Tropical cyclone Cody causes huge infrastructure damage in Fiji

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Suva, Jan 11 | Fiji has suffered huge infrastructure damages due to tropical cyclone Cody, especially in the western side of Viti Levu, the country’s main island, and some parts of the central division causing power blackouts.

Energy Fiji Limited (EFL) Chief Executive Hasmukh Patel said on Tuesday that the cyclone has brought continuous heavy rain and floods, thus causing infrastructure damages, reports Xinhua news agency.

Patel said some power lines are still down and Fijians are urged to stay away from them and alert the EFL as soon as possible to avoid accidents and death.

According to the Ministry of Education, schools will remain closed until they receive clearance from the National Disaster Management Office that it was safe to reopen, as 58 schools are being used as evacuation centres and will need to be decontaminated once the weather has improved and the situation was cleared by the Ministry of Health.

Some parts of Labasa in Vanua Levu, the second largest island in Fiji, remain flooded as a result of the heavy rain.

The National Weather Office has forecasted occasional heavy rain for the northern side as the threat of further flooding still remains.

Meanwhile, the majority of shops in Nadi, Fiji’s third-largest city on the western side of Viti Levu, remained closed on Tuesday.

Nadi’s Chamber of Commerce President Ram Raju said a few shop owners that are in town are cleaning mud and debris.

Teams from the National Disaster Management Office are continuing their visits to flood-affected areas, said Minister for Disaster Management Inia Seruiratu.

With no figure on the damage, Seruiratu said they will visit areas impacted by the cyclone this week to assess the level of assistance required.

Motorists are also urged to be aware of possible falling rocks, landslides and debris on the roadway amidst heavy rain, and people are advised not to swim, drive or walk in floodwaters.

The Category 1 storm left one person dead, caused widespread flooding which forced about 2,000 people to flee their homes and seek shelter at 110 evacuation centres activated across Fiji at the height of the storm.

The cyclone season in Fiji is between November to April every year.

Source: IANS

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Share Market Weekly Outlook for Next Week

Share Market Weekly Outlook for Next Week

Indian market plummets for the second consecutive week, seems bulls losing their upper hands in the coming days. Index reacted violently grasping Indian as well as global factors throughout the past week.

High oil prices, uncertainty amid Ukraine war, mounting inflation and prospects of aggressive monetary tightening by the U.S. Fed all contributed to poor sentiment. Undoubtedly, the biggest negative sentiment was led by continued inflation all over the world. Sensex sheds 2041.96 points or 3.72 percent while Nifty losses 629.10 points or 3.83 percent in a week. Simultaneously, Bank nifty also lost control over the bears’ dominance. Nonetheless, no sector ended in green while Nifty Energy lost 10.56 percent and remained the prime laggard followed by Nifty PSE, and Nifty Realty losing 5 to 6 percent in a week.

In Nifty stock, BAJAJ AUTO gained 4.07% while TATASTEEL lost 14.54% on a weekly basis. INDIA VIX closes at 23.48 suggesting no sign of relief in volatility. Whenever the market tanks 20% from its peak, it is technically termed as the bear market. Currently the Indian market remains at the edge of 15 percent fall. Technically, on a weekly chart, the index has formed a long bearish candle confirming change in trend from positive to negative side.

Index has also faced resistance around 16300 levels throughout the week. Indicators as RSI still remains in the oversold zone and MACD also indicating no sign of reversal. In the daily chart lower low- lower high formation suggests no major pullback is expected. Coming to the OI monthly Data, on the call side the highest OI witnessed was 16000 followed by 16500 strike price while on the put side, the highest OI was at 15500 followed by 15000 strike price. Overall, Nifty is having support at 15500 mark while on the upside 16100 followed by 16300 may act as an immediate resistance. While Banknifty has support around 32000 while resistance is placed at 34300 on weekly chart.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

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Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

Share Market Closing Bell: Closing Bell: Nifty ends below 16,200, Sensex pares losses to close 276 pts lower

It was a volatile trading session after a positive opening, Nifty made an intraday high at 16318.75 level but showed downside momentum and tested the 16000 mark and managed to close at 16167.10 level with a loss of 72.95 points.

However, Bank nifty closed the session at 34693.15 level with a gain of 210.50 points. 31 out of Nifty 50 stocks ended in Red which suggest broad based selling. Among sectors, Bank, Commodities indices up by 0.5-0.3 percent each, while IT and Auto indices down by 1 percent each.

Stocks like ONGC, AXISBANK, INDUSINDBK, CIPLA & HDFC ended in green SHREECEM, BAJAJFINSV, LT & BAJFINANCE were the prime laggards.Technically, The Nifty has formed a Hammer Kind of candlestick pattern on a daily chart which indicates value buying from lower levels. Moreover, Nifty has taken support from the lower band of Bollinger on a Four- hourly chart which is a sign of short-term reversal in the counter.

However, the momentum indicators RSI bounced from oversold zone as well as divergence has been seen on an hourly chart which indicates bounce back momentum. The Nifty may find Strong support around 16000 levels, while on the upside 16400 may act as an immediate hurdle for the Nifty crossing above the same can attract fresh buying. On the other hand, Bank nifty has support at 33800 levels while resistance at 35500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India

 

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