KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Africa's largest oil refinery, the Dangote Oil Refinery near Lagos, Nigeria, is on the verge of producing significant volumes of gasoline, a development that could reshape the global fuel market. The facility, owned by Dangote Industries Ltd., is set to produce substantial amounts of road fuel, with the plant's initial output expected to start by the end of the week. Key Points: Production Capacity and Impact : The Dangote refinery, when fully operational, will have the capacity to process 650,000 barrels of crude oil per day, with more than half of that amount converted into gasoline. This could account for around 1% of global gasoline demand, which stands at about 27 million barrels per day. Initial production levels are forecasted at 90,000 barrels per day in the fourth quarter, rising to nearly 250,000 barrels per day in the second half of 2025. Strategic Importance for Nigeria : The refinery's ramp-up comes at a critical time for Nigeria, whose state oil company has fa...