Economy
Tech Stocks Likely to Catch Investors’ Attention on Wall Street
By Investors Hub
The major U.S. index futures are pointing to a higher opening on Thursday following the substantial volatility seen in the previous session.
The markets may benefit from bargain hunting after the tech-heavy Nasdaq ended Wednesday?s trading at its lowest closing level in well over a month.
Trading activity is likely to be somewhat subdued, however, as some traders look to get a head start on the long weekend.
Technology stocks have been key drivers of the markets in recent session and are likely to remain in focus on the day.
Stocks saw considerable volatility over the course of the trading session on Wednesday following the sell-off seen Tuesday afternoon. The major averages spent the day showing wild swings back and forth across the unchanged line.
The major averages eventually all closed in negative territory, with the tech-heavy Nasdaq once again underperforming its counterparts.
While the Nasdaq slid 59.58 points or 0.9 percent to 6,949.23, the S&P 500 fell 7.62 points or 0.3 percent to 2,605.00 and the Dow edged down 9.29 points or less than a tenth of a percent to 23,848.42.
The volatility on Wall Street extends a recent trend, as the pullback seen in the previous session came on the heels of the substantial rebound seen on Monday.
A notable decline by Amazon (AMZN) weighed on the tech-heavy Nasdaq after a report from Axios said President Donald Trump wants to “go after” the online retailer.
Sources who’ve discussed the issue with Trump told Axios the president has talked about changing Amazon’s tax treatment because he’s worried about mom-and-pop retailers being put out of business.
Meanwhile, traders largely shrugged off a Commerce Department report showing stronger than previously estimated economic growth in the fourth quarter of 2017.
The report said gross domestic product climbed by 2.9 percent in the fourth quarter, reflecting an upward revision from the previously estimated 2.5 percent increase. Economists had expected the pace of GDP growth to be upwardly revised to 2.7 percent.
With the upward revision, the GDP growth in the fourth quarter reflects only a modest slowdown from the 3.2 percent jump in the third quarter.
The report paints a positive picture of the economy in the final three months of last year, although the data was likely viewed as old news.
A separate report from the National Association of Realtors showed a bigger than expected rebound in pending home sales in the month of February.
NAR said its pending home sales index jumped by 3.1 percent to 107.5 in February after plunging by 5 percent to a downwardly revised 104.3 in January. Economists had expected pending sales to climb by 2.1 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.
Oil service stocks showed a significant move to the downside on the day, dragging the Philadelphia Oil Service Index down by 2.1 percent. The index ended the session at its lowest closing level in well over three months.
The weakness among oil service stocks comes amid a decrease by the price of crude oil following the release of a report showing an unexpected weekly increase in oil inventories.
Considerable weakness was also visible among semiconductor stocks, which extended the sell-off seen in the previous session. The Philadelphia Semiconductor Index slumped by 2.1 percent to a one-month closing low.
Gold stocks also moved sharply lower amid another steep drop by the price of the precious metal, with the NYSE Arca Gold Bugs Index falling by 2 percent.
Chemical and retail stocks also saw notable weakness on the day, while tobacco, real estate, and pharmaceutical stocks showed strong moves to the upside.
By Dipo Olowookere
Investors on the Nigerian Exchange (NGX) Limited bought and sold 5.119 billion shares worth N404.762 billion in 285,223 deals last week. This was significantly higher than the 4.433 billion shares valued at N306.143 billion traded in 255,589 deals in the preceding week.
This surge in activity level was driven by First Holdco, AVA Capital, and Access Holdings, which accounted for 2.308 billion units sold for N224.773 billion in 27,359 deals, contributing 45.09 per cent and 55.53 per cent to the total trading volume and value, respectively.
Data showed that financial equities led the activity chart with 3.918 billion units valued at N271.428 billion in 123,514 deals, contributing 76.55 per cent and 67.06 per cent to the total trading volume and value, respectively.
Services stocks followed with 203.203 million units worth N3.061 billion in 18,333 deals, and consumer goods shares closed with a turnover of 191.283 million units valued at N13.203 billion in 30,730 deals.
In the five-day trading week, 33 equities appreciated versus 57 equities a week earlier, 56 equities depreciated versus 38 equities in the previous week, and 58 equities remained unchanged versus 51 equities in the preceding week.
The best-performing equity last week was CMFC, which chalked up 22.78 per cent to trade at N3.88, Thomas Wyatt gained 20.66 per cent to close at N4.38, Consolidated Hallmark grew by 19.60 per cent to N8.36, Lasaco Assurance rose by 18.68 per cent to N2.16, and VFD Group increased by 12.21 per cent to N11.95.
On the flip side, the worst-performing equity was ABC Transport, which decreased by 18.44 per cent to N5.75. Fortis Global Insurance shrank by 16.13 per cent to N2.34, Tripple Gee slipped by 15.54 per cent to N2.88, Veritas Kapital slumped by 15.38 per cent to N1.43, and International Breweries crashed by 13.87 per cent to N11.80.
At the close of business for the week, the All-Share Index (ASI) succumbed to selling pressure, as it shed 0.84 per cent to settle at 245,283.68 points, while the market capitalisation retreated by 0.79 per cent to N158.326 trillion.
Similarly, all other indices finished lower apart from the premium, insurance and sovereign bond indices, which appreciated by 0.02 per cent, 1.72 per cent and 0.27 per cent, respectively.
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has officially announced the completion of Nigeria’s 12-month insurance sector recapitalisation exercise, describing the accomplishment as a pivotal step that “signals the beginning of a new era for insurance in the country.”
Undertaken pursuant to Section 15 and other relevant provisions of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, signed into law by President Bola Tinubu on July 31, 2025, the exercise aligns directly with the administration’s economic agenda aimed at building a $1 trillion economy by 2030.
Following a rigorous process of review, verification, and validation, NAICOM said in a statement on Sunday that 43 insurance and reinsurance companies have successfully satisfied the new prescribed Minimum Capital Requirements.
The confirmed non-life insurers include Zenith General Insurance Company Limited, Custodian and Allied Insurance Limited, NEM Insurance Plc, Heirs General Insurance Limited, Fin Insurance Company Limited, Tangerine General Insurance Ltd, Capital Express Indemnity Insurance Limited, and Sanlam-Allianz General Insurance Nigeria Ltd.
Others include Consolidated Hallmark Insurance Limited, Sterling Assurance Nigeria Limited, Unitrust Insurance Co. Limited, NSIA Insurance Limited, Rex Insurance Limited, Linkage Assurance Plc, Anchor Insurance Company Ltd, Sunu Assurances Nigeria Plc, KBL Insurance Ltd, International Energy Insurance Plc, Veritas Kapital Assurance Plc, NPF Insurance Company Ltd, Coronation Insurance Plc, and Prestige Assurance Plc.
In the life insurance segment, the successful companies are Custodian Life Assurance Limited, CHI Life Assurance Limited, Heirs Life Assurance Limited, Prudential Zenith Life Insurance Ltd, Stanbic IBTC Insurance Limited, Sanlam-Allianz Life Insurance Nigeria Limited, Capital Express Life Assurance Limited, Mutual Benefits Life Assurance Ltd, Enterprise Life Assurance Company (Nigeria) Ltd, and Coronation Life Assurance Limited.
The composite insurers, operating across both life and non-life insurance that satisfied the requirements comprise Leadway Assurance Company Limited, AIICO Insurance Plc, Cornerstone Insurance Plc, AXA Mansard Insurance Plc, LASACO Assurance Plc, Fortis Global Insurance Plc, Industrial and General Insurance Plc, and Great Nigeria Insurance Plc. Additionally, Mutual Benefits Assurance Plc also met the non-life threshold. In the reinsurance category, Continental Reinsurance Plc and FBS Reinsurance Limited were confirmed compliant.
The regulator noted that an additional eight insurance operators, which submitted evidence of compliance shortly before the statutory deadline, are currently undergoing final verification and regulatory review, with outcomes expected within 14 days.
NAICOM stressed that the milestone “represents a major step towards building a stronger, more resilient, adequately capitalised, professionally governed, and policyholder-focused insurance sector that is better positioned to support national economic growth.”
The recapitalisation exercise was guided by explicit regulatory directives issued by NAICOM to guarantee an orderly, transparent, and verifiable transition. Through its Guidelines on the Implementation of Minimum Capital Requirements for Insurance and Reinsurance Companies in Nigeria, the Commission defined eligible capital instruments, admissible assets, verification procedures, and supervisory expectations throughout the implementation window.
According to the regulator, the action has successfully “enhanced the financial resilience of operators, attracted substantial domestic and foreign investment, and rekindled strong investor confidence” across the industry.
The commission highlighted that the recapitalised market boasts enhanced capacity to underwrite larger and more complex risks across strategic sectors of the national economy. The expanded capital base is set to improve insurers’ ability to settle policyholder obligations promptly, absorb emerging macroeconomic risks, support long-term national infrastructure projects, and boost the sector’s competitiveness within regional and global markets.
Furthermore, the exercise provides a solid baseline for NAICOM to deepen its risk-based supervisory framework, ensuring regulatory capital remains appropriately aligned with the nature, scale, complexity, and risk profile of each licensed operator.
The regulator reaffirmed its commitment to consumer protection, sound market conduct, and expanded financial inclusion as implementation of NIIRA 2025 continues alongside technological modernisation.
“Our unwavering commitment remains to build a fair, stable, innovative, inclusive, and globally competitive insurance market that inspires public confidence and delivers lasting value to policyholders and the Nigerian economy,” the statement read.
By Adedapo Adesanya
The Manufacturers Association of Nigeria (MAN) has urged the federal government to shift its focus from periodic bailout packages to comprehensive structural reforms, warning that financial interventions alone will not revive Nigeria’s struggling textile industry.
The association argued that years of intervention funds have failed to restore the industry’s competitiveness because the core challenges confronting manufacturers remain unresolved.
The Director-General of MAN, Mr Segun Ajayi-Kadir, said the textile sector’s long-term recovery depends on tackling persistent structural constraints, including unreliable electricity supply, inadequate local cotton production, smuggling, obsolete machinery and limited access to affordable long-term financing.
According to him, while intervention programmes such as the Central Bank of Nigeria’s Cotton, Textile and Garment (CTG) Policy and the N100 billion Real Sector Support Facility have provided temporary relief, they have not addressed the underlying factors driving high production costs and weakening the industry’s competitiveness.
“Key challenges that need attention include the high costs and inadequacies of energy supply, rampant smuggling and counterfeiting, a lack of quality raw cotton, outdated machinery and inefficient loan structures. While aid funds may help with immediate needs like fuel and debt repayments, they do not resolve the core issues of energy supply, cotton availability or market access,” Mr Ajayi-Kadir said.
He outlined a package of reforms that, according to him, would rebuild the textile value chain and improve manufacturers’ competitiveness.
Among the recommendations is the development of gas-powered Independent Power Plants (IPPs) in key textile hubs such as Kano, Kaduna, Aba and Ogun, as well as the creation of industrial parks with shared infrastructure, including Effluent Treatment Plants (ETPs), steam utilities and machinery maintenance workshops to lower production costs.
Mr Ajayi-Kadir also called for measures to revive domestic cotton production through the introduction of high-yield, pest-resistant seed varieties and contract farming arrangements between textile mills and farmers to ensure a reliable supply of raw materials while reducing dependence on imports and exposure to foreign exchange volatility.
On financing, he urged the government to restructure industry loans by extending repayment tenures to between 10 and 15 years and permitting duty-free importation of modern spinning, weaving and printing equipment to boost productivity.
To protect local manufacturers from unfair competition, he advocated stronger anti-smuggling measures, including digital cargo tracking systems, border scanners and stricter enforcement of Executive Order 003 to prioritise locally produced uniforms and other government procurement.
The MAN chief further stressed the need to revive technical and vocational institutions to train textile engineers, weavers and computer-aided design (CAD) specialists capable of supporting a modern manufacturing industry.
He added that improving compliance with international quality and environmental standards would better position Nigerian textile manufacturers to benefit from export opportunities under the African Continental Free Trade Area (AfCFTA) and the African Growth and Opportunity Act (AGOA).
Mr Ajayi-Kadir pointed to Bangladesh, Vietnam and India as examples of countries that transformed their textile industries through sustained structural reforms rather than repeated financial bailouts.
According to him, Bangladesh emerged as the world’s second-largest garment exporter by providing duty-free access to production inputs and establishing special economic zones, while Vietnam built a globally competitive textile industry through reliable electricity, foreign direct investment and trade agreements.
India, he noted, strengthened its sector with PM MITRA textile parks, Production-Linked Incentive (PLI) schemes and investments in cotton production.
He maintained that Nigeria should concentrate on building a sustainable textile ecosystem instead of relying on temporary financial support for struggling manufacturers.
“With stable energy, reliable local cotton supply and protected markets, Nigeria’s textile industry has the potential to create millions of jobs and generate substantial foreign exchange earnings, just as Bangladesh and Vietnam have done,” he said.
