percent and India’s Sensex gained 0.5 percent.
A Chinese index of small companies tumbled by a record after the government said it will resume initial public offerings. China’s securities regulator said 50 companies will be ready for IPOs by the end of January as authorities prepare to lift a more than one-year ban on new listings.
China Data
The Shanghai Composite Index dropped 0.6 percent, while the ChiNext Index sank 8.4 percent, paring this year’s gain to 76 percent. There are more than 760 companies in line for approval and it will take about a year to complete an audit of all the applications, the regulator said on Nov. 30.
“Investors are weighing the positive economic data that’s coming out from the different markets, trying to gauge if these are sufficient to extend the rally on equities,” Jonathan Ravelas, chief market strategist at BDO Unibank Inc., said in Manila. “The resumption of China IPOs will spur fund rotation to the newcomers on hopes these will provide better returns.”
China’s official manufacturing purchasing managers’ index came in at 51.4 for November, matching the 18-month high reached in October. The median projection in a Bloomberg News survey was for 51.1, with levels above 50 signaling expansion. A separate gauge from HSBC Holdings Plc and Markit Economics was 50.8, topping estimates. HSBC/Markit’s manufacturing index for South Korea rose to 50.4 from 50.2, while a measure for Taiwan output climbed to 53.4 from 53.
Emerging Markets
The MSCI Emerging Markets Index advanced 0.1 percent, headed for the highest level in almost two weeks. The Shanghai Stock Exchange Composite Index (SHCOMP) retreated 0.6 percent, snapping a three-day gain.
The Thai baht weakened to the lowest level since Sept. 9 versus the dollar as the central bank warned a political standoff was hurting Southeast Asia’s second-largest economy. Protesters seeking Prime Minister Yingluck Shinawatra’s ouster vowed to incite more unrest.
PT Bank Rakyat Indonesia led a 1.5 percent gain in the Jakarta Composite Index (JCI) and the rupiah jumped 1.6 percent after data showed a surprise trade surplus. Indian shares climbed to the highest level since Nov. 20 after data showed economic growth quickened last quarter from a four-year low.
The Indonesian rupiah headed for its biggest gain since May 2012. Exports exceeded imports by $42.4 million in October, compared with the median estimate for a $775 million deficit by economists surveyed by Bloomberg, official data showed today.
U.S. Debt
Global stocks beat all assets for a third month in November, the longest winning streak since 2009. The MSCI All-Country World Index of equities rose 1.5 percent including dividends as China pledged to expand economic freedoms, the European Central Bank cut interest rates and speculation increased the Federal Reserve will put off a paring of stimulus.
America’s banks have never been so wary of risking their cash deposits on U.S. government debt. Their $1.8 trillion of the bonds now equal less than 70 percent of their cash, the least since the Federal Reserve began compiling the data in 1973.
Gold, Crude
The cost of insuring corporate bonds against losses fell, with the Markit iTraxx Europe Index of credit-default swaps on 125 investment-grade companies decreasing 0.6 basis points to 78.8 basis points. The gauge fell to 77 basis points last week, the lowest since April 2010.
Gold for immediate delivery fell for the first time in three sessions in London trading, declining 1 percent to $1,237.50 an ounce. Copper declined 0.6 percent to $7,014.50 a metric ton on the London Metal Exchange, while aluminum traded 0.4 percent lower at $1,748.25 a ton, near a four-year low.
Crude oil was little changed at $93.73 a barrel in electronic trading on the New York Mercantile Exchange. Natural gas fell for the first time in eight days in New York, declining 0.8 percent and snapping the longest rising streak since January 2011.
Soybeans advanced 0.6 percent to $13.445 a bushel in Chicago after earlier touching $13.46, the highest in more than two months, on surging demand for U.S. supplies.
– BLOOMBERG
The Nigerian Exchange Group (NGX Group) is set for the Initial Public Offering (IPO) of the Dangote Petroleum Refinery & Petrochemicals (DPRP), which would have three billion ordinary shares on offer at $0.35 per share.
Chairman of the (NGX Group), Dr. Umaru Kwairanga, spoke of the IPO at the weekend during a visit to the Abu Dhabi Stock Exchange (ADX), United Arab Emirates (UAE), adding that investor demand already exceeded $2 billion.
During a meeting with ADX’s board and management, Dr. Kwairanga said: “In Nigeria, we are also preparing for Dangote Refinery IPO which is seen as a continental project. Hopefully, the refinery, which is one of the biggest refineries in the world, will consider a dual listing in a global financial centre and we hope to have the active participation of Middle East investors with roadshows likely in the UAE.”
Quoting sources and a placement document, Reuters on Friday reported that the refinery is offering 3 billion ordinary shares at $0.35 per share, with investor demand already exceeding $2 billion.
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According to the report, investors must subscribe to a minimum of one million shares ($350,000), with additional purchases in multiples of 500,000 shares, adding that shares will be subject to a 365-day lock-up period.
Proceeds will be used for expansion and general corporate purposes as the refinery ramps up operations and strengthens its market position, the document showed.
During the meeting with the executives of the UAE-based exchange at the weekend, Kwairanga solicited collaborative efforts between the NGX and ADX, noting that both markets could explore knowledge sharing and training programmes.
He expressed delight that despite the ongoing geopolitical tensions, the Abu Dhabi Exchange and the UAE in general are working and peaceful and still a global destination of choice for business.
This, he observed, was a clear demonstration of the solid foundation laid by the founding fathers and the resilience, determination and focus of current leaders, adding that he had no doubt that the UAE will emerge stronger from present issues.
He said the NGX, which he chairs, and the Nigerian capital market have witnessed dramatic improvement in performance and operations over the last couple of years.
“Our index and market capitalisation has more than doubled in the last couple of years and we have been attracting renewed interest from investors from all parts of the globe, including the Middle East.
“I recall that our President, Bola Ahmed Tinubu, who is Nigeria’s leader and chief marketer was in Abu Dhabi earlier this year to inform investors about ongoing economic reforms in Nigeria and why it is a very attractive destination for business,” Kwairanga said in a statement which he made personally signed.
The NGX Chairman said the exchange is also at the forefront of the African Exchanges Linkage Project, which will seamlessly link stock exchanges in several African countries for intra African trading and broaden the continent’s capital markets significantly.
“I believe during this visit, we will discuss areas for collaboration between our two exchanges in areas such as exchange of knowledge and training programmes, especially product development, cross border listings, openings in Nigeria for UAE quoted companies that may wish to expand. One product/platform that I believe we can work on is Tabadul.
“In Nigeria, we are also preparing for Dangote Refinery IPO which is seen as a continental project. Hopefully, the refinery, which is one of the biggest refineries in the world, will consider a dual listing in a global financial centre and we hope to have the active participation of Middle East investors with roadshows likely in the UAE,” he said.
Business
Ekpo Urges Entrepreneurs to Harness Nigeria’s Gas Resources for Economic Growth, General Wellbeing
The Minister of State for Petroleum Resources (Gas), Hon. Ekperikpe Ekpo, has urged investors to unlock Nigeria’s vast natural gas resources to drive industrialisation, economic growth, job creation, and improved living standards for all Nigerians.
Ekpo made this appeal when he delivered a keynote address at the Association of Local Distributors of Gas (ALDG) Business Forum 2026 held in Abuja, where he spoke on the theme, ‘From Gas Abundance to Gas Access: Reassessing Nigeria’s Gas Distribution Imperatives’.
The minister who was represented by the Director of Midstream and Downstream at the ministry, Mrs. Ikenma Irene, told stakeholders that while Nigeria possessed over 209 trillion cubic feet of proven natural gas reserves—making it one of the most gas-endowed nations globally—the country’s true challenge was actually on how to ensure widespread access and utilisation of this strategic resource.
“Nigeria’s development will not be measured by the volume of gas beneath our soil, but by the extent to which that gas powers industries, supports households, creates jobs, and fuels sustainable economic growth,” the minister stated.
The minister commended ALDG for providing a strategic platform for collaboration and dialogue among key stakeholders, noting that the Forum intervened at a critical period in Nigeria’s energy transition journey.
He highlighted the federal government’s continued commitment under the leadership of President Bola Tinubu to deepen domestic gas utilisation through the Decade of Gas initiative and other transformative reforms designed to position Nigeria as a gas-powered economy.
The minister further noted that the Petroleum Industry Act (PIA) 2021 has strengthened the legal and regulatory framework necessary to attract investment, encourage private sector participation, expand infrastructure, and promote market efficiency throughout the gas sector.
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According to the minister, industrialised nations achieved economic advancement not merely because of resource endowment but because they built systems that enabled reliable energy access, industrial utilisation, and efficient markets.
He said, “Nigeria must now move decisively from gas abundance to gas accessibility.
“The success of this vision requires policy consistency, strong institutions, strategic investments, infrastructure expansion, security collaboration, and sustainable stakeholder partnerships.”
He urged stakeholders participating in the Forum to focus on developing practical, investment-driven solutions that expand gas access and deliver measurable benefits to Nigerians.
“As we deliberate today, let us remain focused on building a gas sector that delivers real value to Nigerians — one that powers industries, supports households, creates jobs, enhances energy security, and drives inclusive national development,” the minister stated.
“Let us move from gas abundance to gas access. Let us move from policy to implementation. Let us build a gas economy that works for all Nigerians,” he added.
The ban on exportation of Liquefied Petroleum Gas (LPG) is still in force despite rising prices and supply concerns across Nigeria.
An official with the Federal Ministry of Petroleum Resources made the clarification amid soaring prices and claims that locally produced cooking gas is being exported in foreign currency at the expense of domestic consumers.
Speculations had mounted amongst cooking gas retailers that some locally produced LPG was being sold to West African buyers because it was more profitable than supplying the domestic market.
The Chairman of the Liquefied Petroleum Gas Retailers Association, Ayobami Olarinoye, had told The PUNCH that the persistent scarcity and high prices of cooking gas were being worsened by limited product availability and alleged exports by a local refinery.
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Speaking exclusively with The PUNCH, the spokesman for the Minister of State for Petroleum Resources (Gas), Louis Ibah, dismissed the claim, saying the Federal Government’s restriction on LPG exports remains in place and is being enforced by the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
“The ban on exports of LPG announced by the Minister of State for Petroleum Resources (Gas), Dr Ekperikpe Ekpo, is still in place to stabilise prices and is strictly enforced by the NMDPRA,” Ibah told The PUNCH on Thursday.
Ibah emphasised that none of the local producers is allowed to export cooking gas, saying all resources are focused on making the product available for Nigerians. “It’s important to note that none of our producers are currently exporting the LPG meant for cooking in Nigeria, so all resources are focused on meeting our local needs,” he said.
The government’s position comes as concerns mount over soaring cooking gas prices and supply shortages across several parts of the country. Retailers and consumers have reported difficulties accessing supplies, while prices have continued to rise.
Describing the situation, Olarinoye said access to products had become increasingly difficult in recent weeks. “Getting the product has been excruciatingly difficult, and it is not readily available. Out of every 10 plants, only one or two would have products to sell to our members. Many of them, especially those situated in relatively residential areas, prefer to sell directly to end-users, while a few are still selling to retailers,” he stated.
He warned that prices were unlikely to decline in the immediate term unless there was an intervention. “The high price may remain the way it is until the situation changes positively,” the LPGAR boss noted.
Olarinoye called on the Federal Government to create incentives that would encourage more investors to enter the LPG market and boost local supply.
A source at the NMDPRA said the regulator was working with the Nigerian National Petroleum Company Limited and other stakeholders to improve product availability. “The regulator is collaborating with the Nigerian National Petroleum Company Limited and other key stakeholders to further boost LPG availability in the local market,” the source said.
It was also learnt that a new Seplat gas facility is expected to begin LPG supply to the domestic market by July. “This means we can expect a significant improvement in supply,” the source added.
The concerns come as the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, called for stronger efforts to improve domestic gas distribution and utilisation across the country.
Speaking at the Association of Local Distributors of Gas Business Forum 2026 in Abuja, Ekpo said Nigeria’s vast gas reserves would remain economically insignificant unless they are translated into accessible energy for households, industries and businesses.
Represented by the Director, Midstream and Downstream, Mrs Ikenma Irene, the minister delivered a keynote address titled, ‘From Gas Abundance to Gas Access: Reassessing Nigeria’s Gas Distribution Imperatives’.
He noted that Nigeria holds more than 209 trillion cubic feet of proven natural gas reserves but said the country’s development would depend on how effectively those resources are utilised.
“Nigeria’s development will not be measured by the volume of gas beneath our soil but by the extent to which that gas powers industries, supports households, creates jobs, and fuels sustainable economic growth,” the minister stated.
According to him, infrastructure gaps, weak distribution networks and limited market penetration remain major obstacles to increased domestic gas utilisation.
Ekpo reiterated the Federal Government’s commitment under President Bola Tinubu to accelerate domestic gas development through the Decade of Gas initiative and highlighted reforms under the Petroleum Industry Act 2021 aimed at improving investor confidence and encouraging private sector participation.
“Nigeria must now move decisively from gas abundance to gas accessibility. The success of this vision requires policy consistency, strong institutions, strategic investments, infrastructure expansion, security collaboration, and sustainable stakeholder partnerships,” he said.
He urged operators to focus on practical solutions that would expand infrastructure and distribution networks while ensuring affordable and reliable access to gas.
“Let us remain focused on building a gas sector that delivers real value to Nigerians—one that powers industries, supports households, creates jobs, enhances energy security, and drives inclusive national development,” he stated.
The minister concluded with a call for the implementation of gas sector reforms. “Let us move from gas abundance to gas access. Let us move from policy to implementation. Let us build a gas economy that works for all Nigerians,” he added.
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