Economy
Profit Taking May Pullback Wall Street
By Investors Hub
The major U.S. index futures are pointing to a lower opening on Thursday, with stocks likely to give back ground after trending higher over the past several sessions.
Profit taking may contribute to initial weakness on Wall Street, as traders cash in on the recent strength in the markets that has lifted the Nasdaq and the S&P 500 to record highs.
Uncertainty about trade talks between the U.S., Canada and Mexico may also weigh on the markets along with concerns about the ongoing trade dispute between the U.S. and China.
The U.S. is considering imposing tariffs on another $200 billion worth of Chinese goods as early as next months, and the response from China may have significant consequences for the global economy and currencies.
Extending the upward trend seen in recent sessions, stocks moved mostly higher over the course of the trading session. The Nasdaq and the S&P 500 climbed to new record closing highs, while the Dow reached its best closing level in nearly seven months.
The major averages all closed in positive territory, although the Nasdaq outperformed its counterparts. While the Nasdaq jumped 79.65 points or 1 percent to 8,109.69, the S&P 500 climbed 16.52 points or 0.6 percent to 2,914.04 and the S&P 500 rose 60.55 points or 0.2 percent to 26,124.57.
The tech-heavy Nasdaq benefited from notable gains by Amazon (AMZN) and Google parent Alphabet (GOOGL), which surged up by 3.4 percent and 1.5 percent, respectively, after Morgan Stanley raised its price targets for both stocks.
The continued strength on Wall Street also reflected optimism about renewed trade talks between the U.S., Canada, and Mexico.
Canada rejoined the talks following President Donald Trump’s announcement of a preliminary trade deal with Mexico on Monday.
In remarks to reporters on Tuesday, Canadian Foreign Affairs Minister Chrystia Freeland said “difficult” concessions by Mexico have set the stage for productive conversations in the coming days.
Freeland said she was due to engage into detailed discussions with U.S. Trade Representative Robert Lighthizer on Wednesday.
On the U.S. economic front, the Commerce Department released a report showing economic activity grew by more than initially estimated in the second quarter.
The report said real gross domestic product climbed by 4.2 percent in the second quarter compared to the previously reported 4.1 increase. The pace of growth had been expected to be downwardly revised to 4.0 percent.
With the unexpected upward revision, the GDP growth in the second quarter reflects a significant acceleration from the 2.2 percent advance in the first quarter.
Meanwhile, a separate report from the National Association of Realtors showed an unexpected pullback in pending home sales in the month of July.
NAR said its pending home sales index dropped by 0.7 percent to 106.2 in July after jumping by 1.0 percent to an upwardly revised 107.0 in June. Economists had expected pending home sales to rise by 0.3 percent.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
Biotechnology stocks turned in some of the market’s best performances on the day, extending a recent upward trend. The NYSE Arca Biotechnology Index climbed by 1.3 percent to a new record closing high.
Significant strength also emerged among retail stocks, as reflected by the 1.2 percent gain posted by the Dow Jones Retail Index. The index also ended the session at its best closing level on record.
Energy stocks also saw considerable strength, moving higher along with the price of crude oil. Crude for October delivery jumped following the release of a report showing a bigger than expected weekly drop in crude oil inventories.
On the other hand, tobacco stocks extended a recent move to the downside, dragging the NYSE Arca Tobacco Index down by 1.4 percent to a three-month closing low.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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