Economy
Renewed Trade Concerns May Lead to Pullback on Wall Street
By Investors Hub
The major U.S. index futures are pointing to a lower opening on Monday, with stocks likely to give back ground after moving notably higher last week.
Lingering trade concerns may weigh on the markets amid reports President Donald Trump intends to proceed with plans to impose tariffs on $200 billion worth of Chinese goods as early as today.
A report from the Wall Street Journal said the new tariffs would bet set at 10 percent, lower than the 25 percent previously floated by the administration.
The threat of new tariffs could still lead China to decline an offer to hold high-level trade talks, as the country is not prepared to negotiate with a ?gun pointed to its head,? the Journal noted.
In a post on Twitter this morning, Trump claimed tariffs have put the U.S. in a very strong bargaining position and called subsequent cost increases ?almost unnoticeable.?
China has pledged to retaliate to any new tariffs imposed by the U.S., with reports suggesting the communist country could go beyond raising tariffs on U.S. imports and restrict exports of goods critical to U.S. manufacturing.
Stocks fluctuated over the course of the trading session on Friday before ending the day little changed. The major averages finished the session on opposite sides of the unchanged line following the gains posted on Thursday.
While the Nasdaq edged down 3.67 points or 0.1 percent to 8,010.04, the Dow inched up 8.68 points or less than a tenth of a percent to a seven-month closing high of 26,154.67 and the S&P 500 crept up 0.80 points or less than a tenth of a percent to 2,904.98.
Despite the lackluster close on the day, the major averages all moved higher for the week. The Dow climbed by 0.9 percent, the Nasdaq surged up by 1.4 percent and the S&P 500 jumped by 1.2 percent.
The roughly flat close on Wall Street came after a report from Bloomberg said Trump has instructed aides to proceed with plans to impose tariffs on an additional $200 billion worth of Chinese goods.
Citing people familiar with the matter, Bloomberg said Trump held a meeting on Thursday to discuss the tariffs with top trade advisers, including Treasury Secretary Steven Mnuchin, Commerce Secretary Wilbur Ross and U.S. Trade Representative Robert Lighthizer.
The latest news came on the heels of reports earlier this week indicting the U.S. has proposed holding a new round of trade talks with China in the near future.
Traders were also digesting a slew of U.S. economic data, including a report showing retail sales increased by much less than expected in August.
The Commerce Department said retail sales inched up by 0.1 percent in August after climbing by an upwardly revised 0.7 percent in July.
Economists had expected retail sales to rise by 0.4 percent compared to the 0.5 percent increase originally reported for the previous month.
Excluding the decrease in auto sales, retail sales rose by 0.3 percent in August after jumping by an upwardly revised 0.9 percent in July.
Ex-auto sales had been expected to climb by 0.5 percent compared to the 0.6 percent growth originally reported for the previous month.
Meanwhile, a separate report from the University of Michigan showed a much bigger than expected improvement in consumer sentiment in September.
The report said the consumer sentiment index jumped to 100.8 in September from 96.2 in August. Economists had expected the index to inch up to 96.6.
The Federal Reserve also released a report showing industrial production rose by slightly more than expected in the month of August.
The Fed said industrial production climbed by 0.4 percent in August, matching the upwardly revised increase in July.
Economists had expected production to rise by 0.3 percent compared to the 0.1 percent uptick originally reported for the previous month.
Most of the major sectors ended the day showing only modest moves, although considerable strength was visible among steel stocks. Reflecting the strength in the steel sector, the NYSE Arca Steel Index advanced by 1.5 percent.
Brokerage stocks also turned in a strong performance on the day, resulting in a 1.3 percent gain by the NYSE Arca Broker/Dealer Index. The index climbed further off the seven-month closing low set on Wednesday.
Semiconductor and transportation stocks also showed notable moves to the upside, while tobacco stocks extended the pullback seen in the previous session.
By Adedapo Adesanya
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has said ongoing reforms and strategic policy implementation in Nigeria’s petroleum sector are driving significant investments and strengthening the country’s position as a leading energy destination in Africa.
Mr Lokpobiri stated this at the Management Retreat of the Ministry of Petroleum Resources, where he stressed the need for improved institutional performance and accountability to sustain growth in the sector.
According to the Minister, the federal government has deliberately pursued far-reaching reforms aimed at creating a stable and investor-friendly environment capable of attracting local and foreign capital into the oil and gas industry.
“From far-reaching institutional reforms to the effective implementation of strategic policies, we have remained committed to carrying all stakeholders along, fostering a conducive environment for investments to flourish,” Mr Lokpobiri said.
“As a result, our petroleum sector has witnessed significant investments that continue to strengthen Nigeria’s position as a leading energy destination.”
The Minister noted that the gains recorded in the sector were the product of collective efforts across the Ministry and its agencies, commending staff for their dedication and professionalism.
“The Management Retreat of the Ministry of Petroleum Resources provided an important platform to reiterate that these accomplishments would not have been possible without the collective dedication, professionalism and teamwork of every staff member across the Ministry and its agencies,” he stated.
Mr Lokpobiri said the retreat, themed Driving Institutional Performance and Accountability in the Petroleum Sector for Sustainable National Development, underscored the importance of continuous improvement in service delivery and operational efficiency.
Drawing lessons from the theme, he urged officials of the Ministry and regulatory agencies to intensify efforts toward enhancing institutional effectiveness and strengthening governance frameworks.
“I encouraged that we must redouble our efforts, continuously improve the quality of our services, and strengthen institutional performance,” he said.
The Minister further emphasised the continued relevance of fossil fuels in the global energy mix, stressing that Nigeria must leverage its hydrocarbon resources to drive economic growth while ensuring citizens benefit from ongoing reforms.
“With fossil fuel as the dominant source of energy, we must ensure that Nigerians experience the benefits of our progress and that Nigeria remains the preferred investment destination in Africa and a globally competitive hub for energy investments,” Mr Lokpobiri added.
By Aduragbemi Omiyale
The N3.2 billion rights issue of Universal Insurance Plc has been extended by almost two weeks after securing regulatory approval.
The exercise was earlier scheduled to close on June 10, 2026, but will now close on Monday, June 22, 2026.
The extension was granted by the Securities and Exchange Commission (SEC) after a request from the underwriting organisation.
In the rights issue, Universal Insurance is offering to shareholders 2,666,666,667 ordinary shares of 50 Kobo each at N1.20 per share on the basis of one new ordinary share for every existing six ordinary shares held as of the close of business on Monday, March 30, 2026.
Subscription for the acquisition of the company’s extra shares opened on Wednesday, May 13, 2026.
The extension gives investors more time to increase their stake in the insurance firm, which intends to use proceeds from the exercise to boost its capital base, as mandated by the National Insurance Commission (NAICOM).
Insurance companies operating in Nigeria have been given till July 31, 2026, to shore up their capital base or pack up. Operators can also explore a merger if they wish.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited opened its doors to market participants in four days last week as a result of a public holiday observed on Friday, June 12, for 2026 Democracy Day in the country.
In the week, investors bought and sold 4.964 billion shares worth N207.521 billion in 235,966 deals, as against the 3.966 billion shares valued at N175.659 billion that exchanged hands in 343,587 deals a week earlier.
Analysis showed that the financial services industry led the activity chart with 4.116 billion shares valued at N84.607 billion in 96,165 deals, contributing 82.92 per cent and 40.77 per cent to the total trading volume and value, respectively.
The services sector transacted 232.479 million shares worth N4.955 billion in 17,614 deals, while the industrial goods segment exchanged 144.988 million shares worth N39.077 billion in 24,775 deals.
Sterling Holdings, FCMB, and Access Holdings were the most traded stocks with 2.883 billion units sold for N36.188 billion in 15,533 deals, accounting for 58.09 per cent and 17.44 per cent of the total trading volume and value, respectively.
A total of 40 equities appreciated in the week versus 23 equities in the previous week, 53 equities depreciated versus 65 equities a week earlier, and 53 equities remained unchanged versus 58 equities in the preceding week.
ABC Transport was the best-performing equity for the week after it gained 25.60 per cent to trade at N7.80, Consolidated Hallmark appreciated by 23.13 per cent to N8.25, Abbey Mortgage Bank rose by 21.93 per cent to N11.40, Infinity Trust Mortgage Bank grew by 20.32 per cent to N11.25, and Austin Laz soared by 15.16 per cent to N4.33.
The worst-performing equity last week was Fidson Healthcare because of its 25.86 per cent loss, closing at N101.20. Neimeth declined by 19.14 per cent to N8.55, Union Homes REIT shed 17.36 per cent to close at N70.00, SUNU Assurances slipped by 11.38 per cent to N3.97, and Unilever Nigeria dropped 10.26 per cent to trade at N140.00.
As for the index movement, the All-Share Index (ASI) and the market capitalisation chalked up 0.88 per cent each to settle at 244,738.74 points and N156.970 trillion, respectively.
Similarly, all other indices finished higher apart from the pension, AFR Bank Value, MERI Growth, MERI Value, consumer goods, Lotus II, industrial goods, sovereign bond and commodity indices, which fell by 0.03 per cent, 1.20 per cent, 0.21 per cent, 1.61 per cent, 0.54 per cent, 0.51 per cent, 1.00 per cent, 2.04 per cent and 0.34 per cent, respectively.
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