Economy
Futures Pointing To Early Strength On Wall Street
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.
By Aduragbemi Omiyale
Nigeria slightly surpassed its quota set by the Organisation of the Petroleum Exporting Countries (OPEC) in July 2026.
In the month under review, the country produced about 1.57 million barrels of crude oil per day.
It was the third consecutive month Africa’s largest oil-producing nation was meeting its monthly quota, set to stabilise the price of the commodity on the global market by the oil cartel.
Data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Wednesday showed that the 1.5 million barrels per day ceiling for Nigeria was surpassed last month.
The agency disclosed in a statement today that the country produced 1.505mbpd of crude oil and 0.17mbpd of condensate, bringing the combined daily production to 1.67mbpd.
In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.
Although Nigeria met its OPEC quota in the month of July, the statistics show that on a month-on-month basis, production fell by 4 per cent.
This was attributed to the decline in production due to operational challenges experienced at the Erha and Akpo fields, which impacted crude oil output during the period under review.
These disruptions constrained production volumes and contributed significantly to the overall reduction in national crude oil output.
Despite the challenges, production operations across most other producing assets remained relatively stable, with operators implementing measures aimed at maintaining production efficiency and minimising the impact of operational constraints, NUPRC stated.
By Aduragbemi Omiyale
The over 9 billion shares of Lasaco Assurance Plc issued to shareholders of the company via a rights issue have been listed on the Nigerian Exchange (NGX) Limited.
The equities were brought to Customs Street on Wednesday by the organisation, increasing its total issued and fully paid-up share capital.
Lasaco Assurance, which scaled the recapitalisation hurdle of the National Insurance Commission (NAICOM) in July 2026, raised fresh capital from the capital market to shore up its capital base.
The underwriting firm got about N18.5 billion from the rights issue, which involved the issuance of 9,236,321,546 ordinary shares at a unit price of N2.00.
The exercise was on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
Confirming the listing of the additional stocks of Lasaco Assurance today, the Head of Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, announced in a circular that, “Trading licence holders are hereby notified that an additional 9,236,321,546 ordinary shares of 50 Kobo each of Lasaco Assurance Plc were today, Wednesday, August 12, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 9,236,321,546 ordinary shares of 50 Kobo each at N2.00 per share on the basis of five new ordinary shares for every existing six ordinary shares held as of the close of business on Friday, February 20, 2026.
“With the listing of the additional 9,236,321,546 ordinary shares, the total issued and fully paid-up share capital of Lasaco Assurance Plc has now increased from 11,083,585,855 to 20,319,907,401 ordinary shares of 50 Kobo each.”
By Adedapo Adesanya
The Nigerian Insurers Association (NIA) has said the successful recapitalisation of the insurance industry will strengthen the sector’s ability to support financial stability and economic growth.
NIA Chairman, Mrs Ebelechukwu Nwachukwu, said a well-capitalised insurance industry would be better positioned to meet its obligations promptly, underwrite complex and large-scale risks and serve as a dependable pillar of the Nigerian economy.
She made the remarks while commending the National Insurance Commission (NAICOM) for its structured implementation of the new minimum capital requirements under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Mrs Nwachukwu said NAICOM’s clear guidelines, systematic verification process, defined timelines and rigorous supervision had provided operators with a credible framework for navigating the recapitalisation exercise.
She described the outcome as a major milestone for the industry and congratulated the 43 insurance and reinsurance companies that have successfully met the prescribed minimum capital requirements.
According to her, the exercise represents “a major win not just for regulators and operators, but for policyholders, investors and the wider Nigerian economy.”
Mrs Nwachukwu said the association would continue to work with NAICOM and other stakeholders to consolidate the gains of the exercise, with emphasis on sustainable industry growth, stronger market conduct and improved consumer confidence.
The official also expressed solidarity with the eight companies still undergoing final verification and regulatory review, urging them to remain confident as NAICOM completes the process within the 14-day review period.
The NIA chairman assured policyholders and the wider business community that the insurance industry would emerge from the recapitalisation exercise stronger, more resilient and better positioned to contribute to Nigeria’s economic development.
