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Market Digest Nigeria

Business

French, UK, German stocks slump as OPEC meets

European stocks are seeing modest weakness on the day. While the German DAX Index has dipped by 0.2 percent, the UK’s FTSE 100 Index and the French CAC 40 Index are both down by 0.1 percent.

Investors are awaiting an OPEC meeting later in the day, which is widely expected to extend output cuts, possibly for 12 months. In an accord reached in December, OPEC and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017.

Shares of Petrofac have plunged in London after the oil services company suspended Marwan Chedid as Group Chief Operating Officer until further notice.

Petrofac said it will cooperate with a SFO Investigation and formed a committee to be solely responsible for its engagement with the SFO and to oversee the company’s response to their investigation.

Daily Mail and General Trust Plc’s shares have also moved lower after the company reported a sharp decline in first-half statutory profit before tax.

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