Economy
Futures Pointing To Initial Weakness On Wall Street
Major U.S. index futures are pointing to a lower opening on Thursday following the mixed performance seen in the previous session.
The downward momentum on Wall Street comes as traders continue to digest the Federal Reserve’s decision to raise interest rates by a quarter point on Wednesday.
Stocks showed a lack of direction throughout much of the trading session on Wednesday before ending the session mixed. The narrow Dow climbed to a new record closing high.
The Dow rose 46.09 points or 0.2 percent to 21,374.56, while the Nasdaq fell 25.48 points or 0.4 percent to 6,194.89 and the S&P 500 edged down 2.43 points or 0.1 percent to 2,437.92.
The mixed closed on Wall Street came after the Federal Reserve raised its benchmark interest rate for the third time in three months despite signs the U.S. economy has cooled off in 2017.
The Federal Open Market Committee voted to raise fed funds to between 1% and 1.25% and will start “gradual” shrinking of its $4.5 trillion balance sheet “this year.”
The Fed, tasked with promoting full employment and healthy inflation, was forced to deal with an unusual dilemma — the unemployment rate has dropped to its lowest in 16 years, but inflation has weakened below the Fed’s 2 percent target rate.
Their so-called ‘dot plot’ shows one more rate hike in 2017 and three more in 2018, but the Fed’s accompanying statement offered little indication they plan to raise interest rates again this summer.
Policy makers say they are “monitoring developments closely,” meaning they are likely wait for confirmation that recent economic weakness is “transitory.”
“Information received since the Federal Open Market Committee met in May indicates that the labor market has continued to strengthen and that economic activity has been rising moderately so far this year,” the Fed said.
However, in a nod to May’s lackluster jobs report, the statement noted “Job gains have moderated but have been solid, on average, since the beginning of the year.” Also, U.S. retail sales in May were the weakest in 16 months, data showed this morning.
Meanwhile, the rate of inflation over the past 12 months has slowed to 1.9% in May from 2.7% just in February.
In her accompanying press conference, Fed Chair Janet Yellen offered some explanation for the tame inflation, noting declines in a few areas, such as cell phone service and prescription drugs.
Yellen said the Fed still expects inflation to reach the 2% target next year, and the economy is expected to grow at the same pace of around 2% for the next three years.
As such, the Fed expects to begin implementing a balance sheet normalization program this year, provided that the economy evolves broadly as anticipated.
On the U.S. economic front, the Commerce Department released a report this morning showing an unexpected drop in retail sales in the month of May.
The Commerce Department said retail sales fell by 0.3 percent in May after climbing by an upwardly revised 0.4 percent in April.
The drop in sales surprised economists, who had expected sales to inch up by 0.1 percent compared to the 0.3 percent increase originally reported for the previous month.
Excluding auto sales, retail sales still fell by 0.3 percent in May following the 0.4 percent growth seen in April. Ex-auto sales were expected to rise by 0.2 percent.
A separate report from the Labor Department showed a modest decrease in consumer prices in May amid a steep drop in energy prices.
The report said the consumer price index edged down by 0.1 percent in May after rising by 0.2 percent in April. Economists had expected prices to come in unchanged.
Energy stocks moved sharply lower amid a drop by the price of crude oil, while strength was visible among tobacco and biotechnology stocks.
By Adedapo Adesanya
Easing tensions between the US and Iran in the Middle East is expected to offer more respite to the Nigerian economy in the coming months.
Analysts at Comercio Partners noted in a report that there is an increased likelihood of a gradual moderation in inflation from July into the third quarter of 2026.
The analysts opined that the near-term outlook for inflation “has become less tilted to the upside” following the peace deal reached by the warring parties in the Middle East conflict and the sharp decline in global oil prices.
The report read in part: “May inflation data showed that price pressures remain sticky, but the near-term outlook has become less tilted to the upside following the peace deal and the sharp decline in global oil prices.
“Headline inflation rose to 15.93 per cent year-on-year from 15.69 per cent in April, while food inflation climbed to 16.96 per cent and core inflation increased to 16.82 per cent, suggesting that both food and underlying non-food price pressures remain elevated.
“However, the easing in crude oil prices below $85/bbl reduces the risk of a renewed energy-led inflation shock. This is important for Nigeria, where fuel, diesel, transport, logistics, and food distribution costs are key channels through which global energy prices feed into domestic inflation.
“If lower oil prices are sustained and domestic fuel prices remain stable or decline, pressure on transport and production costs should gradually ease.”
It noted that in June, inflation may remain sticky because the pass-through of lower oil prices to consumer prices is unlikely to be immediate.
It added that food prices remain elevated, and core inflation picked up month-on-month in May, indicating that underlying price pressures have not fully faded. According to the National Bureau of Statistics (NBS), the inflation rate on a month-on-month basis was 1.75 per cent, which was 0.39 per cent lower than the rate recorded in April 2026 (2.13 per cent).
“However, the balance of risks has shifted. The likelihood of another sharp energy-driven acceleration has reduced, while the probability of gradual moderation from July into Q3 has improved.”
The analysts said in the report that while the latest CPI data, “still supports a cautious tone across rates and fixed income, as annual headline, food, and core inflation all moved higher in May,” the decline in oil prices gives the Central Bank of Nigeria (CBN) “more room to maintain a wait-and-see stance rather than respond aggressively to external energy-price risks, provided domestic prices begin to reflect the easing in global crude markets.”
Economy
All On Invests $1m in Eja-Ice Nigeria Limited to Strengthen Cold-Chain Infrastructure in Off-Grid Markets
All On, an impact investing company focused on expanding access to renewable energy solutions in Nigeria, has announced a $1 million investment in Eja-Ice Nigeria Limited, a provider of solar-powered refrigeration and cold chain infrastructure.
The investment will support Eja-Ice’s manufacturing and operational scale-up as the company enters its next phase of growth. It is expected to enable the expansion of its cold-chain solutions and improve access to reliable cooling services for households, small businesses, and institutions operating in off-grid and weak-grid environments.
Access to dependable cold storage remains a significant constraint across Nigeria, particularly in coastal and rural communities where limited energy infrastructure contributes to post-harvest losses and income instability for small-scale agro-producers.
By delivering energy-efficient refrigeration systems, Eja-Ice is helping to address these challenges while supporting the preservation of perishable goods and strengthening local value chains.
“All On’s investment in Eja-Ice reflects our approach of supporting solutions that improve energy access while enhancing livelihoods, reducing costs, and enabling businesses to grow. Strengthening cold-chain infrastructure is an important step towards building more resilient local economies and expanding opportunities in underserved markets,” the chief executive of All On, Ms Caroline Eboumbou, commented on the investment.
Eja-Ice’s integrated cold-chain model allows for greater control over product design, operational efficiency, and service delivery, ensuring that its solutions are tailored to the needs of underserved markets. The company’s systems are already supporting micro enterprises, cooperatives, and community-level infrastructure, particularly in areas where reliable electricity remains limited.
Also commenting, the founder and chief executive of Eja-Ice Nigeria Limited, Mr Yusuf Bilesanmi, said, “This capital raise is a huge step forward in our vision to power homes and businesses with products designed, assembled, and optimised right here on the continent. It’s not just about access to electricity—it’s about dignity, productivity, and opportunity for the over 600 million people across sub-Saharan Africa who are still off-grid.”
Through this investment, All On continues to advance its mission of closing Nigeria’s energy access gap by supporting the renewable energy ecosystem and businesses that deliver sustainable, market-driven solutions.
By Aduragbemi Omiyale
Shares of First Holdco Plc worth N45.0 billion issued through a private placement have been listed on the Nigerian Exchange (NGX) Limited.
A circular issued by the Head of Issuer Regulation Department of the NGX Regulation Limited, Mr Godstime Iwenekhai, disclosed that the equities were admitted for trading at the stock market on Monday.
According to the notice, the additional shares brought for listing to rank pari passu with existing shares of the organisation were 1,021,334,544 units.
These stocks were sold to one of the company’s major shareholders at a unit price of N44.06, amounting to N45.0 billion.
The total issued and fully paid-up shares of First Holdco, as a result of this listing, are now 45,475,027,677 ordinary shares of 50 Kobo each.
“Trading licence holders are hereby notified that an additional 1,021,334,544 ordinary shares of 50 Kobo each of First Holdco Plc were on Monday, June 22, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares listed on NGX arose from the company’s private placement of 1,021,334,544 ordinary shares of 50 Kobo each at N44.06 per share.
“With the listing of the additional shares, the total issued and fully paid-up shares of First Holdco Plc have now increased to 45,475,027,677 ordinary shares of 50 Kobo each from 44,453,693,133 ordinary shares of 50 Kobo each,” the disclosure stated.
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