Economy
Futures Pointing To Initial Strength On Wall Street
By Investors Hub
The major US index futures are pointing to a higher opening on Monday following the mixed performance seen in the previous week.
After initially coming under pressure, stocks once again turned mixed over the course of the trading session on Friday. The major averages climbed well off their early lows, with the Dow turning positive.
The major averages closed on opposite sides of the unchanged line for the second straight day. While the Dow rose 33.76 points or 0.2 percent to a new record closing high of 21,830.31, the Nasdaq edged down 7.51 points or 0.1 percent to 6,374.68 and the S&P 500 slipped 3.32 points or 0.1 percent to 2,472.10.
For the week, the major averages also turned in a mixed performance. While the Dow jumped by 1.2 percent, the Nasdaq fell by 0.2 percent and the S&P 500 dipped by less than a basis point.
The initial weakness on Wall Street reflected a negative reaction to the latest batch of earnings news, including disappointing results from Amazon (AMZN).
Shares of Amazon moved to the downside after the online retail giant reported second quarter earnings that came in below analyst estimates.
Energy giant Exxon Mobil (XOM) also reported second quarter earnings that came in below expectations despite better than expected revenues.
On the other hand, semiconductor giant Intel (INTC) moved higher after reporting second quarter results that beat analyst estimates on both the top and bottom lines.
Concerns about the latest developments in Washington also weighed on the markets after Republicans failed in their latest attempt to repeal Obamacare.
The so-called “skinny repeal” failed by a vote of 49 to 51, with three Republican Senators joining with Democrats to stop the bill.
Selling pressure waned over the course of the trading session, however, as traders digested a Commerce Department showing economic activity increased in line with economist estimates in the second quarter.
The report said real gross domestic product climbed by 2.6 percent in the second quarter after rising by a downwardly revised 1.2 percent in the first quarter.
Economists had expected GDP to increase by 2.6 percent in the second quarter compared to the 1.4 percent growth that had been reported for the previous quarter.
A separate report from the University of Michigan showed consumer sentiment deteriorated by slightly less than initially estimated in the month of July.
The report said the consumer sentiment index for July was upwardly revised to 93.4 from the preliminary reading of 93.1. Economists had expected the index to be unrevised.
Despite the unexpected upward revision, the consumer sentiment index is still down from the final June reading of 95.1.
Tobacco stocks managed to climb well off their worst levels of the session but still saw substantial weakness on the day. The NYSE Arca Tobacco Index slumped by 3.1 percent to its lowest closing level in over a month.
The sell-off by tobacco stocks came after the FDA announced it will pursue lowering nicotine in cigarettes to non-addictive levels.
Significant weakness was also visible among electronic storage stocks, as reflected by the 1.5 percent drop by the NYSE Arca Disk Drive Index. Western Digital (WDC) posted a steep loss despite reporting better than expected fiscal fourth quarter results.
On the other hand, gold stocks showed a strong move to the upside, driving the NYSE Arca Gold Bugs Index up by 2.1 percent. The strength in the sector came as gold for August delivery climbed $8.40 to $1,268.40 an ounce.
Bargain hunting also contributed to strength among railroad stocks, with the Dow Jones Railroads Index rising by 1.2 percent after ending the previous session at a three-month closing low.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, 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 Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
