Economy

Futures Pointing To Early Strength On Wall Street

Published

9 years ago

19/04/2017

By Investors Hub

The major U.S. index futures are pointing to a higher opening on Wednesday after ending the previous session modestly lower. After disappointing earnings news from Goldman Sachs (GS) weighed on the markets on Tuesday, the markets may benefit from upbeat news from Morgan Stanley (MS).

Overall trading activity on the day may be somewhat subdued, however, with lingering geopolitical uncertainty keeping some traders on the sidelines.

Stocks saw modest weakness during trading on Tuesday following the rally seen on Monday. The major averages came under pressure in morning trading but regained some ground as the day progressed.

While the major averages closed in negative territory, they were well off their worst levels of the day. The Dow fell 113.64 points or 0.6 percent to 20,523.28, the Nasdaq edged down 7.32 points or 0.1 percent to 5,849.47 and the S&P 500 dipped 6.82 points or 0.3 percent to 2,342.19.

Negative sentiment was generated in reaction to quarterly results from Goldman Sachs (GS), as the financial giant reported weaker than expected first quarter earnings on disappointing trading revenue.

Shares of Goldman Sachs moved notably lower on the news, slumping by 4.7 percent to their lowest closing level in well over four months.

Geopolitical concerns also generated some selling pressure after North Korean Vice-Foreign Minister Han Song-ryol told the BBC the communist nation plans to conduct weekly missile tests.

Han also warned that the U.S. would face “all out war” if it responded to the continued missile tests with military action.

Vice President Mike Pence has said “all options are on the table” to address North Korea’s missile and nuclear testing programs, declaring that “the era of strategic patience is over.”

Uncertainty about the outcome of the French presidential election also weighed on the markets ahead of the first round of voting on Sunday.

News that U.K. Prime Minister Theresa May has called for early elections has added to the political uncertainty in Europe.

On the U.S. economic front, the Commerce Department released a report showing a sharp pullback in new residential construction in the month of March.

The report said housing starts plunged by 6.8 percent to an annual rate of 1.215 million in March from an upwardly revised 1.303 million in February. Economists had expected housing starts to drop by 2 percent.

Meanwhile, the Commerce Department said building permits, an indicator of future housing demand, jumped by 3.6 percent to a rate of 1.260 million in March from a revised 1.216 million in February. Building permits had been expected to climb by 3.1 percent.

A separate report from the Federal Reserve showed that industrial production increased in line with economist estimates in March, reflecting a substantial rebound in utilities output.

The report said industrial production climbed by 0.5 percent in March after inching up by 0.1 percent in February. The increase in production matched the consensus estimate.

Biotechnology stocks showed a significant move to the downside on the day, dragging the NYSE Arca Biotechnology Index down by 1.3 percent. The index gave back ground after closing higher in the three previous sessions.

Within the biotech sector, Arena Pharmaceuticals (ARNA) posted a steep loss after pricing an underwritten public offering of 60, million shares of its common stock at $1.15 per share.

Considerable weakness was also visible among pharmaceutical stocks, as reflected by the 1.3 percent drop by the NYSE Arca Pharmaceutical Index. With the decline, the index fell to a two-month closing low.

Healthcare giant Johnson & Johnson (JNJ) led the way lower after reporting better than expected first quarter earnings but on revenues that came in below estimates.

Energy, steel, and banking stocks saw also some weakness on the day, while most of the other major sectors ended the session showing more modest moves.

Economy

NGX RegCo Delists ASO Savings from Stock Exchange

Published

2 hours ago

16/01/2026

Dipo Olowookere

By Dipo Olowookere

ASO Savings and Loans Plc has been delisted from the daily official list of the Nigerian Exchange (NGX) Limited.

This action followed the revocation of the operating licence of the company by the Central Bank of Nigeria (CBN) in December 2025.

In a circular on behalf of the NGX Regulation (NGX RegCo) by Ugochi Eke, it was disclosed that the effective date of the delisting is today, Friday, January 16, 2026.

Already, the company has been notified of this development, according to the notice obtained by Business Post.

Before ASO Savings lost its operating licence, it had failed to meet some post-listing requirements, a part of the disclosure from the NGX RegCo stated.

“The board of NGX Regulation Limited via its decision dated January 1, 2026, approved that the step below should be taken pursuant to the process for regulatory delisting of issuers.

“The board has approved the delisting of ASO Savings and Loans Plc from the Nigerian Exchange Limited’s daily official list effective January 16, 2026.

“ASO Savings is hereby notified of this enforcement action and is advised to direct any communication in respect of the foregoing to [email protected].

“NGX RegCo was engaging the listed entity, concerning its outstanding post-listing obligations. However, due to the revocation of the operating license of ASO Savings by its primary regulator, the Central Bank of Nigeria (CBN) effective December 16, 2025; NGX RegCo will delist the entity from the daily official list effective January 16, 2026.

“In view of the foregoing, NGX RegCo has proceeded with publishing the name of the Company in the national dailies.

“The company has been duly notified of this enforcement action, and this publication serves as notification to the investing public, particularly shareholders of the company and investors in the Nigerian capital market,” the statement read.

Economy

Lokpobiri Warns Oil License Bidders Against Hoarding

Published

4 hours ago

16/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, has issued a stern warning to oil and gas investors that petroleum licences in Nigeria are strictly for active development, not asset hoarding or speculative holding, declaring that operators must drill or risk losing their rights.

He made this admonition while delivering his message at the 2025 Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Licensing Bid Round Conference in Lagos, where he outlined the government’s hardline stance on asset utilisation and investor accountability.

“The oil assets in portfolio are not mere symbols or souvenirs,” Mr Lokpobiri said, adding that, “Holders of licences are obligated to drill, drill and drill for a shared benefit for the Government, Nigerians and the operators.”

He stressed that the administration is determined to ensure petroleum assets are translated into tangible economic value, noting that licences are time-bound rights granted solely for productive use.

“These assets belong to the Federal Government, and licences are granted strictly for a defined period for productive use, not passive ownership,” the minister said. “Our licensing framework is designed to eliminate speculation and ensure that only serious, capable investors participate.”

Mr Lokpobiri also issued a strong caution to bidders seeking to participate in the 2025 licensing round, urging them to fully understand the process and obligations before submitting bids.

“As prospects take part in this bid round, a clear understanding of the modus operandi guiding the process is essential,” he said, recalling previous bid rounds where some winners attempted to reverse their commitments.

“Past experiences have shown instances where some winning bidders sought refunds based on unmet expectations or perceived asset limitations,” Lokpobiri stated. “Such actions are untenable, as there is no provision in law for the refund of a bid already won.”

According to him, the conference was convened to remove ambiguity and protect the integrity of the licensing system, stressing that the government would strictly enforce all contractual obligations arising from the process.

“This conference serves to provide clarity upfront,” he said. “Participants must be fully informed, deliberate and committed, as the Government will uphold the sanctity of the process and enforce all obligations.”

The minister’s remarks reinforce the Federal Government’s broader push to accelerate upstream development, boost production and attract only technically and financially capable investors into Nigeria’s oil and gas sector, amid renewed licensing activity under the Petroleum Industry Act (PIA).

Economy

NGX Removes Embargo on Trading in Premier Paints Stocks After Four Years

Published

4 hours ago

16/01/2026

Dipo Olowookere

By Dipo Olowookere

The suspension earlier placed on Premier Paints Plc, preventing investors from buying and selling its stocks on the Nigerian Exchange (NGX) Limited, has now been lifted.

The embargo was removed on Wednesday, a notice from the stock exchange, seen by Business Post, disclosed.

Almost four years ago, Premier Paints was suspended from the bourse due to the inability of its board to file the company’s financial results.

The NGX had on July 1, 2022, informed the investing community it had prohibited the trading of the organisation’s securities “in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).

The part of the rules provides that: “If an Issuer fails to file the relevant accounts by the expiration of the cure period, the exchange will; a) send to the issuer a second filing deficiency notification within two business days after the end of the cure period, b) suspend trading in the issuer’s securities, and c) notify the Securities and Exchange Commission (SEC) and the market within 24 hours of the suspension.”

In the latest disclosure dated Wednesday, January 14, 2026, and signed by the Head of Issuer Regulation Department of the NGX, Mr Godstime Iwenekhai, it was revealed that Premier Paints has now done the needful.

“The company has now filed all outstanding financial statements to Nigerian Exchange Limited.

“In view of the company’s submission of its outstanding financial statements, and pursuant to Rule 3.3 of the Default Filing Rules, which states that; The suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided The exchange is satisfied that the accounts comply with all applicable rules of the exchange. The exchange shall thereafter also announce through the medium by which the public and the SEC was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Premier Paints Plc was lifted (on) Wednesday, January 14, 2026,” the circular stated.