Economy
US Stocks May Extend Rally on Growing Trade Talks Optimism
By Investors Hub
The major U.S. index futures are currently pointing to a higher opening on Friday, with stocks likely to extend the rally seen over the two previous sessions.
Growing optimism about ongoing U.S.-China trade talks is likely to contribute to continued strength on Wall Street as the high-level negotiations move into their second day.
President Donald Trump told reporters shortly after the close of trading on Thursday that the talks with China are going ?really well.?
?So, we just completed a negotiation with China. We?re doing very well. We?re having another one tomorrow. I?m meeting with the Vice Premier over at the White House,? Trump said. ?And I think it?s going really well, I will say. I think it?s going really well.?
While Trump is almost always upbeat about talks with China, his remarks were backed up by a White House official, who told Reuters the talks had gone very well, ?probably better than expected.?
A U.S. Chamber of Commerce official briefed on the talks also told reporters the two sides could at least reach a partial deal that includes the U.S. calling off a planned increase in tariffs on Chinese goods.
Traders are likely to remain focused on any reports of progress in the talks or a lack thereof, potentially leading to some volatility on Wall Street.
Following the strong upward move seen on Wednesday, stocks saw some further upside during trading on Thursday. With the gains, the major averages further offset the sharp pullback that was seen earlier in the week.
The major averages pulled back off their best levels of the day but remained firmly positive. The Dow climbed 150.66 points or 0.6 percent to 26,496.67, the Nasdaq advanced 47.04 points or 0.6 percent to 7,950.78 and the S&P 500 rose 18.73 points or 0.6 percent to 2,938.13.
Buying interest emerged on Wall Street after Trump revealed he plans to meet with Chinese Vice Premier Liu He as part of high-level U.S.-China trade talks.
“Big day of negotiations with China. They want to make a deal, but do I? I meet with the Vice Premier tomorrow at The White House,” Trump tweeted.
The tweet from Trump offset concerns generated by reports suggesting Liu could leave Washington earlier than originally planned.
Adding to the positive sentiment, Liu told Chinese state-run media Xinhua the Chinese delegation has come to the talks with “great sincerity and is willing to make serious exchanges with the U.S. on issues of common concern.”
“On the basis of equality and mutual respect, China is willing to reach consensus with the U.S. through this round of consultations on issues of mutual concern to prevent further escalation and spread of friction,” Liu said.
Traders are likely to remain focused on reports regarding the highly anticipated negotiations and any signs of progress or lack thereof.
As a result of the focus on the trade talks, traders largely shrugged off a usually closely watched report from the Labor Department showing U.S. consumer prices were essentially flat in the month of September.
The Labor Department said its consumer price index was unchanged in September after inching up by 0.1 percent in August. Economists had expected another 0.1 percent uptick.
Consumer prices came in unchanged as higher prices for shelter and food were offset by declines in prices for energy and used cars and trucks.
Excluding food and energy prices, core consumer prices crept up by 0.1 percent in September after rising by 0.3 percent for three straight months. Core prices had been expected to rise by 0.2 percent.
“The muted gain in core consumer prices in September underlines that even after the introduction of additional tariffs on Chinese imports, inflationary pressures are still well-contained,” said Andrew Hunter, Senior U.S. Economist at Capital Economics.
“With wage growth leveling off and unit labor costs growth stable, we don’t think core inflation will rise further from here,” he added. “As a result, the Fed will remain focused on the incoming activity data, which we expect to prompt one more 25bp rate cut by year-end.”
A separate report released by the Labor Department showed a modest decrease in first-time claims for U.S. unemployment benefits in the week ended October 5th.
Steel stocks turned in some of the market’s best performances of the day, benefiting from the optimism about the U.S.-China trade talks.
Reflecting the strength in the steel sector, the NYSE Arca Steel Index surged up by 2.9 percent, climbing further off the more than one-month closing low set on Tuesday.
Significant strength also emerged among oil service stocks, as reflected by the 1.8 percent gain posted by the Philadelphia Oil Service Index. The index also continued to rebound after ending Tuesday’s trading at its lowest closing level in well over a month.
Financial, transportation, and natural gas stocks also saw considerable strength on the day, moving higher along with most of the other major sectors.
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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