Economy
Futures Pointing to Modestly Higher Open on Wall Street
By Investors Hub
Major U.S. index futures are pointing to a modestly higher opening on Thursday following the mixed performance seen in the previous session.
The upward momentum on Wall Street comes following the release of a report from the Labor Department showing an unexpected drop in initial jobless claims in the week ended October 28th.
A separate report from the Labor Department showed a bigger than expected increase in labor productivity in the third quarter, with output jumping by much more than hours worked.
Traders are also digesting the Bank of England’s decision to raise interest rates for the first time in over a decade.
Later in the day, trading may be impacted by President Donald Trump’s expected announcement of his nominee as the next Federal Reserve Chair.
Multiple media sources have reported that Trump intends to nominate Fed Governor Jerome Powell to replace current Fed Chair Janet Yellen.
House Republicans are also expected to unveil the draft of their tax reform legislation after postponing the release by a day due to disagreements about how to offset the cost of the nearly $6 trillion in tax cuts included in the bill.
Stocks turned mixed over the course of the trading session on Wednesday after initially moving to the upside. The major averages reached record intraday highs early in the session before giving back ground.
The major averages ended the day on opposite sides of the unchanged line. While the Nasdaq edged down 11.14 points or 0.2 percent to 6,716.53, the Dow rose 57.77 points or 0.3 percent to 23,435.01 and the S&P 500 inched up 4.10 points or 0.2 percent to 2,579.36.
The mixed close on Wall Street came following the Federal Reserve’s announcement of its latest monetary policy decision.
The Fed left interest rates unchanged as widely expected and offered support for the December rate hike that most economists are predicting.
The statement from the central bank said data received since the September meeting indicates the labor market has continued to strengthen and that economic activity has been rising at a solid rate despite hurricane-related disruptions.
The Fed said inflation for items other than food and energy remained soft but continued to predict inflation would stabilize around its 2 percent objective over the medium term.
The central bank also reiterated its expectation that economic conditions will evolve in a manner that will warrant gradual increases in the federal funds rate.
“Given the strong economy and jobs market, inflation pressures gradually building and Fed officials broadening out the reasons behind hiking – such as financial conditions, asset valuations and financial stability issues – we are still sticking to our view of a December rate hike,” said ING Senior Economist James Knightley.
He added, “This is 80% priced in by financial markets with the main risk coming from the potential for an economically damaging government shutdown in the absence of an agreement to raise the debt ceiling.”
Earlier in the day, payroll processor ADP released a report showing stronger than expected private sector job growth in the month of October.
ADP said private sector employment climbed by 235,000 jobs in October after rising by a downwardly revised 110,000 jobs in September.
Economists had expected an increase of about 200,000 jobs compared to the addition of 135,000 jobs originally reported for the previous month.
The bigger than expected increase came after private sector employment grew at its slowest rate in nearly a year in September.
A separate report from the Institute for Supply Management showed a slowdown in the pace of growth in the manufacturing sector in October.
The ISM said its purchasing managers index fell to 58.7 in October from 60.8 in September, although a reading above 50 still indicates growth in the manufacturing sector. Economists had expected the index to edge down to 59.5.
The bigger than expected pullback by the manufacturing index came after it jumped to its highest level in over thirteen years in the previous month.
Natural gas stocks turned in a strong performance on the day, with the NYSE Arca Natural Gas Index jumping by 2.2 percent. With the gain, the index ended the session at its best closing level in almost a month.
Within the natural gas sector, Devon Energy (DVN) posted a standout gain after reporting third quarter earnings that exceeded analyst estimates.
Notable strength was also visible among other energy stocks even though the price of crude oil for December delivery edged lower.
Steel stocks also showed a strong move to the upside, driving the NYSE Arca Steel Index up by 1 percent. U.S. Steel (X) led the sector higher after reporting better than expected third quarter results.
On the other hand, telecom stocks saw substantial weakness, dragging the NYSE Arca North American Telecom Index down by 2.8 percent. The index ended finished the day at its lowest closing level in well over a year.
Frontier Communications (FTR) posted a steep loss after reporting a narrower than expected third quarter loss but weaker than expected revenues.
By Adedapo Adesanya
The first trading day in the currency market in Nigeria ended bearish for the Naira as its value further weakened against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Monday by N2.92 or 0.22 per cent to N1,349.24/$1 from the N1,346.32/$1 it was traded last Friday.
Also in the spot market, the Nigerian currency depreciated against the Pound Sterling by N6.62 during the trading day to close at N1,821.87/£1 versus the preceding session’s N1,815.25/£1, and lost N6.80 on the Euro to settle at N1,591.42/€1, in contrast to the previous rate of N1,584.62/€1.
At the GTBank forex desk, the Nigerian Naira crashed against the greenback yesterday by N1 to quote at N1,357/$1 versus the preceding session’s closing value of N1,356/$1, but in the black market, the Naira appreciated by N5 to close at N1,365/$1 compared with the preceding trading day’s N1,370/$1.
The Naira slide came amid renewed pressure as weekly inflows declined, as Bureaux De Change (BDC) operators were unable to purchase Dollars from banks two weeks after the Central Bank of Nigeria (CBN) reopened the official FX Market window to them.
It had been expected that BDCs would help to further deflate the parallel market premium, but according to reports, BDC operators had yet to commence FX purchases from commercial banks, two weeks after the apex bank said legitimate agents can access up to $150,000 from the banks.
There were no FX inflows from the CBN during the past week, according to a report by the research department of Coronation Merchant Bank.
Meanwhile, Nigeria’s external reserves, which provide the CBN with firepower to support the naira, rose to $48.77 billion as of February 19, 2026.
Meanwhile, the cryptocurrency market was in the red as a broader risk-off shift tied to an emerging “AI scare trade” in equities is weighing on crypto markets.
This is leading traders to sell, while the sharp liquidation events that typically attract dip buyers have seen no such move recently, with Bitcoin (BTC) down by 3.2 per cent to $62,901.86.
Further, Ethereum (ETH) depreciated by 2.5 per cent to $1,821.13, Cardano (ADA) slid 1.9 per cent to $0.2571, Litecoin (LTC) went down by 1.9 per cent to $50.45, Solana (SOL) shrank 1.8 per cent to $76.54, Dogecoin (DOGE) declined by 1.7 per cent to $0.0912, Ripple (XRP) slumped 1.2 per cent to $1.32, and Binance Coin (BNB) lost 0.6 per cent to sell for $589.88, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
By Adedapo Adesanya
Crude oil eased on Monday ahead of a third round of nuclear talks between the US and Iran, and amid increased economic uncertainty after the latest US tariff upheaval.
According to data, Brent crude futures lost 27 cents or 0.38 per cent to close at $71.49 a barrel, while US West Texas Intermediate (WTI) crude futures fell 17 cents or 0.26 per cent to per barrel $66.31.
Iran has indicated its preparedness to make concessions on its nuclear programme in return for sanctions lifting and recognition of its right to enrich uranium.
The Iranian government, facing pressure at home with a growing opposition and globally with threats of a US military strike, appears ready for a third round of Omani-mediated talks with American negotiators this week.
According to reports, the Foreign Minister of Oman, Mr Badr Albusaidi, on Sunday said talks would resume on Thursday, February 26, in Geneva “with a positive push to go the extra mile toward finalising the deal” over Iran’s nuclear program.
In separate remarks, the Iranian government suggested talks in the Swiss city on that date. However, there has been no confirmation from the US officials.
The US administration has been pressuring Iran to agree to curtail its nuclear program, which Iran insists is intended for peaceful, civilian purposes, such as electricity generation. The US, along with Israel and others in the West, has accused Iran of intending to build atomic weapons.
US President Donald Trump has dispatched two aircraft carrier strike groups, with dozens of fighter jets and bombers to the region, and other military planes and supporting forces have been spotted flying into air bases in the Middle East.
President Trump said on Saturday that he would raise a temporary tariff from 10 per cent to 15 per cent on US imports from all countries, the maximum allowed under the law.
This came after a US Supreme Court ruling last week struck down key parts of President Trump’s tariff plans, rekindling uncertainty among investors and businesses.
Goldman Sachs lifted its Q4 2026 Brent forecast to $60 and WTI to $56 per barrel, citing lower-than-expected OECD stock levels.
The bank still projects a 2.3 million barrels per day surplus in 2026, assuming no major supply disruptions.
Meanwhile, the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) may resume production increases in 2026 amid limited inventory builds and shifting market dynamics.
By Aduragbemi Omiyale
The investing public has been advised to exercise due diligence before trading stocks on the Nigerian Exchange (NGX) Limited.
This caution was given by the NGX Regulation Limited (NGX RegCo), the independent regulatory arm of the NGX Group Plc.
The advisory became necessary in response to notable price movements observed in the shares of certain listed companies over recent trading sessions.
On Monday, the bourse suspended trading in the shares of newly-listed Zichis Agro-allied Industries Plc. The company’s stocks gained almost 900 per cent within a month of its listing on Customs Street.
In a statement today, NGX RegCo urged investors to avoid speculative trading based on unverified information and to consult licensed intermediaries such as stockbrokers or investment advisers when needed.
It explained that its advisory is part of its standard market surveillance functions, as it serves as a measured reminder for investors to prioritise informed and disciplined decision-making.
The notice emphasised that the Exchange will continue to monitor market activities closely in line with its mandate to ensure a fair, orderly, and transparent market.
“NGX RegCo encourages all investors to base their decisions on publicly available information, including a thorough assessment of company fundamentals, financial performance, and risk profile,” a part of the disclosure said.
It reassured all stakeholders that the NGX remains stable, well-regulated, and resilient, saying the platform continues to foster an environment where investors can participate with confidence, supported by robust oversight and transparent market operations.
“Our primary responsibility is to maintain a level playing field where market participants can trade with confidence, backed by timely and accurate information.
“This advisory is a routine communication, reinforcing that sound fundamentals, not speculation, remain the foundation for sustainable investment outcomes. We are fully committed to preserving the integrity and stability of our market,” the chief executive of NGX RegCo, Mr Olufemi Shobanjo, stated.
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