Akeem ReachnaijaMarch 19, 2019


The internally generated revenue (IGR) of Lagos state rose by approximately N33 billion from 2015 to 2016, beating 33 states put together.

According to a report by the Nigeria Extractive Industries Transparency Initiative (NEITI), the state recorded an IGR of N301.19 billion, a rise of N32.99 billion in one year.

The total IGR from 33 states of the federation, excluding Delta, Ogun and Rivers states, stood at N299 billion — over a billion less than Lagos IGR.

Delta, Ogun and Rivers raked in N44.89 billion, N56.30 billion and N82.10 billion respectively.

Like his predecessors, Bola Tinubu and Babatunde Fashola, Akinwunmi Ambode, governor of Lagos state, has at various times committed himself to the generation of IGR in the state.

The NEITI report, which reviewed disbursements from the Federation Account Allocation Committee (FAAC) for the fourth quarter of 2016, also showed that Lagos received N109 billion in 2016.

The agency lamented low revenue generation across 34 states, citing Lagos and Ogun as the only states generating more than what they get from the central.

“IGR is very low in most states and it is only in two states – Lagos and Ogun – that IGR is higher than FAAC allocations. The figure shows that total revenue by itself cannot fund states budgets,” it said.

NEITI said the three tiers of government shared N5.121 trillion through 2016 — a decline from 2015 figures.

“Total disbursements fell by 14.8% from N6.011 trillion for the year 2015 to N5.121 trillion for the 2016. In Q1 2016, total disbursements were N1.132 trillion as against N1.648 trillion in Q1 2015, a decline of 31.2% in Q1 2016,” NEITI said.

“Total disbursements fell by 26.9% from N1.241 trillion in Q2 2015 to N906 billion in Q2 2016. There was a further decline in Q3 when total disbursements dropped by 7.8% from N1.887 trillion in 2015 to N1.738 trillion 2016.

“However, total disbursements increased in Q4 by 8.8% from N1.233 trillion in 2015 to N1.343 trillion in 2016.”

The report revealed that “the federal government received a total of N2.08 trillion from the federation account in 2016, which represents a drop of 19.9% of the total N2.6 trillion received in 2015.”

The 2016 budget was for N6.06 trillion, implying that at N2.08 trillion, total FAAC disbursements were only 34.3 percent of the budget.

“Thus, the federal government would have to resort to even higher debts to fund the budget. The implication of this is that debt service payments, which accounted for 24.3% of the 2016 budget, would increase.”



Akeem ReachnaijaMarch 5, 2019


The Nigerian equities market kick-started trading activities for the week, yesterday on a positive note, driven by the positive performance in 25 stocks across Banking, Consumer and Industrial sectors. As a result, the All – Share- Index (ASI) gained 302.70 absolute points, representing an increase of 0.95 per cent, to close at 32,129.94 points. Similarly, market capitalisation grew by N113 billion, to close at N11.982 trillion. The upturn was impacted by gains recorded in medium and large capitalised stocks, amongst which are; International Breweries, Guaranty Trust Bank, Zenith Bank, Dangote Flour Mills and Dangote Cement. Analysts at Afrinvest Limited believed that the positive performance recorded yesterday would persist into subsequent trading sessions as investors continue to take positions in fundamentally sound stocks. Market breadth was positive, recording 25 gainers against 10 losers. McNichols recorded the highest price gain of 9.80 per cent, to close at 56 kobo, per share. Cutix followed with a gain of 9.76 per cent to close at N2.25, while NPF Microfinance Bank rose by 9.72 per cent to close at N1.58, per share. Wema Bank appreciated by 9.09 per cent to close at 84 kobo, while Sovereign Trust Insurance up by 8.70 per cent to close at 25 kobo, per share. On the other hand, PZ Industries led the losers’ chart by 9.67 per cent, to close at N12.15, per share. Livestock Feeds followed with a decline of 8.96 per cent to close at 61 kobo, while Consolidated Hallmark Insurance lost 7.14 per cent to close at 26 kobo, per share. Law Union & Rock Insurance shed 5.45 per cent to close at 52 kobo, while United Capital depreciated by 2.99 per cent, to close at N3.25, per share. However, total volume of trades decreased by 33 per cent to 228.48 million units, valued at N2.61 billion and exchanged in 3,544 deals. Transactions in the shares of Diamond Bank topped the activity chart with 33.03 million shares valued at N82.11 million. United Bank for Africa (UBA) followed with 31.1 million shares worth N239.14 million, while Zenith Bank traded 28.87 million shares valued at N703.1 million. Access Bank traded 21.01 million shares valued at N124.2 million, while Transnational Corporation of Nigeria (Transcorp) transacted 16.98 million shares worth N37.56 million.

Akeem ReachnaijaMarch 3, 2019


Investors in the Nigerian equities market witnessed the largest single daily loss since the beginning of 2019 after Nigeria’s presidential election with All Share Index dipping by 1.63per cent on the last trading in the election month. However, the trend may be short-lived as the market recorded a gain on Friday, the first day of trading in March, reports Bamidele Famoofo

The four business days that followed the presidential elections in Nigeria won’t be forgotten in a jiffy by investors in the Nigerian equities market as a big drop recorded in market capitalisation and All Share Index also translated to a big loss for them.

Market capitalization dropped from about N12.194trillion on Monday, 25th February to about N11.829trillion on Thursday same week, representing N365billion loss in investors’ equities portfolio.

The NSE-All Share Index (ASI), which tracks performance of stocks listed on the platform of the Nigerian Stock Exchange (NSE) as a result of sell-offs by investors declined from 32,700.12 points to 31,721.76 points on the last trading day in the month of February.

A report from Cordros Capital Limited on how the market fared in the review period indicated that the drop in ASI on the last day in February was the largest single day decline recorded in the market so far in 2019 as it attributed the loss to sell-offs across bellwether stocks in the equities market.

“Against marked sell-offs across bellwether stocks, the Nigerian equities market closed the last session of the month on a negative note as the ASI dipped by 1.63% — largest single day decline since Jan 31, 2019 — to 31,718.70 points”, the report disclosed in part.

As a result of the performance in the last four days in February, Month-to-date returns moderated to 3.80 percent while Year-to-date stood at 0.92 percent, according to Cordros Capital.

It was a all round loss especially on Thursday, February 28, 2019 with Banking sector index closing negative to the tune of -4.56 percent, meaning that investors who hold bank shareslost about five percent of value of their stock in that sector for the day. Equally, investors in the Industrial Goods sector shed -2.18 percent of value on the same day. Others are Consumer Goods (-2.02%), Oil & Gas (-1.56%), and Insurance (-0.97%). Notable stocks include, GUARANTY (-6.85%), WAPCO (-0.39%), NB (-4.45%), OANDO (-9.92%), and AIICO (-5.19%), respectively.

Meanwhile, experts have assured investors in the market that the fundamentals for recovery remain strong medium to long term even while the market continues to digest election results.

“As the market continues to digest election results, we guide investors to trade cautiously in the short term. However, stable macroeconomic fundamentals and compelling valuations remain supportive of recovery in the mid-to-long term”, Cordros Capital said.

Meanwhile, the month of February could not be labeled a period of doom for investors as it ended on a positive note overall as ASI appreciated by 3.8 percent to close on Thursday at 31,721.76 points compared to 30,557.20 points which opened the second month of the year.

Also, compared with the performance in January when ASI closed on a declining note, investors amassed N434billion from trading as market capitalization moved up from N11.395 trillion in January to close at N11.829 trillion on February 28, 2019.

As earlier reported by THISDAY, the market had recorded a decline in January as general elections jitters kept most investors away from the market. However, investors increased their patronage in February as they anticipated the release of corporate results for the year ended December 2018. Also, some investors felt the political uncertainties were reducing. Hence, the market appreciated in the month of February.

Besides, the growth would have been higher but for the decline recorded in the last two days of the month after the results of the presidential election were announced and President Muhammadu Buhari declared the winner.

The NSE ASI had appreciated to a high of 32,700.12, while market capitalisation rose to N12.194 trillion on Monday. However, the NSE ASI closed the month at 31,721.76, while market capitalisation ended at N11.829 trillion.

A review of the performance of the equities market a week penultimate the elections showed that the NSE All-Share Index and market capitalisation depreciated by 0.61 percent to close the week at 32,515.52 and N12.126 trillion respectively.

Breakdown of performance in the week showed that a total turnover of 1.481 billion shares worth N17.647 billion in 20,449 deals were traded by investors on the floor of the Exchange in contrast to a total of 2.834 billion shares valued at N28.138 billion that exchanged hands last week in 28,739 deals.

But contrary to the results, the week after the elections when all sectors recorded losses especially on the last day of the month of February, the Financial Services Industry (measured by volume) led the activity chart with 1.038 billion shares valued at N10.170 billion traded in 12,232 deals; thus contributing 70.07 percent and 57.63percent to the total equity turnover volume and value respectively. The Conglomerates Industry followed with 193.204 million shares worth N306.521 million in 1,330 deals. The third place was Consumer Goods Industry with a turnover of 72.042 million shares worth N4.381 billion in 2,990 deals.

However, in line with the assurances from experts, the market on Friday, March 1, the first day of trading in March, launched a recovery bid as ASI appreciated by 0.34 percent. Index value moved up to 31,827.24 while market capitalisation increased to N11.868 trillion having gained N40billion in one day.

Akeem ReachnaijaFebruary 27, 2019


AS Nigeria’s stock market turn positive with significant capital gains ahead of official conclusion of the general elections, oil prices, yesterday shot up, apparently over uncertainty over the outcome of the election’s as well as the political tension in Venezuela. Also the pressure on oil price appears to be coming from a positive sentiment over United States–China talks.

International Brent crude oil futures were at $67.28 a barrel, up 16 cents, or 0.24 percent, from their last close, while U.S. West Texas Intermediate (WTI) crude futures were at $57.39 per barrel, up 13 cents, or 0.23 percent, from their last price.

“Risk appetite across global markets should improve as President Trump extends the deadline of trade talks with China,” Harry Tchilinguirian, global oil strategist at BNP Paribas in London, said.

“Supply risk is ever present with Venezuelan tensions brewing a notch higher, the National Oil Corporation in Libya refusing to start production at the El Sharara field,” he added, while also citing uncertainty over elections in top African oil exporter, Nigeria. U.S. sanctions on Iranian and Venezuelan crude plus involuntary curbs in Nigeria and Libya are lending support to efforts to balance the market and support prices, efforts led by member of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers such as Russia. Further brightening the global economic picture, U.S. President Donald Trump on Sunday signalled a potentially bruising trade war with China could be averted.

Trump tweeted he would postpone a March 01, 2019 deadline for higher tariffs on Chinese goods and looked forward to a meeting with Chinese President Xi Jinping when a Sino-American deal was sealed.

Goldman Sachs analysts said that “the near-term outlook for oil is modestly bullish over the next two to three months”, but added that the outlook for later in 2019 was weaker due to a surge in U.S. exports and an “an increasingly uncertain economic, policy and geopolitical backdrop”.

Meanwhile, Trump resumed his attacks on the Organisation of Petroleum Exporting Countries, OPEC, saying the world is too fragile to handle a price hike and urging the cartel to “relax and take it easy.” Trump’s war of words with the OPEC punctuated big price swings in 2018, as he pressured the group to keep the taps open to help consumers. The president’s intervention follows a price rally of about 25 percent this year due to production cuts from OPEC and its allies, diminishing fears about the economic impact of the US-China trade war and Washington’s imposition of sanctions on Venezuelan oil shipments.

“We might see a less aggressive stance on supply cuts from the Saudis, this might stop them from cutting deeper,” said Giovanni Staunovo, an analyst at UBS Group AG in Zurich.

“But I still think Saudi Arabia has the incentive to see higher oil prices, and deliver the cuts agreed in December, when OPEC and its partners agreed to remove 1.2 million barrels a day’’, he added.

NOPEC risk

The risk to OPEC comes in the form of the so-called ‘No Oil Producing and Exporting Cartels Act’, or NOPEC, an act resurrected by US lawmakers that proposes making the organization subject to the Sherman antitrust law, used more than a century ago to break up the oil empire of John Rockefeller. Congressional support for the bill intensified last year as oil prices neared a four-year high, and Trump publicly blamed OPEC for high pump prices in the US In the past, the White House has opposed the NOPEC legislation – both George W Bush and Barack Obama threatened to use their veto.

OPEC’s concern now is that Trump may break with his predecessors, and angering him by not going “easy,” as he requested in his tweet, raises the stakes. Trump, before becoming president, didn’t just support the NOPEC bill, he was a cheerleader for it. “We can start by suing OPEC for violating antitrust laws,” he wrote in his 2011 book “Time to Get Tough: Making America #1 Again.”

Whether by coincidence or design, Trump’s latest tweet comes on the eve of International Petroleum Week, which opens in London on Tuesday. The annual event gathers the who’s who of the oil market and industry for several days of conferences, deal-making and cocktail parties.

Akeem ReachnaijaFebruary 27, 2019


The market capitalisation of listed equities on Tuesday shed N85 billion in six hours of trading to what traders attributed to profit taking as a result of the presidential poll.

Specifically, the market capitalisation, which opened at N12.194 trillion, shed N85 billion or 0.69 per cent to close at N12.109 trillion.

Also, the All-Share Index lost 226.30 points or 0.69 per cent to close at 32,473.82, compared with 32,700.12 recorded on Monday.

Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., attributed the market pullback to profit taking embarked by some smart investors.

Mr Omordion said the smart money that pushed the market up with expectations that the opposition would win the presidential election were leaving the market.

He said some investors who entered the market in anticipation that the opposition economic policy and reforms would support market growth were taking profit ahead of earnings season.

“This pullback may not last as a result of 2019 dividend declaration season as dividend yield of financial service stocks are high and attractive due to low prices,” Mr Omordion stated.

Nestle dominated the losers’ chart, dropping by N70 to close at N1,510 per share.

Union Bank of Nigeria trailed with a loss of 60k to close at N6.65, while FBN Holdings was down by 30k to close at N8 per share.

Conversely, Guinness led the gainers’ table during the day, gaining N2.05 to close at N67.15 per share.

Dangote Flour followed with a gain of N1 to close at N12.05, while Oando gained 65k to close at N7.25 per share.

Air Services added 60k to close at N7.05, while Africa Prudential increased by 44k to close at N4.84 per share.

A breakdown of the activity chart indicates that the volume of shares traded rose by 46.57 per cent with an exchange of 322.18 million shares worth N2.43 billion in 4,066 deals.

This was against 219.81 million shares valued at N5.55 billion transacted in 2,999 deals on Monday.

Sunu Assurances recorded the highest volume of activity, trading 50.81 million shares worth N10.16 million.

Access Bank traded 32.30 million shares valued at N203.09 million, while Diamond Bank sold 28.60 million shares worth N70.10 million.

United Bank for Africa accounted for 19.02 million shares valued at N153.66 million, while Guaranty Trust Bank sold 17.77 million shares worth N677.66 million.

Akeem ReachnaijaDecember 20, 2018


Stock market indices were weakened on Wednesday as President Muhammadu Buhari presented his government’s budget estimate for the 2019 fiscal year.

In his budget christened Budget of Continuity, Mr Buhari, during the presentation to a joint session of the National Assembly, said a total of N8.83 trillion is expected to be used in the coming year.

In reaction, the stock market suffered a decline as a result of the losses posted by some large cap equities on the Nigerian Stock Exchange (NSE).

The poor performances of Seplat, Dangote Cement and some other stocks dragged the market down by 0.35 percent, leaving the year-to-date loss at 19.71 percent.

While Seplat depreciated by N38.80 percent to settle at N555.20k per share, Total Nigeria went down by N3 to finish at N195 per share.

Also, Dangote Cement crashed by N3 to end at N186 per share, Mobil Oil Nigeria had its share value reduced by N2 to quote at N168 per share, while Julius Berger depreciated by 90 kobo to close at N20.10k per share.

On the flip side, Nestle Nigeria topped the gainers’ chart with N20 added to its share price to close at N1470 per share.

Forte Oil grew by N2.35k to end at N26.20k per share, while Nigerian Breweries appreciated by N1.80k to quote at N78.50k per share.

Furthermore, Stanbic IBTC went up by 45 kobo to close at N46 per share, while Flour Mills rose by 35 kobo to settle at N21.85k per share.

During trading yesterday, the volume of shares transacted reduced by 36.43 percent to 201 million units from 316.2 million units, while the value went down by 19.49 percent to N4.1 billion from N5.1 billion.

Zenith Bank dominated the activity chart on Wednesday with a turnover of 51.9 million shares transacted for N1.2 billion.

It was followed by Lafarge Africa, which sold 38.7 million units worth N457.3 million, and FBN Holdings, which transacted 15.9 million shares valued at N120.4 million.

GTBank exchanged 12.3 million equities for N427.6 million, while Fidelity Bank sold 9.6 million shares worth N18.4 million.

A look at the major market indices showed that the All-Share Index (ASI) declined by 109.21 points to settle at 30,704.98 points, while the market capitalisation went down by N39 billion to finish at N11.216 trillion.

Akeem ReachnaijaDecember 14, 2018


Sustained negative investors’ sentiment on the equity sector of the Nigerian Stock Exchange (NSE) yesterday dragged the All-share index further by 0.24 per cent.

At the close of trading yesterday, the All Share Index (ASI) shed 74.3 absolute points, representing a dip of 0.24 per cent to close at 30,568.05 points.

Similarly, the market capitalisation shed N27 billion at N11.166 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Seplat Petroleum Development Company, Nestle Nigeria, Nascon Allied Industries, Stanbic IBTC Holdings and Flour Mills Nigeria.

Analysts at Afrinvest Limited said: “We expect the domestic bourse to recover from yesterday’s negative performance on the final trading session of the week, in line with the undulating trend recorded throughout the week.”

Also reacting to market performance yesterday, the Managing Director of Investdata Consulting Limited, Ambrose Omodion said; “We expect this volatility to be sustained as bargain hunting and portfolio repositioning for year-end to shape performance of the market ahead of Santa Claus rally, as number of companies hitting new 52-week low are on the increased to reflect undervalue state of the market.

“The ongoing volatility will persist as Q3 numbers assist investors and fund managers re-balance their portfolios, while watching the political space and ahead of full year company earnings position and post-election market dynamics.

“These are likely to drive prices north, or south, while determining market direction before or after the Presidential Election.
Investors should review their positions in line with their investment goals, strength of the company numbers and act as events unfold in the global and domestic environment.”

Market breadth closed slightly negative with 20 gainers against 21 losers.

John Holt and AXAMansard Insurance recorded the highest price gain of 10 per cent, each to close at 44 kobo and N1.98, respectively, Forte Oil followed with a gain of 9.79 per cent, to close at N24.10 per share.

Newrest ASL Nigeria appreciated by 9.52 per cent to close at N6.90, while Union Bank went up by 8.33 per cent to close at N5.85, per share.

On the other hand, United Capital led the losers’ chart by 9.86 per cent, to close at N2.56 per share.

Seplat followed with a decline 9.83 per cent to close at N540, while Cutix depreciated by 9.64 per cent to close at N1.78 per share.

DAAR Communications declined by 9.09 per cent to close at 40 kobo, while champion Breweries down by 8.62 per cent to close at N1.59, per share. Investors traded a total share volume of 193.25 million valued at N3.7 billion in 2,950 deals.

FBN Holdings traded with 25.29 million shares valued at N182.97 million.

Access Bank followed with 24.1 million shares worth N179.55 million, while Fidelity Bank traded 18.74 million shares valued at N36.7 million.

Zenith Bank traded 17.65 million shares valued at N406.64 million, while Guaranty Trust Bank transacted 15.8 million shares worth N552.56 million.

Akeem ReachnaijaNovember 13, 2018


Following price losses suffered by most blue-chip stocks, transactions on the equity sector of the Nigerian Stock Exchange (NSE) closed on a downturn yesterday, as the All-share index depreciated by 0.18 per cent.

Specifically, at the close of transactions yesterday, the All -share index (ASI) was down by 56.80 absolute points, representing a decline of 0.18 percent, to close at 32,143.41 points. Similarly, the market capitalisation decreased by N21 billion, to close at N11.735 trillion.

The downturn was impacted by losses recorded in medium and large capitalised stocks, amongst which are; Guaranty Trust Bank, Zenith Bank, NEM Insurance, Diamond Bank and Abbey Mortgage Bank.

Analysts at United Capital Plc said: “With the culmination of the third quarter, 2018 earnings season, we expect a mixed theme this week as issues around the polity remain in focus.”
Codros Capital Limited said: “We reiterate our negative outlook for the equities market in the short to medium term, amidst political concerns ahead of the 2019 elections, and the absence of a positive market trigger. However, positive macroeconomic fundamentals remain supportive of recovery in the long term.”
However, market breadth closed positive with 14 gainers and 12 losers. Regency Alliance Insurance led the gainers table by 10 per cent to close at 22 kobo per share.
Union Diagnostic & Clinical Services followed with a gain of eight per cent to close at 27 kobo.
Flour Mill Nigeria appreciated by 7.14 per cent to close at N16.50 per share. Also, Oando went up by 6.45 per cent to close at N4.95 and Honeywell Flour rose by 2.68 per cent to close at N1.08 per share.

On the other hand, Abbey Mortgage Bank led the laggards’ table by 9.40 per cent to close at N1.06 per share.
Diamond Bank trailed with a loss of 9.38 per cent to close at N1.16, while NEM Insurance shed 8.21 per cent to close at N2.57 per share.
Livestock Feeds dipped by 7.14 per cent to close at 52 kobo, while FCMB Groups went down by 2.45 per cent, to close at N1.59, per share.
The total volume traded rose by 17.19 per cent to 142.11 million shares, valued at N1.56 billion, and exchanged in 2,772 deals.
Transactions in the shares of Diamond Bank topped the activity chart with 32.24 million shares valued at N37.68 million.
Guaranty Trust Bank traded 19.98 million shares worth N738.14 million and United Bank for Africa (UBA) transacted 16.06 million shares valued at N128.29 million.
FBN Holdings followed with 13.26 million shares worth N98.73 million, while Zenith Bank traded 11.74 million shares valued at N285.21 million.

Akeem ReachnaijaOctober 14, 2018


The local currency put up a weak performance at the foreign exchange (forex) market last week amid declining external reserves that fell further by 1.30 percent to $43.35 billion as at Thursday, October 11, 2018.

The loss recorded by the Naira was almost across all segments of the forex market.

Specifically, the Naira/Dollar rate depreciated at the Investors & Exporters (I&E) forex segment by 0.08 percent to close at N364.12/$.

Also, the local currency lost 0.33 percent week-on-week (w-o-w) at the interbank foreign exchange market to quote at N362.52/$ despite the weekly injections of $210 million by the Central Bank of Nigeria (CBN) into the market via the Secondary Market Intervention Sales (SMIS).

A breakdown of the intervention showed that $100 million was allocated to Wholesale SMIS, $55 million was allocated to Small and Medium Scale Enterprises and $55 million was sold for invisibles.

The exchange rate also depreciated at both the Bureau De Change (BDC) segment and the parallel market by 0.28 percent each to close at N359/$ and N362/$ respectively despite CBN’s sustained weekly intervention.

Meanwhile, according to Cowry Asset, most dated foreign exchange rate forward contracts at the interbank over-the-counter (OTC) segment depreciated.

Specifically, the 1 month, 2 months and 3 months contracts lost 0.08 percent, 0.06 percent and 0.02 percent to close N367.71/$, N371.26/$ and N374.73/$ respectively.

However, the 6-month contracts gained by 0.02 percent to close for the week at N386.21/$.

Akeem ReachnaijaOctober 12, 2018


Oil prices slumped to more than two-week lows yesterday, as global stock markets fell, with investor sentiment made more bearish by the United States government data that showed domestic crude inventories rose more than expected last week.

Brent crude futures fell by $2.08 or 2.5 percent to $81.01 a barrel. The contra posted a session low of $80.69, its weakest since September 24. The global benchmark has retreated after hitting a four-year high of $86.74 on October 3.

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell $1.81, or 2.5 percent, to $71.36 a barrel. WTI hit a session low of $71.08, the lowest since September 21.

Crude inventories rose by six million barrels in the week to October 5, data from the Energy Information Administration showed yesterday. Analysts had expected an increase of 2.6 million barrels.Refinery crude runs fell by 352,000 barrels per day, EIA data indicated, while utilisation rates dropped by 1.6 percentage points.

Falling U.S. equity markets and a global risk-off environment also weighed on crude futures. On Wednesday, U.S. stock markets tumbled, with the S&P 500 and the Dow Industrials indexes posting their worst day in eight months, as solid economic data reinforced expectations of multiple interest rate hikes next year.

OPEC cut its forecast of global demand growth for oil in 2019 for a third straight month, citing headwinds facing the broader economy from trade disputes and volatile emerging markets.