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Market roundup: India’s market cap-to-GDP at 80% by FY17-end

LiveMint logoLiveMint 05-04-2017 Livemint

India’s market capitalization-to-gross domestic product (GDP) stands at 80% at the end of fiscal year 2017 (FY17), based on estimated FY17 GDP, according to Motilal Oswal Securities Ltd. The measure is above the long-term average of 78% calculated from FY06-FY16. Not only that, the FY17 performance is a meaningful improvement from FY16, when the parameter was 69%. “India’s share in the world market cap is at 2.6%, above its long-term average of 2.4%,” said the Motilal Oswal report. In the past 12 months, world market capitalization has increased 14%, whereas India’s market cap has increased as much as 31%.

Cyclone Debbie boosts coking coal prices

Coking coal rallied by the most in four years after damage from Tropical Cyclone Debbie hit shipments from the top exporter, setting off a surge in producers’ shares as Wood Mackenzie Ltd and UBS Group AG predicted the commodity’s advance may have much further to run. Spot hard coking coal, a vital ingredient in steel-making along with iron ore, rose 0.6% to $176.80 a tonne on Tuesday, after soaring 15% a day earlier, according to the Steel Index.

Monday’s jump was the biggest daily gain in data going back to May 2013. Thermal coal gained 6.2% to $88.05 a tonne on Monday. Australia is the world’s biggest shipper, and the cyclone smashed into the east coast last week, triggering floods and landslides in Queensland, the producer of more than 50% of the world’s seaborne coking coal. The Goonyella rail corridor, which carries more than half of the state’s exports, is expected to take five weeks to repair, according to operator Aurizon Holdings Ltd. Prices more than doubled last year, topping $300 a tonne, after output curbs in China. Bloomberg

Crude oil at 4-week high as US supplies seen declining

Crude oil prices rose to a four-week high on forecasts that US supplies fell and reports of a North Sea oilfield shutdown. Futures advanced 1.6% in New York, as market observers prepared for a US Energy Information Administration release on stockpile figures on Wednesday. The price climbed from the close after the industry-funded American Petroleum Institute was said to report that crude oil stockpiles shrank by 1.83 million barrels.

A Bloomberg News survey of analysts found US crude oil supplies were expected to have declined 150,000 barrels last week. Bloomberg

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