Economy

Futures Pointing to Roughly Flat Open on Wall Street

Published

9 years ago

29/03/2017

By Investors Hub

The major U.S. index futures are pointing to a roughly flat opening on Wednesday following the strength seen in the previous session.

Traders may be reluctant to make any significant moves amid continued uncertainty about President Donald Trump’s policy agenda following the failure of the Republican health care bill.

Developments in the U.K. are also in focus after the British government sent a notification letter to European Council President Donald Tusk formally beginning the country’s exit from the European Union.

After initially showing a lack of direction, stocks moved mostly higher over the course of the trading session on Tuesday. With the upward move on the day, the Dow snapped an eight-session losing streak.

The major averages ended the day firmly in positive territory. The Dow climbed 150.52 points or 0.7 percent to 20,701.50, the Nasdaq rose 34.77 points or 0.6 percent to 5,875.14 and the S&P 500 advanced 16.98 points or 0.7 percent to 2,358.57.

The strength on Wall Street came following the release of a report from the Conference Board showing an unexpected improvement in consumer confidence in the month of March.

The Conference Board said its consumer confidence index jumped to 125.6 in March from a revised 116.1 in February.

The increase surprised economists, who had expected the index to dip to 113.8 from the 114.8 originally reported for the previous month.

With the unexpected increase, the consumer confidence index climb to its highest level since reaching 128.6 in December of 2000.

“Consumers’ assessment of current business and labor market conditions improved considerably,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers also expressed much greater optimism regarding the short-term outlook for business, jobs and personal income prospects.”

She added, “Thus, consumers feel current economic conditions have improved over the recent period, and their renewed optimism suggests the possibility of some upside to the prospects for economic growth in the coming months.”

Energy stocks showed a strong move to the upside on the day, benefiting from an increase by the price of crude oil. Reflecting the strength in the energy sector, the Philadelphia Oil Service Index jumped by 2.1 percent, the NYSE Arca Natural Gas Index surged up by 1.9 percent and the NYSE Arca Oil & Gas Index climbed by 1.3 percent.

Transportation, steel, and financial stocks also saw considerable strength on the day, moving higher along with most of the other major sectors.

Economy

Nigerian Stocks Chalk up 0.08% on Bullish Sentiment

Published

1 hour ago

07/03/2026

Dipo Olowookere

By Dipo Olowookere

The last trading session of the week on the floor of the Nigerian Exchange (NGX) Limited ended on a positive note, as it rallied by 0.08 per cent on Friday.

This was buoyed by strong investor sentiment due to renewed buying pressure, which left 35 stocks on the gainers’ chart, as 33 stocks ended on the losers’ log, indicating a positive market breadth index.

According to data, Eterna gained 10.00 per cent to close at N42.35, Union Dicon appreciated by 9.70 per cent to N16.40, John Holt grew by 9.25 per cent to N9.45, Tantalizers rose by 8.41 per cent to N4.64, and Fidson expanded by 7.27 per cent to N88.50.

Conversely, RT Briscoe lost 10.00 per cent to finish at N12.06, SCOA Nigeria retreated by 9.96 per cent to N34.35, ABC Transport receded by 9.96 per cent to N6.25, Mecure crashed by 9.96 per cent to N61.50, and Berger Paints declined by 9.93 per cent to N66.65.

Business Post observed that the industrial goods space appreciated by 1.20 per cent yesterday, while the energy index improved by 0.19 per cent.

However, the insurance counter fell by 0.61 per cent, the consumer goods segment shed 0.56 per cent, and the banking industry depreciated by 0.11 per cent.

The All-Share Index (ASI) was down by 161.00 points on Friday to 196,968.15 points from 196,807.15 points on Thursday, while the market capitalisation went down by N119 billion to N126.437 trillion from N126.318 trillion.

A total of 586.2 million units of shares worth N30.6 billion were transacted in 62,699 deals during the trading day versus the 634.0 million shares valued at N29.1 billion traded in 66,286 deals a day earlier, showing a jump in the trading value by 5.16 per cent, and a decline in the trading volume and number of deals by 7.54 per cent and 5.41 per cent, respectively.

The activity chart was led by First Holdco with 43.9 million units worth N2.3 billion, Access Holdings exchange 43.2 million units valued at N1.1 billion, Zenith Bank transacted 40.0 million units for N3.7 billion, GTCO sold 38.9 million units worth N4.6 billion, and Jaiz Bank traded 31.5 million units valued at N323.4 million.

Economy

Five Price Gainers Lift NASD Index by 0.22% as Market Cap Adds N5.6bn

Published

2 hours ago

07/03/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange went up by 0.22 per cent on Friday, March 6, as a result of the rise in the share prices of five securities on the platform.

During the session, the market capitalisation of the bourse added N5.60 billion to close at N2.519 trillion versus the preceding session’s N2.513 trillion, and the NASD Unlisted Security Index (NSI) appreciated by 9.35 points to 4,256.41 points from 4,256.41 points.

The five price gainers were led by 11 Plc, which gained N29.02 to close at N319.25 per unit versus Thursday’s closing value of N290.23 per unit, Central Securities Clearing System (CSCS) Plc appreciated by N1.19 to N81.35 per share from N80.16 per share, Nipco Plc increased by N1.00 to N285.00 per unit from N284.00 per unit, FrieslandCampina Wamco Nigeria Plc rose by 72 Kobo to N125.20 per share from N124.48 per share, and UBN Property Plc improved by 19 Kobo to N2.17 per unit from N1.98 per unit.

On the flip side, Okitipupa Plc lost N20.00 to settle at N230.00 per share compared with the previous day’s N250.00 per share, NASD Plc declined by N5.21 to N51.00 per unit from N56.21 per unit, and First Trust Mortgage Bank Plc declined by 21 Kobo to N1.90 per share from N2.11 per share.

The volume of securities traded by market participants went down by 10.6 per cent yesterday to 3.4 million units from 3.8 million units, and the value of securities dropped 85.3 per cent to close at N62.4 million versus N423.3 million, while the number of deals jumped 4.8 per cent to 44 deals from 42 deals.

CSCS Plc remained the most traded stock by value (year-to-date) with 37.2 million units valued at N2.3 billion, followed by Okitipupa Plc with 6.3 million units worth N1.1 billion, and MRS Oil Plc with 3.4 million units sold for N506.8 million.

Resourcery Plc was the most traded stock by volume (year-to-date) with 1.05 billion units traded for N408.7 million, followed by Geo-Fluids Plc with 123.1 million units transacted for N481.6 million, and CSCS Plc with 37.2 million units worth N2.3 billion.

Economy

Naira Loses N5.82 at NAFEX to Sell N1,393/$1

Published

2 hours ago

07/03/2026

Adedapo Adesanya

By Adedapo Adesanya

For another week, the Naira closed without recording a gain against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX), as FX demand pressure continues to mount.

On Friday, the country’s legal tender further depreciated against the greenback by N5.82 or 0.42 per cent to trade at N1,393.26/$1 compared with the preceding day’s N1,387.45/$1.

Also, the local currency tumbled against the Pound Sterling in the official market segment yesterday by N7.61 to close at N1,859.99/£1 versus Thursday’s closing price of N1,852.38/£1, and crashed against the Euro by N1.58 to settle at N1,611.49/€1, in contrast to the N1,609.86/€1 it was traded a day earlier.

In the same vein, the Naira declined against the Dollar at the GTBank forex desk by N12 during the session to quote at N1,410/$1 versus the previous session’s rate of N1,398/$1, and at the parallel market, it lost N10 to sell for N1,415/$1 compared with the preceding day’s N1,405/$1.

The domestic currency continued its decline despite $300 million in FX intervention sales to banks by the Central Bank of Nigeria (CBN), indicating that the rising demand for foreign payments is outpacing supply. However, worries have heightened as the Naira is entering a threshold that has not previously created panic.

In the international market, the US Dollar held broadly steady and saw its steepest weekly gain in more than a year as the escalating conflict in the Middle East drove demand for safe-haven assets. This creates pressure on other currencies.

This also affected the cryptocurrency market. As tensions escalated in the Middle East last week, investors moved quickly to the safety of the US Dollar, which strengthened as markets began pricing in higher energy prices and reignited inflation fears, potentially delaying Federal Reserve rate cuts.

Ethereum (ETH) dipped by 4.9 per cent to $1,975.54, Solana (SOL) depreciated by 4.8 per cent to $84.08, Bitcoin (BTC) lost 4.3 per cent to sell for $67,725.27, Cardano (ADA) slumped 4.2 per cent to $0.2527, and Litecoin (LTC) shrank by 3.4 per cent to $53.55.

Further, Dogecoin (DOGE) declined by 3.2 per cent to $0.0906, Binance Coin (BNB) slipped 2.9 per cent to $626.32, and Ripple (XRP) went down by 2.6 per cent to $1.36, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.