Economy
Renewed Interest Rate Worries May Weigh on US Stocks
By Investors Hub
The major U.S. index futures are pointing to a lower opening on Thursday, with stocks likely to extend the pullback seen in afternoon trading on Wednesday.
A jump in U.S. treasury yields sapped buying interest in the previous session, and the major averages subsequently pulled back well off their best levels but managed to end the day in positive territory.
The ten-year yield spiked to its highest level in over seven years following the release of upbeat employment and service sector data, leading to concerns about aggressive rate hikes by the Federal Reserve.
In remarks at the Atlantic Festival in Washington, D.C. after the close of trading, Fed Chairman Jerome Powell told Judy Woodruff of PBS that interest rates are ?a long way from neutral? even after recent increases.
?The really extremely accommodative low interest rates that we needed when the economy was quite weak, we don’t need those anymore. They?re not appropriate anymore,? Powell said.
?Interest rates are still accommodative, but we?re gradually moving to a place where they will be neutral,? he added. ?We may go past neutral, but we’re a long way from neutral at this point.?
Overall trading activity may be somewhat subdued, however, as traders may be reluctant to make significant moves ahead of the release of the Labor Department?s closely watched monthly jobs report on Friday.
Stocks saw notable strength in morning trading on Wednesday before giving back some ground in the afternoon. Despite the pullback by the major averages, the Dow still ended the session at a new record closing high.
The major averages closed in positive territory but well off their best levels of the day. The Dow rose 54.45 points or 0.2 percent to 26,828.39, the Nasdaq climbed 25.54 points or 0.3 percent to 8,025.08 and the S&P 500 inched up 2.08 points or 0.1 percent to 2,925.51.
Upbeat economic data contributed to the early strength on Wall Street, although buying interest waned as the data also raised concerns about the outlook for interest rates.
Before the start of trading, payroll processor ADP released a report showing stronger than expected private sector job growth in the month of September.
ADP said private sector employment jumped by 230,000 jobs in September after climbing by an upwardly revised 168,000 jobs in August. Economists had expected employment to increase by about 185,000 jobs.
“The labor market continues to impress,” said Ahu Yildirmaz, vice president and co-head of the ADP
Research Institute. “Both the goods and services sectors soared.”
“The professional and business services industry and construction served as key engines of growth,” she added. “They added almost half of all new jobs this month.”
On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which includes both public and private sector jobs.
The report is expected to show employment climbed by about 188,000 jobs in September after jumping by 201,000 jobs in August.
A separate report from the Institute for Supply Management showed an unexpected acceleration in the pace of growth in U.S. service sector activity in September.
The ISM said its non-manufacturing index climbed to 61.6 in September from 58.5 in August, with a reading above 50 indicating growth in the service sector. Economists had expected the index to dip to 58.0.
With the unexpected increase, the ISM said the non-manufacturing index reached its highest level since the inception of the composite index in 2008.
Financial stocks turned in some of the market’s best performances on the day, as treasury yields soared following the upbeat economic data. The ten-year yield reached its highest level in seven years.
Reflecting the strength in the financial sector, the NYSE Arca Broker/Dealer Index and the KBW Bank Index surged up by 1.6 percent and 1.5 percent, respectively.
Significant strength was also visible among energy stocks, which moved higher along with the price of crude oil.
On the other hand, gold stocks came under pressure on the day after ending the previous session sharply higher. After surging up by 3.6 percent on Tuesday, the NYSE Arca Gold Bugs Index dropped by 1.4 percent.
Interest rate-sensitive utilities, housing, and commercial real estate stocks also moved to the downside amid the jump by treasury yields.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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