Economy
Chinese Stocks Rebound May Flow to Wall Street
By Investors Hub
The major U.S. index futures are pointing to a higher opening on Friday, with stocks likely to regain ground following the sell-off seen in the previous session.
Early buying interest may generated by a rally by Chinese stocks, which rebounded strongly from an initial move to the downside despite disappointing GDP data.
Data showed Chinese GDP climbed an annual 6.5 percent in the third quarter, shy of estimates for 6.6 percent and down from 6.7 percent in the previous quarter.
However, investors reacted positively after three top Chinese financial regulators stepped in to bolster investor confidence.
The heads of the People’s Bank of China, the Securities Regulatory Commission and the Banking and Insurance Regulatory Commission all issued statements expressing support for the markets.
A positive reaction to upbeat earnings news from big-name companies such as Procter & Gamble (PG) and Honeywell (HON) may also contribute to initial strength on Wall Street.
Traders may be reluctant to make significant moves, however, as concerns about rising interest rates and tension between the U.S. and Saudi Arabia may continue to weigh on the markets.
After ending Wednesday?s trading roughly flat, stocks moved sharply lower over the course of the trading day on Thursday. The major averages attempted a recovery after seeing early weakness but saw a significant pullback as the day progressed.
The major averages ended the day firmly in negative territory. The Dow tumbled 327.23 points or 1.3 percent to 25,379.54, the Nasdaq plunged 157.56 points or 2.1 percent to 7,485.14 and the S&P 500 slumped 40.43 points or 1.4 percent to 2,768.78.
The sell-off on Wall Street on Wall Street came after Treasury Secretary Steven Mnuchin announced he will not attend an upcoming investment conference in Saudi Arabia.
“Just met with @realDonaldTrump and @SecPompeo and we have decided, I will not be participating in the Future Investment Initiative summit in Saudi Arabia,” Mnuchin said in a post on Twitter.
Mnuchin joins several other top executives and international finance leaders that have dropped out of the conference, including JPMorgan Chase (JPM) CEO Jamie Dimon and International Monetary Fund Managing Director Christine Lagarde.
The announcement by Mnuchin comes as Saudi Arabia continues to face considerable international pressure over the recent disappearance and apparent murder of journalist Jamal Khashoggi.
Lingering concerns about the outlook for interest rates also weighed on the markets as traders continued to digest the minutes of the Federal Reserve’s latest monetary policy meeting.
The minutes released Wednesday afternoon showed the Fed continues to favor a “gradual approach” to raising interest rates, with the meeting participants generally judging that the economy was evolving about as anticipated.
The Fed’s forecasts point to one more rate hike before the end of this year, with CME Group’s FedWatch indicating a nearly 80 percent chance of a quarter-point rate increase in December.
On the U.S. economic front, the Labor Department released a report showing a modest decrease in first-time claims for U.S. unemployment benefits in the week ended October 13th.
The report said initial jobless claims slipped to 210,000, a decrease of 5,000 from the previous week’s revised level of 215,000. Economists had expected jobless claims to edge down to 212,000.
A separate report released by the Federal Reserve Bank of Philadelphia showed manufacturing activity in the Philadelphia area grew at a slightly slower rate in the month of October.
The Philly Fed said its diffusion index for current general activity edged down to 22.2 in October from 22.9 in September, although a positive reading still indicates growth in regional manufacturing activity. The index had been expected to drop to 20.0.
Meanwhile, the Conference Board released a report showing its index of leading U.S. economic indicators increased in line with economist estimates in September.
The Conference Board said its leading economic index climbed by 0.5 percent in September after rising by 0.4 percent in August.
Oil service stocks showed a substantial move to the downside on the day, dragging the Philadelphia Oil Service Index down by 3.6 percent. With the drop, the index fell to its lowest closing level in over a month. The weakness among oil service stocks came amid a notable decrease by the price of crude oil.
Significant weakness was also visible among steel stocks, as reflected by the 2.8 percent slump by the NYSE Arca Steel Index. Steel stocks moved lower partly due to concerns about the outlook for Chinese demand.
Transportation stocks also saw considerable weakness, resulting in a 2.6 percent drop by the Dow Jones Transportation Average.
Semiconductor, software, retail, and financial stocks also showed notables moves to the downside, reflecting broad based weakness on Wall Street.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
