Economy

Choppy Trading on Wall Street Amid Mixed Economic, Geopolitical News

Published

7 years ago

28/02/2019

By Investors Hub

The major U.S. index futures are currently pointing to a roughly flat opening on Thursday, with stocks likely to continue to experience choppy trading.

Traders may be reluctant to make significant moves as they weigh better than expected U.S. economic data against disappointing news out of the summit between President Donald Trump and North Korean leader Kim Jong Un.

The futures recovered from earlier weakness following the release of a report from the Commerce Department showing U.S. economic growth slowed by less than expected in the fourth quarter of 2018.

Meanwhile, traders are also digesting news that the Trump-Kim summit ended abruptly without an agreement on the denuclearization of the Korean peninsula.

Trump told reporters the North Korean dictator wanted the U.S. to lift all sanctions without having to give up all of his weapons of mass destruction.

?Basically, they wanted the sanctions lifted in their entirety and we couldn’t do that,? Trump said. ?They were willing to de-nuke a large portion of the areas that we wanted, but we couldn’t give up all of the sanctions for that.?

?So we continue to work and we’ll see, but we had to walk away from that particular suggestion,? he added. ?We had to walk away from that.?

The president noted that the two sides will continue to work toward an agreement, although the lack of a deal at the summit may add to recent uncertainty on Wall Street.

Stocks once again recovered from an early move to the downside on Wednesday but showed a lack of direction over the remainder of the session.

The major averages spent the afternoon lingering near the unchanged line before closing mixed. While the Nasdaq inched up 5.21 points or 0.1 percent to 7,554.51, the Dow fell 72.82 points or 0.3 percent to 25,985.16 and the S&P 500 edged down 1.52 points or 0.1 percent to 2,792.38.

The early weakness on Wall Street came as comments from U.S. Trade Representative Robert Lighthizer partly offset recent optimism about the U.S.-China trade talks.

Lighthizer, who is described as “hawkish” on trade, told members of the House Ways and Means Committee that China needs to go beyond pledging to buy more U.S. goods to reach to a long-term trade agreement.

“We can compete with anyone in the world, but we must have rule, enforced rules, that make sure market outcomes and not state capitalism and technology theft determine winners,” Lighthizer said.

The reaction to Lighthizer’s remarks reflected the lingering uncertainty about a potential U.S.-China trade deal even after President Donald Trump decided to postpone an increase in tariffs on Chinese imports.

Selling pressure waned as the day progressed, however, as traders kept an eye on Trump’s second summit with North Korean leader Kim Jong Un, looking for more concrete signs of progress toward the denuclearization of the Korean peninsula.

“Kim Jong Un and I will try very hard to work something out on Denuclearization & then making North Korea an Economic Powerhouse,” Trump said on Twitter this morning. “I believe that China, Russia, Japan & South Korea will be very helpful!”

On the U.S. economic front, the National Association of Realtors released a report showing pending home sales rebounded by much more than anticipated in the month of January.

NAR said its pending home sales index spiked by 4.6 percent to 103.2 in January after tumbling by 2.3 percent to a downwardly revised 98.7 in December. Economists had expected pending home sales to rise by 0.4 percent.

A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.

Meanwhile, a government shutdown-delayed report released by the Commerce Department showed new orders for manufactured goods rose by much less than anticipated in the month of December.

The Commerce Department said factory orders inched up by 0.1 percent in December after falling by a revised 0.5 percent in November. Economists had expected orders to climb by 0.5 percent.

Most of the major sectors ended the day showing only modest moves, contributing to the lackluster performance by the broader markets.

Gold stocks showed a significant move to the downside, however, with the NYSE Arca Gold Bugs Index plunging by 1.9 percent. The weakness among gold stocks came amid a decrease by the price of the precious metal.

Considerable weakness was also visible among semiconductor stocks, as reflected by the 1.2 percent drop by the Philadelphia Semiconductor Index.

On the other hand, biotechnology stocks moved sharply higher over the course of the session, driving the NYSE Arca Biotechnology Index up by 2.4 percent. The index jumped to its best closing level in over four months.

Economy

NASD Bourse Edges Up 0.23% as NSI Nears 3,970 Points

Published

4 hours ago

24/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange further appreciated by 0.23 per cent on Thursday, April 23, with the Unlisted Security Index (NSI) adding 8.99 points to close at 3,969.96 points against the previous day’s 3,968 points.

The rise in the share price of Central Securities Clearing System (CSCS) Plc by N2.86 to N69.34 per unit from N66.48 per unit raised the market capitalisation of the NASD bourse by N5.38 billion to N2.380 trillion from N2.375 trillion.

Yesterday, there were two price losers, led by Food Concepts Plc, which lost 29 Kobo to sell at N2.65 per share versus N2.94 per share, while UBN Property Plc dipped by 22 Kobo to N2.03 per unit from N2.25 per unit.

During the session, the volume of securities traded declined by 97.9 per cent to 451,522 units from 21.5 million units on Wednesday, the value of securities depreciated by 52.32 per cent to N23.6 million from N49.5 million, and the number of deals depreciated by 3.6 per cent to 27 deals from 28 deals.

At the close of business, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 59.5 million units exchanged for N4.0 billion, and Okitipupa Plc with 27.8 million units traded for N1.9 billion.

GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.

Economy

Naira Weakens to N1,353/$ at Official Market

Published

4 hours ago

24/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Fresh foreign exchange (forex) demand pressure saw the Naira depreciate against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 22, by N5.46 or 0.4 per cent to trade at N1,353.91/$1 compared with the preceding day’s value of N1,348.45/$1.

It was the same outcome for the local currency in the official market after it depreciated against the Pound Sterling by N4.13 to close at N1,825.88/£1, in contrast to the preceding session’s N1,821.75/£1, and against the Euro, it dropped 72 Kobo to finish at N1,582.72/€1 versus N1,582.00/€1.

But the Nigerian Naira appreciated against the US Dollar at the GTBank FX desk by N2 during the session to quote at N1,361/$1 compared with Wednesday’s closing price of N1,361/$1, and at the parallel market, it closed flat at N1,375/$1.

FX Pressure came as data showed that NFEM interbank turnover was N28.117 million, lower than the N66.084 million recorded the previous day.

Concerns over liquidity pressures, policy transparency, and confidence in Nigeria’s FX market continue to grip the market while the country’s foreign reserve declines further, even as the Central Bank of Nigeria (CBN) recently said that the recent decline in Nigeria’s external reserves should not be a cause for concern.

Global developments also played a significant role, as rising geopolitical tensions boosted demand for the US Dollar, further weakening emerging market currencies, including the Naira.

As for the cryptocurrency market, there was a mixed outcome as traders reacted to rising geopolitical tensions from the Iran war and fresh inflation data from Japan.

Japanese inflation ticked higher in March, stoking expectations that the Bank of Japan may soon signal rate hikes, which could strengthen the yen and unsettle global risk assets.

The Iran conflict has disrupted oil flows through the Strait of Hormuz, raising energy costs and inflation risks worldwide and potentially complicating efforts by the Federal Reserve to cut interest rates.

Ethereum (ETH) declined by 1.8 per cent to $2,316.53, Bitcoin (BTC) lost 0.6 per cent to sell at $77,935.53, Solana (SOL) fell by 0.5 per cent to $85.67, and Binance Coin (BNB) dropped 0.4 per cent to sell for $634.85.

However, Dogecoin (DOGE) appreciated by 1.4 per cent to $0.0976, Ripple (XRP) grew by 0.7 per cent to $1.43, Cardano (ADA) expanded by 0.6 per cent to $0.2493, and TRON (TRX) improved by 0.2 per cent to $0.3279, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.

Economy

NB Plc’s Strong Recovery, Improved Profitability Excite Shareholders

Published

6 hours ago

24/04/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The resilience shown by Nigerian Breweries Plc in the 2025 fiscal year, despite a volatile macroeconomic environment, which consumed several businesses, has not got without notice.

Shareholders of the brewery giant applauded the board and management for the strong recovery and improved profitability recorded in the year.

At the company’s 80th Annual General Meeting (AGM) on Wednesday, April 22, 2026, in Lagos, they attributed these achievements to disciplined cost management and a significant reduction in finance expenses.

“We are proud of how the company has withstood the ups and downs of a challenging environment. The return to profitability and the reversal of the negative cash position recorded in the previous two financial years are commendable,” a member of the Noble Shareholders Association, Mr Owolabi Opeyemi, said at the gathering.

Also, the immediate past Secretary of the Independent Shareholders Association of Nigeria (ISAN), Mr Eke Emmanuel, noted that the company’s resilience reflects strong leadership and a sound strategic direction.

“It is good news that we have been here for 80 years. There is no reason why we will not be here for the next 80 years with what we have achieved. To return to this level of profitability and cash position shows the Board has done an enormous amount of work,” he said.

Addressing investors at the AGM, the board chairman, Mrs Juliet Anammah, expressed confidence that the company is firmly on a recovery path following the net losses recorded in the past two years due to macroeconomic pressures and fiscal reforms.

She thanked shareholders for their continued support and reaffirmed that the company will build on its 2025 performance as it accelerates growth ambitions.

“We have a solid foundation built over eight decades, anchored on a strong portfolio of brands, an extensive nationwide sales and supply chain network, ongoing digital transformation, and most importantly, our people. These strengths remain critical to sustaining our leadership position,” the former chief executive of Jumia Nigeria said.

Ms Anammah also addressed the company’s dividend position, noting that the decision not to declare a dividend reflects the need to rebuild retained earnings impacted by prior macroeconomic shocks, particularly foreign exchange-related losses.

“We recognise the importance of dividend payments to our shareholders and sincerely appreciate your continued understanding. While we are not declaring a dividend at this time due to negative retained earnings, we are working diligently to restore the company’s financial position and return to dividend payments as soon as it is sustainable to do so,” she added.

She further noted that the board remains vigilant to external risks, including the Middle East crisis and broader macroeconomic challenges, which may impact the pace of improvement in the 2026 financial year.