Economy

Trump Turmoil Weighs on US Stocks

Published

9 years ago

17/05/2017

By Investors Hub

Ongoing political turmoil in Washington is gradually weighing on the markets amid waning optimism about President Donald Trump’s ability to implement tax reform and deregulation.

The major US index futures are pointing to a lower opening on Wednesday following the mixed performance seen in the previous session.

In the latest headache for the White House, reports claim Trump asked former FBI Director James Comey to quash an investigation of former National Security Adviser Michael Flynn.

The latest developments come on the heels of the uproar over Trump’s firing of Comey as well as claims the president revealed highly classified information to Russian officials.

A lack of major U.S. economic data may keep some traders on the sidelines, although the Energy Information Administration’s weekly report on oil inventories is likely to attract attention.

Stocks showed a lack of direction during trading on Tuesday, resuming the lackluster trend seen in recent sessions. Despite the choppy trading on the day, the tech-heavy Nasdaq reached another new record closing high.

The major averages eventually ended the session mixed. While the Nasdaq climbed 20.20 points or 0.3 percent to 6,169.87, the Dow edged down 2.19 points or less than a tenth of a percent to 20,979.75 and the S&P 500 dipped 1.65 points or 0.1 percent to 2,400.67.

The lackluster performance on the day came following the release of a mixed batch of U.S. economic data along with continued turmoil in Washington.

The Commerce Department released a report this morning showing that housing starts unexpectedly saw further downside in the month of April.

The report said housing starts fell by 2.6 percent to an annual rate of 1.172 million in April after tumbling by 6.6 percent to a revised 1.203 million in March.

Economists had expected housing starts to climb to a rate of 1.260 million from the 1.215 million originally reported for the previous month.

Additionally, the Commerce Department said building permits slid by 2.5 percent to a rate of 1.229 million in April from 1.260 million in March.

Building permits, an indicator of future housing demand, had been expected to inch up to a rate of 1.270 million.

Meanwhile, a separate report from the Federal Reserve showed a much bigger than expected increase in industrial production in April.

The Fed said industrial production jumped by 1.0 percent in April after climbing by a downwardly revised 0.4 percent in March. Production rose for the third consecutive month and saw its largest monthly gain since February of 2014.

Economists had expected production to rise by 0.3 percent compared to the 0.5 percent increase originally reported for the previous month.

Traders also kept an eye on developments in Washington after a report from the Washington Post claimed President Donald Trump revealed highly classified information to Russian officials in a White House meeting last week.

Trump described the details of an Islamic State terrorist threat related to the use of laptop computers on aircraft, current and former U.S. officials told the Post.

Responding to the news in a post on Twitter, Trump said he has “the absolute right” to share details pertaining to terrorism and airline flight safety with Russia.

The news creates another headache for the White House, potentially threatening Trump’s ability to make progress on issues such as tax reform and deregulation.

Most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets.

Semiconductor stocks showed a strong move to the upside, however, with the Philadelphia Semiconductor Index climbing by 1.5 percent. With the gain, the index reached its best closing level in over sixteen years.

Considerable strength also emerged among steel stocks, as reflected by the 1.1 percent advance by the NYSE Arca Steel Index. The index climbed further off the six-month closing low it set last Friday.

Software, biotechnology, and computer hardware stocks also saw some strength on the day, while weakness was visible among natural gas, utilities, and commercial real estate stocks.

Economy

Unlisted Stocks Gain 0.85% as FrieslandCampina, NASD, Two Others Rally

Published

31 minutes ago

06/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Four securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 0.85 per cent on Tuesday, May 5, with the market capitalisation growing by N20.52 billion to N2.429 trillion from N2.409 trillion, and the Unlisted Security Index (NSI) advancing by 34.30 points to 4,060.94 points from 4,026.64 points.

Yesterday, FrieslandCampina Wamco Nigeria Plc, the parent company of popular milk brands like Peak Milk and Three Crowns, appreciated by N8.72 to N106.90 per share from N98.14 per share, NASD Plc increased its value by N6.13 to N37.36 per unit from N31.23 per unit, Lagos Building Investment Company (LBIC) Plc gained 35 Kobo to close at N3.82 per share versus N3.47 per share, and Geo-Fluids Plc jumped by 10 Kobo to N3.10 per unit versus N3.00 per unit.

However, the price of Food Concepts Plc, which has the popular Chicken Republic under its belt, lost 5 Kobo during the session to trade at N2.36 per share versus N2.41 per share.

The volume of securities traded fell by 9.5 per cent to 679,768 units from 751,518 units, and the value of securities dropped 12.6 per cent to N30.9 million from N35.4 million, while the number of deals surged by 41.9 per cent to 44 deals from 31 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by CSCS Plc with 60.3 million units traded for N4.1 billion, and Okitipupa Plc with 27.8 million units valued at N1.9 billion.

GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units sold for N8.4 billion, trailed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units exchanged for N1.2 billion.

Economy

Q1 2026: Dangote Cement Capacity Hits 55MTA, Completes 10 Clinker Shipments

Published

45 minutes ago

06/05/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

Dangote Cement Plc has cemented its position as Africa’s leading cement exporter by growing its cement and clinker exports from Nigeria by 71.6 per cent in the first quarter of 2026.

In its unaudited results released to the Nigerian Exchange (NGX) Limited, the cement manufacturer said its total installed production capacity has reached 55 million tonnes per annum (MTA) across Africa.

The company operates 35.25MTA capacity in Nigeria, where its Obajana plant in Kogi State—the largest in Africa—has 16.25MTA capacity across five lines. The Ibese plant in Ogun State has 12MTA, the Gboko plant in Benue State has 4MTA, while the Okpella plant in Edo State has 3MTA.

It was revealed that 10 clinker shipments were taken from Nigeria to neighbouring markets in the period under review, boosting the total sales volumes by 13.8 per cent year-on-year, driven by growth of 11.5 per cent in Nigeria and 19.5 per cent across its pan‑African operations.

It was observed that revenue was up by 20.4 per cent year‑on‑year to N1.198 trillion, driven by a strong rebound in volumes, which grew 13.8 per cent across our markets, while EBITDA increased by 22.8 per cent to N567.1 billion, demonstrating the strength of our operating model, disciplined cost control, and our ability to convert growth into superior profitability.

Between January and March 2026, the cement maker posted a profit before tax of N421.1 billion, representing a 35 per cent increase from N311.9 billion recorded in the corresponding period of 2025, while earnings per share rose to N19.14, up from N12.29, underscoring sustained value creation for shareholders.

In his remarks, the chief executive of Dangote Cement, Mr Arvind Pathak, said the results reflected the strength of the company’s operating model and its disciplined execution across markets.

“Our export business continues to scale rapidly, with volumes from Nigeria up 71.6 per cent and 10 clinker shipments completed in the quarter. This performance reinforces our strategic position as Africa’s leading cement exporter,” he said.

“Following the commissioning of our 3Mta grinding plant in Côte d’Ivoire, we are progressing well with our expansion projects in Itori and Ethiopia, alongside other growth initiatives across the continent. These investments will further strengthen our footprint and keep us firmly on track to reach 80Mt of production capacity by 2030,” he added.

Looking ahead to the rest of the year, Mr Pathak expressed confidence in the company’s growth outlook.

“We have entered the year with strong momentum and a clear strategic focus. Demand across our markets remains resilient, our expansion pipeline is delivering, and our operational discipline continues to drive margin improvement. We remain confident in sustaining this growth trajectory and in consistently delivering long‑term value to our shareholders,” he stated.

Economy

Naira Trades N1,366/$ at Official Market, N1,380/$1 at Black Market

Published

1 hour ago

06/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Naira weakened against the United States Dollar by N1.33 or 0.1 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, May 5, to N1,366.56/$1 from Monday’s N1,365.23/$1.

In the same market segment, the Nigerian currency also depreciated against the Pound Sterling during the session by N1.53 to sell for N1,851.25/£1 compared with the previous day’s N1,852.78/£1, but against the Euro, it appreciated by 22 Kobo to close at N1,598.74/€1 versus N1,598.96/€1.

For the second consecutive trading session, the Naira maintained stability against the Dollar at the GTBank forex counter at N1,384/$1 on Tuesday, and also at the parallel market at N1,380/$1.

Data from the Central Bank of Nigeria (CBN) revealed a sharp increase in interbank foreign exchange activity, driving today’s liquidity level in the official window.

Interbank FX turnover surged to $71.587 million across 99 deals, from $59.933 million reported the previous day. Elsewhere, Nigeria’s foreign reserves continue to decline, falling to $48.34 billion amid elevated global oil prices.

Global oil prices fell on Tuesday, a day after the US launched an operation aimed at reopening the Strait of Hormuz to shipping traffic, but exchanges of fire between the United States and Iran slowed the decline.

The Naira remained within the expected trading range as the CBN last month defended the Naira with $150 million, around 83 per cent below the equivalent amount injected into the official window in March.

Meanwhile, easing Iran tensions and renewed AI optimism fueled a broad risk-on rally in the cryptocurrency market, with Cardano (ADA) up by 4.3 per cent to $0.2634.

Further, Dogecoin (DOGE) gained 3.6 per cent to settle at $0.1154, Solana (SOL) improved by 3.1 per cent to $87.22, Ripple (XRP) increased by 1.5 per cent to $1.42, Binance Coin (BNB) added 1.3 per cent to sell for $634.67, TRON (TRX) expanded by 1.3 per cent to $0.3436, and Bitcoin (BTC) soared by 0.6 per cent to $81,323.62.

However, Ethereum (ETH) declined by 0.3 per cent to $2,363.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat flat at $1.00 each.