Economy
Caution Likely to Prevail Amid Focus On US-China Trade Talks
By Investors Hub
The major U.S. index futures are pointing to a roughly flat opening on Monday following the roller coaster ride seen over the past few sessions.
Traders may be reluctant to make significant moves as they keep a close eye on high-level trade talks between the U.S. and China in Beijing.
Deputy U.S. Trade Representative Jeffrey Gerrish is leading the U.S. team at the two-day meeting, with a spokesman for China?s Foreign Ministry predicting ?positive and constructive discussions.?
News on the merger-and-acquisition front may generate some buying interest, although traders are likely to remain cautious amid the ongoing U.S. government shutdown.
Weekend meetings reportedly made little progress toward ending the impasse over funding for President Donald Trump?s controversial border wall.
Stocks showed a substantial move to the upside over the course of the trading day on Friday, more than offsetting the sharp pullback seen in the previous session. The major averages all moved significantly higher, with the tech-heavy Nasdaq leading the way.
The major averages moved roughly sideways going into the close, holding on to strong gains. The Dow surged up 746.94 points or 3.3 percent to 23,433.16, the Nasdaq soared 275.35 points or 4.3 percent to 6,738.86 and the S&P 500 spiked 84.05 points or 3.4 percent to 2,531.94.
With the rally on the day, the major averages also moved notably higher for the week. While the Dow jumped by 1.6 percent, the Nasdaq and the S&P 500 shot up by 2.3 percent and 1.9 percent, respectively.
The rebound on Wall Street partly reflected a positive reaction to a Labor Department report showing much stronger than expected job growth in the month of December.
The Labor Department said non-farm payroll employment soared by 312,000 jobs in December after climbing by an upwardly revised 176,000 jobs in November.
Economists had expected employment to increase by about 177,000 jobs compared to the addition of 155,000 jobs originally reported for the previous month.
Paul Ashworth, Chief U.S. Economist at Capital Economics, suggested the substantial job growth in December would “seem to make a mockery of market fears of an impending recession.”
“Admittedly, employment is a coincident indicator, whereas the ISM manufacturing index, which we learned yesterday fell sharply in December, is a leading indicator,” Ashworth said.
He added, “But, even allowing for that distinction, this employment report suggests the U.S. economy still has considerable forward momentum.”
The report also said the unemployment rate rose to 3.9 percent in December from 3.7 percent in November, while economists had expected the unemployment rate to come in unchanged.
However, the unexpected uptick by the unemployment rate came as the labor force jumped by 419,000 people compared to a much more modest 142,000-person increase in the household survey measure of employment.
The Labor Department said average hourly employee earnings payrolls climbed by 11 cents to $27.48 in December, reflecting a 3.2 percent increase compared to the same month a year ago.
The annual rate of growth in average hourly employee earnings in December accelerated from the 3.1 percent increase seen in November, reaching its highest level since April of 2009.
Even as the jobs data offset recent concerns about the U.S. economy, Federal Reserve Chairman Jerome Powell noted the central bank “will be patient” with monetary policy as it watches the economy evolve.
Powell stressed that monetary policy is not on a “preset path” after the Fed raised interest rates four times in 2018 and forecast two rate hikes in the new year.
“Particularly with muted inflation readings that we’ve seen coming in, we will be patient as we watch to see how the economy evolves,” Powell said.
The Fed chief said the central bank is always prepared to significantly shift the stance of monetary policy if incoming economic data does not meet expectations.
Powell’s comments came as part of a joint discussion with former Fed Chairs Janet Yellen and Ben Bernanke at the American Economic Association and Allied Social Science Association annual meeting in Atlanta.
The rally on Wall Street also came after China’s Commerce Ministry said China and the U.S. would hold vice ministerial level trade talks in Beijing this week.
Partly reflecting optimism about trade talks between the U.S. and China, steel stocks turned in some of the market’s best performances. Reflecting the strength in the sector, the NYSE Arca Steel Index surged up by 6.4 percent.
Considerable strength was also visible among biotechnology stocks, as reflected by the 5.3 percent jump by the NYSE Arca Biotechnology Index.
Regeneron Pharmaceuticals (REGN) posted a standout gain after Guggenheim Partners upgraded its rating on the biotech company’s stock to Buy from Neutral.
Oil service stocks also showed a substantial move to the upside on the day, driving the Philadelphia Oil Service Index up by 4.6 percent. The strength in the sector came amid a notable increase by the price of crude oil.
Software, semiconductor and computer hardware stocks also saw significant strength, contributing to the rally by the tech-heavy Nasdaq. Most of the other major sectors also moved higher amid broad based buying interest.
By Adedapo Adesanya
NASD Plc, which operates Nigeria’s Over-the-Counter (OTC) securities exchange, has reaffirmed its commitment to reinforcing its long-term strategic direction and governance framework.
The exchange recently convened its major shareholders, board members, and executive management at a high-level stakeholder retreat in Lagos.
NASD said, “The retreat held in Lagos brought together key institutional stakeholders for in-depth discussions on NASD’s evolving role within Nigeria’s capital market ecosystem.
“The engagement provided a structured platform for shareholders and management to align on strategic priorities necessary to deepen institutional strength, enhance market relevance, and support sustainable growth.”
The company noted that deliberations focused on the importance of strong shareholder collaboration, disciplined strategy execution, and equitable governance practices to further strengthen investor confidence and long-term value creation.
The statement added that participants exchanged views on navigating market complexity, adapting to regulatory and economic changes, and ensuring that the Exchange continues to operate in line with global best practices while addressing the specific needs of Nigeria’s over-the-counter market.
NASD emphasised that the retreat highlighted the critical role of close alignment among shareholders, the Board, and executive leadership in shaping the Exchange’s next phase of development. By encouraging open dialogue and shared strategic intent, the engagement reaffirmed NASD’s commitment to transparency, institutional resilience, and leadership within the capital market.
The session concluded with a group engagement reflecting the depth of experience, governance oversight, and collective responsibility guiding NASD’s strategic outlook as it continues to enhance its contribution to Nigeria’s financial market architecture.
NASD posted a standout performance in 2025, with its market diversification strategy delivering a surge in listings, deeper market activity, and a sharp expansion in market value across its alternative trading platforms.
Last year, the market capitalisation on the exchange more than doubled to N2.12 trillion, representing a 106 per cent increase from N1.03 trillion in 2024. The number of admitted securities also rose marginally to 47, up from 45 in the prior year, reflecting a 4 per cent growth.
The NASD Securities Index (NSI) rose by 18 per cent to 3,543.74 points, compared with 3,002.68 points in 2024. Similarly, the NASD Pension Index advanced by 21 per cent to 1,032.88 points, up from 954.33 points.
Trading volumes surged significantly during the year. Total volume traded climbed to 14.03 billion units, marking a 377 per cent increase from 2.98 billion units in 2024. However, this sharp rise in volume contrasted with a decline in transaction value, which fell by 43 per cent to N59.29 billion, down from N103.96 billion in 2024.
The total number of deals executed on the platform dropped to 6,456, representing a 26 per cent decline from 8,724 deals recorded the previous year, indicating fewer but larger or more strategic transactions.
The exchange also recorded notable listings in 2025, with Infrastructure Credit Guarantee Company PLC (InfraCredit), Paintcom Investment Nigeria PLC (Paintcom), and MRS PLC admitted to trading.
By Bon Peters
The Area 1 Command of the Nigeria Customs Service (NCS) in Port Harcourt, Rivers State, surpassed its 2025 revenue target by generating about N288.8 billion.
In the preceding financial year, the command generated N200.8 billion as revenue, indicating a year-on-year growth of 43.83 per cent.
Addressing journalists in Port Harcourt, the Customs Area 1 Controller, Comptroller Salamatu Atuluku, disclosed that the target for the command last year was N216.9 billion, indicating that this was surpassed by N71.8 billion or 33.1 per cent.
She attributed this achievement to the effectiveness of improved compliance monitoring, enhanced cargo examination processes, automation-driven controls, and sustained stakeholder sensitization.
According to her, the monthly revenue performance remained consistently strong throughout the year, with the highest collection recorded in October 2025 at N33.7 billion.
On export trade facilitation, she hinted that in line with the federal government’s economic diversification agenda, the command intensified efforts toward facilitating legitimate export trade, adding that within the year under review, it processed a total export volume of over a million metric tons, comprising both oil and non-oil commodities with a Free on Board (FOB) value of $463.6 million, which she said contributed meaningfully to Nigeria’s foreign exchange earnings.
In addition, Ms Atuluku stated that N838.02 million was paid as Nigeria Export Supervision Scheme (NESS) charges for both oil and non-oil exports during the year, noting that this reflected an increased exporter participation, improved documentation compliance, and the command’s deliberate efforts to streamline export procedures while ensuring adherence to extant regulations.
On anti-smuggling and enforcement activities, it was disclosed that the command sustained vigorous enforcement operations throughout 2025, deploying intelligence-led interventions, risk profiling, and routine cargo examinations to curb smuggling and protect national interests, resulting in the interception of undeclared pharmaceutical products at the NACHO shed.
The items intercepted included Progesterone 100mg/2ml, and Isifrane IP 250ml among others, discovered in three packages without the mandatory NAFDAC regulatory certification, contrary to import guidelines governing pharmaceutical products, the Controller stated.
In the year under review, the personnel of the command benefitted from periodic training programs, sensitization sessions, operational briefings, and system-focused engagements, particularly in areas of customs automation, risk management, enforcement procedures, and trade facilitation.
On infrastructural development, the command renovated the Quarter Guard, thereby enhancing access control, security coordination, and command presence at the main entry point, including the Command Staff Clinic which was renovated and upgraded to improve healthcare delivery and working conditions for medical personnel, and beneficiaries.
Also, the command executed a Corporate Social Responsibility (CSR) intervention on December 11, 2025, at the Model Primary School I and II, Orominike, D-Line, Port Harcourt, with the donation of customs-branded notebooks, school bags, and school uniforms, aimed at supporting basic education and easing the burden on pupils and parents within the host community.
By Adedapo Adesanya
Five securities caused the NASD Over-the-Counter (OTC) Securities Exchange to experience a setback of 0.64 per cent on Monday, February 2.
During the first trading session of February 2026, FrieslandCampinaWamco Nigeria Plc shrank by N4.46 to end at N63.54 per unit versus the previous session’s N68.00 per unit, as Okitipupa Plc depreciated by N3.83 to close at N230.77 per share versus last Friday’s N234.60 per share.
Further, Central Securities Clearing System (CSCS) dropped 50 Kobo to sell at N40.00 per unit compared with the previous closing price of N40.50 per unit, UBN Property Plc dipped by 21 Kobo to N1.99 per share from N2.20 per share, and Acorn Petroleum Plc lost 3 Kobo to end at N1.35 per unit versus N1.38 per unit.
As a result, the market capitalisation went down by N13.98 billion to settle at N2.158 trillion, in contrast to the previous value of N2.171 trillion, and the NASD Unlisted Security Index (NSI) contracted by 23.35 points to settle at 3,606.76 points compared with last Friday’s closing value of 3,630.11 points.
Amid the loss, Geo-Fluids Plc managed to finish green after it chalked up 9 Kobo to sell at N6.84 per share versus the N5.75 per share it ended in the last trading day.
Yesterday, the volume of securities traded by investors surged by 1,238.5 per cent to 3.9 million units from 287,618 units, the value of securities increased by 1,075.2 per cent to N36.0 million from N3.1 million, and the number of deals soared by 90.5 per cent to 40 deals from 21 deals.
At the close of trades, CSCS Plc remained the most traded stock by value (year-to-date) with 15.4 million units valued at N623.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 1.7 million units worth N110.2 million, and Geo-Fluids Plc with 10.6 million units sold for N69.9 million.
CSCS Plc was also the most active stock by volume (year-to-date) with 15.4 million units traded for N623.9 million, trailed by Geo-Fluids Plc with 10.6 million units worth N69.9 million, and Mass Telecom Innovation Plc with 10.1 million units transacted for N4.1 million.
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