Economy
Bargain Hunting May Lead to Higher Open on Wall Street
The major U.S. index futures are pointing to a moderately higher opening on Thursday following the notable downward move seen over the two previous sessions.
The upward momentum on Wall Street comes as traders may look to go bargain hunting, picking up stocks at reduced levels following recent weakness.
A rebound by treasury yields may also generate some positive sentiment, with the yield on the benchmark ten-year note bouncing off its lowest levels since September of 2017.
The recent decline by treasury yields has led to concerns about the outlook for the economy and the possibility of a recession.
Buying interest may be somewhat subdued, however, as traders may be reluctant to get back into the markets amid lingering concerns about the U.S.-China trade dispute.
Amid a continued escalation of the rhetoric, Chinese Vice Foreign Minister Zhang Hanhui accused the U.S. of ?economic terrorism? by raising tariffs on Chinese goods.
?We oppose a trade war but are not afraid of a trade war,? Zhang said. ?This kind of deliberately provoking trade disputes is naked economic terrorism, economic homicide, economic bullying,?
After turning lower over the course of Tuesday?s session, stocks saw some further downside during trading on Wednesday. The Dow slid to its lowest closing level in well over three months, while the Nasdaq and the S&P 500 ended the day at more than two-month closing lows.
The major averages ended the session well off their worst levels but still firmly in negative territory. The Dow slumped 221.36 points or 0.9 percent to 25,126.41, the Nasdaq fell 60.04 points or 0.8 percent to 7,547.31 and the S&P 500 dropped 19.37 points or 0.7 percent to 2,783.02.
Worries about a further escalation of the U.S.-China trade dispute contributed to the weakness on Wall Street amid concerns China may seek to weaponize its dominance in rare earth minerals.
Reports suggest China is considering restricting the export of rare earth minerals, which are crucial for the U.S. technology industry.
The latest developments on the trade front have added fuel to investor fears that the dispute between the U.S. and China could escalate into a full-fledged trade war.
Trade war worries have increased the appeal of safe havens such as U.S. treasuries, resulting in a sharp decline in bond yields.
The slump in bond yields has in turn added to concerns that the U.S. could be headed for a recession or at least a notable slowdown in the pace of economic growth.
Treasuries saw further upside on the day, driving the yield on the benchmark ten-year note down to its lowest level since September of 2017.
Overall trading activity was somewhat subdued, however, as a lack of major U.S. economic data kept some traders on the sidelines.
Traders may have been looking ahead to the release of reports on first quarter GDP, pending home sales and personal income and spending in the coming days.
Pharmaceutical stocks turned in some of the market’s worst performances on the day, with the NYSE Arca Pharmaceutical Index falling by 1.5 percent.
Johnson & Johnson (JNJ) helped lead the sector lower after Oklahoma Attorney General Mike Hunter claimed the healthcare giant’s greed helped fuel the opioid crisis in opening remarks in a multi-billion-dollar lawsuit.
Significant weakness was also visible among biotechnology stocks, as reflected by the 1.5 percent drop by the NYSE Arca Biotechnology Index.
Utilities, commercial real estate and software stocks also moved notably lower, although most sectors ended the day well off their worst levels.
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.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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