Economy

Futures Climb Off Worst Levels But Still Point to Lower Open

Published

7 years ago

17/01/2019

By Investors Hub

The major U.S. index futures have climbed off their worst levels of the morning but currently continue to point to a modestly lower opening on Thursday following the strength seen on Wall Street over the two previous sessions.

A negative reaction to quarterly results from Morgan Stanley (MS) may generate early selling pressure, with the financial giant down by 3.7 percent in pre-market trading.

Morgan Stanley is likely to see initial weakness after reporting fourth quarter earnings and revenues that came in below analyst estimates.

Renewed trade concerns may also weigh on Wall Street after a report from the Wall Street Journal said federal prosecutors are pursuing a criminal investigation of China?s Huawei Technologies for allegedly stealing trade secrets from U.S. partners.

However, the futures regained ground following the release of a report from the Philadelphia Federal Reserve showing a significant acceleration in the pace of growth in regional manufacturing activity in the month of January.

Stocks moved mostly higher over the course of the trading day on Wednesday, adding to the gains posted on Tuesday. With the continued upward move, the major averages reached their best closing levels in a month.

The major averages ended the day in positive territory but well off their highs of the session. The Dow climbed 141.57 points or 0.6 percent to 24,207.16, the Nasdaq rose 10.86 points or 0.2 percent to 7,034.69 and the S&P 500 edged up 5.80 points or 0.2 percent to 2,616.10.

The continued strength on Wall Street partly reflected a positive reaction to upbeat earnings news from financial giants Bank of America (BAC) and Goldman Sachs (GS).

Shares of Bank of America moved sharply higher trading after the company reported fourth quarter results that beat analyst estimates on both the top and bottom lines.

Goldman Sachs also saw substantial strength after reporting fourth quarter earnings and revenues that exceeded expectations.

Buying interest was somewhat subdued, however, as traders continued to express uncertainty about the ongoing government shutdown.

Stocks remained mostly positive after British Prime Minister Theresa May’s government survived a vote of no confidence in parliament.

The U.K.’s House of Commons defeated the motion raised by the leader of the main opposition Labour party Jeremy Corbyn by a vote of 325 to 306. The no-confidence vote came a day after May’s Brexit deal was voted down 432 to 202.

The Federal Reserve also released its Beige Book this afternoon, with the report saying economic activity has continued to increase in most of the U.S. but also hinting at a deterioration in optimism.

The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, said eight of the twelve districts reported modest to moderate growth.

Looking ahead, the Beige Book said outlooks generally remained positive, although many districts reported that contacts had become less optimistic.

The drop in optimism reflected increased financial market volatility, rising short-term interest rates, falling energy prices, and elevated trade and political uncertainty.

In other U.S. economic news, the Labor Department released a report showing another steep drop in import prices in the month of December, reflecting a continued nosedive in fuel prices

The Labor Department said import prices tumbled by 1.0 percent in December after plunging by a revised 1.9 percent in November.

Economists had expected import prices to plummet by 1.3 percent compared to the 1.6 percent slump originally reported for the previous month.

The report said export prices also fell by 0.6 percent in December after sliding by a revised 0.8 percent in November. The drop in export prices matched economist estimates.

A separate report from the National Association of Home Builders showed an unexpected improvement in homebuilder confidence in January.

The report said the NAHB/Wells Fargo Housing Market Index rose to 58 in January after slumping to 56 in December. Economists had expected the index to come in unchanged.

The notable decrease seen in the previous month dragged the housing market index down its lowest level since hitting 54 in May of 2015.

Financial stocks turned in some of the market’s best performances on the day following the results from industry giants Bank of America and Goldman Sachs.

Reflecting the strength in the financial sector, the NYSE Arca Broker/Dealer Index and the KBW Bank Index surged up by 2.9 percent and 2.5 percent, respectively.

Notable strength was also visible among steel stocks, resulting in a 1.1 percent advance by the NYSE Arca Steel Index.

On the other hand, computer hardware stocks came under considerable selling pressure, dragging the NYSE Arca Computer Hardware Index down by 1.9 percent.

Economy

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

Published

9 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

10 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

12 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.