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Economy

Futures Pointing to Initial Weakness on Wall Street

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By Investors Hub

The major US index futures are pointing to a lower opening on Monday, with stocks poised to add to the losses posted last week.

The downward momentum on Wall Street comes as traders look ahead to the Federal Reserve?s highly anticipated monetary policy announcement next Wednesday.

With the Fed widely expected to raise interest rates by 25 basis points, traders are likely to keep an eye on the accompanying statement for clues about the outlook for future rate hikes.

New Fed Chairman Jerome Powell?s first press conference as head of the central bank is also likely to attract considerable attention.

Stocks moved mostly higher during trading on Friday following the mixed performance seen in the previous session. The Dow and the S&P 500 spent most of the day in positive territory, while the tech-heavy Nasdaq bounced back and forth across the unchanged line.

The major averages all eventually closed higher, although the Nasdaq inched up just 0.25 points or less than a tenth of a percent to 7,481.99. The Dow rose 72.85 points or 0.3 percent to 24,946.51, and the S&P 500 edged up 4.68 points or 0.2 percent to 2,751.01.

Despite the upward move on the day, the major averages moved to the downside for the week. While the Dow slumped by 1.5 percent, the S&P 500 and the Nasdaq slid by 1.2 percent and 1 percent, respectively.

The higher close on Wall Street partly reflected a positive reaction to reports showing an unexpected improvement in consumer sentiment and a bigger than expected jump in industrial production.

The University of Michigan said the preliminary reading on its consumer sentiment index for March came in at 102.0, up from the final February reading of 99.7. Economists had expected the index to edge down to 99.3.

“Consumer sentiment rose in early March to its highest level since 2004 due to a new all-time record favorable assessment of current economic conditions,” said Richard Curtin, the survey’s chief economist.

A separate report from the Federal Reserve showed a substantial rebound in industrial production in the month of February.

The Fed said industrial production surged up by 1.1 percent in February after dipping by a revised 0.3 percent in January. Economists had expected production to rise by 0.3 percent.

On the other hand, the Commerce Department released a report showing a pullback in new residential construction in the month of February.

The report said housing starts plunged by 7.0 percent to an annual rate of 1.236 million in February after jumping by 10.1 percent to a revised 1.329 million in January.

Economists had expected housing starts to drop by 2.7 percent to a rate of 1.290 million from the 1.326 million originally reported for the previous month.

The Commerce Department said building permits also tumbled by 5.7 percent to a rate of 1.298 million in February after surging up by 5.9 percent to a revised 1.377 million in January.

Building permits, an indicator of future housing demand, had been expected to slump by 5.4 percent to a rate of 1.32 million from the 1.396 million originally reported for the previous month.

Political uncertainty may have kept some traders on the sidelines amid reports President Donald Trump plans to remove national security adviser H.R. McMaster.

The White House has denied the reports, with press secretary Sarah Sanders saying there are “no changes” at the National Security Council.

After falling sharply in the previous session, energy stocks showed a strong move back to the upside on the day. The rebound by energy stocks came amid a significant increase by the price of crude oil.

Reflecting the strength in the energy sector, the Philadelphia Oil Service Index surged up by 1.9 percent and the NYSE Arca Natural Gas Index jumped by 1.5 percent.

Significant strength was also visible among computer hardware stocks, as reflected by the 1.4 percent gain posted by the NYSE Arca Computer Hardware Index. With the advance, the index reached its best closing level in well over a month.

Utilities, brokerage, and transportation stocks also moved notably higher on the day, while tobacco stocks showed a substantial move to the downside.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

Economy

Bulls Sustain Dominance at NGX as Investors Gain N241bn

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NGX Last Trading Day RMD

By Dipo Olowookere

For the fourth consecutive trading session this week, the Nigerian Exchange (NGX) Limited ended in green territory with a 0.35 per cent growth on Thursday.

The bulls tigthened their grip on Customs Street yesterday as a result of sustained buying pressure, with investor sentiment remaining strong after the bourse ended with 38 price gainers and 21 price losers, implying a positive market breadth index.

Chellarams and Beta Glass gained 10.00 per cent each to settle at N9.46 and N160.65 apiece, International Energy Insurance appreciated by 9.93 per cent to N1.66, May and Baker rose by 9.78 per cent to N10.10, and Academy Press improved by 9.78 per cent to N3.93.

On the flip side, Abbey Mortgage Bank lost 10.00 per cent to quote at N7.47, Livestock Feeds declined by 9.77 per cent to N7.85, Legend Internet shed 8.50 per cent to finish at N9.15, Deap Capital shrank by 6.48 per cent to N1.01, and VFD Group tumbled by 5.88 per cent to N16.00.

A total of 554.1 million equities worth N14.4 billion exchanged hands in 16,704 deals yesterday compared with the 587.5 million equities valued at N18.7 billion transacted in 17,496 deals at midweek, indicating a shortfall in the trading volume, value, and number of deals by 5.69 per cent, 24.00 per cent, and 4.53 per cent, respectively.

Fidelity Bank topped the activity chart with 69.8 million shares sold for N1.4 billion, Access Holdings transacted 65.8 million stocks valued at N1.4 billion, Tantalizers exchanged 55.1 million equities worth N126.8 million, GTCO traded 46.0 million shares for N3.1 billion, and First HoldCo transacted 22.7 million stocks valued at N571.6 million.

Business Post reports that the consumer goods index depreciated by 1.34 per cent during the session and the commodity sector closed flat.

However, the banking industry improved by 1.02 per cent, the industrial goods sector advanced by 0.98 per cent, the insurance counter expanded by 0.33 per cent, and the energy space leapt by 0.07 per cent.

Consequently, the All-Share Index (ASI) closed higher by 382.13 points to 109,231.96 points from 108,849.83 points and the market capitalisation jumped by N241 billion to N68.653 trillion from N68.412 trillion.

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Economy

Nigeria Repays $3.4bn COVID-19 Loan to Exit IMF Debtor List

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Nigerian banking loan portfolio

By Adedapo Adesanya

The International Monetary Fund (IMF) has removed Nigeria from its Total IMF Credit Outstanding list after repaying the $3.4 billion pandemic loan.

The global lender provided funding support to some countries after the COVID-19 pandemic in 2020, which crumbled the global economic and made some nations struggling to survive.

Nigeria was among the countries that relied on the IMF for funding support and it has repaid the loan, prompting the lender to remove its name from the debtors’ list.

The journey towards clearing this debt began in earnest in 2023, when the nation’s IMF debt stood at $1.61 billion, reaching $472 million by January 2025.

Commenting on the development, the Senior Special Assistant to the President on Digital Engagement and Strategy, Mr O’tega Ogra, described the clearance as a “strategic reset” for the nation’s financial policy.

He emphasized that this achievement is a reflection of the administration’s focus on fiscal discipline, long-term sustainability, and economic resilience.

“This milestone signals a new chapter for Nigeria, one marked by clarity, capacity, and fiscal responsibility.

“We are no longer defined by aid dependence but by our capacity to stand tall and manage our financial future on our terms,” Mr Ogra stated.

While Nigeria’s exit from the IMF’s debtor list is a symbolic moment of progress, Mr Ogra made it clear that the country would continue to engage with the IMF and other international partners, but now on a more proactive, strategic basis.

“Global partnerships remain essential, but we approach them from a place of strength, not dependency,” he added.

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Economy

Nigeria Woos Norway on Debt Restructuring, Tax Transparency, Climate Finance

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managing Nigeria's debt portfolio

By Adedapo Adesanya

Nigeria has called for deeper collaboration with Norway in the areas of debt restructuring, tax transparency, and climate finance, as part of its broader strategy to unlock sustainable development opportunities through global partnerships.

According to a statement, this call was made by the Minister of State for Finance, Mrs Doris Uzoka-Anite, during a high-level bilateral meeting with the Norwegian Deputy Minister of International Development, Ms Stine Renate Håheim, held on the sidelines of the recent 2025 United Nations Meetings in New York.

Mrs Uzoka-Anite emphasized that Nigeria is prioritizing partnerships that can accelerate its economic reform agenda and climate resilience goals.

“We are actively seeking partners who understand the urgency of our development needs, especially in areas such as climate finance, debt restructuring, and tax cooperation,” she said.

She spoke on Nigeria’s interest in NORAD’s Energy for Development platform, which supports sustainable energy solutions across developing economies.

The Minister noted that Nigeria is eager to tap into the initiative to fast-track energy access and reduce emissions.

“Our energy transition plan aligns with global climate goals, and we believe collaboration under NORAD’s platform will be instrumental in delivering clean, affordable energy to millions of Nigerians,” she added.

The meeting also spotlighted the need for greater transparency in international tax cooperation frameworks.

“Improving tax transparency is critical to domestic resource mobilization. We welcome Norway’s support in helping us strengthen systems that fight illicit financial flows,” Mrs Uzoka-Anite stressed.

Ms Håheim acknowledged Nigeria’s regional importance and expressed readiness to explore areas of mutual interest, particularly in promoting inclusive growth and green development.

The statement added that the bilateral engagement reflects Nigeria’s diplomatic outreach at the 2025 UN Meetings, reinforcing its drive to forge strategic alliances that enhance governance, unlock financing for development, and boost resilience in the face of current global economic challenges.

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