Nigerian Stocks Head for Best Annual Run Since 2013

Nigerian stocks are headed for their highest annual gain in seven years riding on low yields in the country’s fixed-income market.

The equities benchmark index in Africa’s largest economy recorded its highest return, rising 45.7% this year, the most among 93 equity indexes tracked by Bloomberg. It’s the world’s best performing stock market year-to-date.

Investors’ appetite for riskier assets have remained strong due to persistent low yield on fixed-income instruments, Chapel Hill Denham said in a note to clients on Tuesday. This has been buoyed by traders positioning for Dangote’s share buyback program due this week.

Equities will continue to outperform bonds in 2021 given the current overstretched fixed-income valuations, according to Chapel Hill Denham.

The Lagos bourse gained 0.75% to 39,092 as of 13:47 p.m. local time, to reach its highest level since June 2018.

WATCH: Highlights from Nikola Jokic’s historic night in Nuggets’ win over Rockets – The Denver Post

Nikola Jokic had quite the night on Monday.

The Nuggets center dished out a career-high 18 assists and added 19 points and 12 rebounds to lead Denver to a 124-111 win over the Rockets at Ball Arena. It was the 43rd triple-double of his career, tying Fat Lever’s franchise record.

“I was just trying to play the game,” he said after his performance.

Boris Johnson Plans to Make His Brexit Deal Law in a Day

The U.K. and the European Union will on Wednesday sign the treaty formalizing the post-Brexit trade agreement the two sides reached on Christmas Eve.

After European Commission President Ursula von der Leyen and European Council President Charles Michel sign the document, it will be flown by Royal Air Force jet to London where Prime Minister Boris Johnson will do the same.

British lawmakers will get only a day to debate the agreement, because it needs to be implemented by the time the Brexit transition period ends at 11 p.m. on Dec. 31.

Here’s how the process will work, according to Johnson’s spokesman:

• The government published the European Union (Future Relationship) Bill, the legislation putting the deal into law, on Tuesday.
• At 9:30 a.m. on Wednesday, the bill will begin its passage through the House of Commons. Johnson will open the second reading of the bill — the first debate on the legislation — while Cabinet minister Michael Gove will wrap up the debate for the government
• The bill is expected to clear the House of Commons by 2:30 p.m.
• It will then go to the unelected House of Lords, where peers are expected to finish voting on it after 10 p.m.
• The legislation will receive Royal Assent — putting it into law — later that evening, or in the early hours of Thursday morning

CANADA STOCKS-TSX opens higher on energy boost, U.S. stimulus

Dec 29 (Reuters) – Canada’s main stock index opened higher on Tuesday, after a long holiday weekend, helped by gains in heavyweight energy stocks and the approval of a $2.3 trillion coronavirus aid package in the United States.

* At 09:31 a.m. ET (1431 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 31.39 points, or 0.18%, at 17,655.27.

Johnson Avoids a Brexit Headache as Tory Hard-liners Back Deal

Boris Johnson looks set to avoid a damaging rebellion in the U.K. House of Commons when his trade deal with the European Union is put to a vote on Wednesday, after a prominent group of Brexit hard-liners in his Conservative Party said they will support the accord.

The so-called European Research Group of Tory MPs, who caused so much trouble for former Prime Minister Theresa May in her negotiations with the EU, said in a statement Tuesday that Johnson’s deal “reaffirms the sovereignty of the U.K.” and urged members to vote for it.

The decision means Johnson, who has said the agreement he forged with the bloc on Christmas Eve falls short in key areas including financial services, can be confident he won’t need to rely on the opposition Labour Party to win the vote.

Instead, it is Labour leader Keir Starmer who faces a significant rebellion after he ordered his own MPs to support the bill.

Read more: Boris Johnson Plans to Make His Brexit Deal Law in a Day

Ford Recalls Select Explorer And Lincoln Aviator Vehicles

Ford Motor Co. (F) has issued two safety recalls in North America for possible burn risk and power loss.

The Dearborn, Michigan-based company has recalled 2021 Ford E-Series vehicles for 7.3-liter engine cover thermal management. The recall affects about 29,344 vehicles in the U.S. and 2,412 in Canada. The recalled vehicles were built at Ohio Assembly Plant between May 11, 2019 and November 13, 2020.

According to the company, the recalled vehicles may contain mispositioned insulation on the underside of the engine cover, which could result in overheating of the passenger compartment surface of the engine cover. Direct and continuous contact of the engine cover in the passenger compartment may cause burns to the skin of the driver or front passenger.

Ford said it is not aware of any accidents or injuries related to this condition.

Dealers will check the engine cover for gaps between the rubber seal and the insulation and will install engine cover insulation patches in the right and left inner lower corners of the engine cover, if required.

Ford also recalled 2020-21 Ford Explorer and Lincoln Aviator vehicles after the motor mount fasteners may become loose over time and disconnect from the engine, which could result in loss of power.

Ford is not aware of any accidents or injuries related to this condition. The recall affects around 1,405 vehicles in the U.S., 65 in Canada and two in Mexico.