Economy
Trade War Concerns May Further Weigh on Wall Street
By Investors Hub
The major U.S. index futures are pointing to a sharply lower opening on Friday, with stocks likely to extend the sell-off seen over the past few sessions.
The downward momentum on Wall Street comes as traders express concerns about the impact President Donald Trump?s plans to impose new tariffs on steel and aluminum imports will have on global trade.
Trump shrugged off the concerns in a post on Twitter early Friday morning, calling trade wars ?good? and ?easy to win?
?When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win,? Trump said.
He added, ?Example, when we are down $100 billion with a certain country and they get cute, don?t trade anymore-we win big. It?s easy!?
Following Trump?s announcement, several industry groups warned that the tariffs would lead to increased costs and hamper their ability to create jobs.
Stocks moved considerably lower during trading on Thursday, extending the sharp pullback seen over the two previous sessions. The major averages showed a lack of direction early in the day session but slid firmly into negative territory as the day progressed.
While the major averages climbed off their lows of the session, they still posted steep losses on the day. The Dow plummeted 420.22 points or 1.7 percent to 24,608.98, the Nasdaq tumbled 92.45 points or 1.3 percent to 7,180.56 and the S&P 500 slumped 36.16 points or 1.3 percent to 2,677.67.
The continued weakness on Wall Street came amid concerns about a potential trade war after President Donald Trump announced the U.S. will impose new tariffs on steel and aluminum imports.
Trump told metals industry executives at a White House meeting that he would sign an order formally imposing the new sanctions next week.
“Sometime next week we’ll be signing it in,” Trump said. “And you’re going to have protection for the first time in a long time.”
Trump indicated that he plans to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports.
The tariffs are likely to benefit U.S. steel and aluminum producers, although some officials have warned of retaliation by the European Union and China.
Earlier in the day, traders kept a close eye on Federal Reserve Chairman Jerome Powell’s second day of testimony on Capitol Hill.
Powell testified before the Senate Banking Committee after his remarks before the House Financial Services Committee on Tuesday sparked fears the Fed may raise interest rates more than previously estimated.
The Fed chief added to uncertainty about the outlook for interest rates after telling the Senate committee there has not yet been strong evidence of a decisive increase in wages.
“We see wages by a couple of measures trending up a little bit, but most of them continuing to grow at two and a half percent,” Powell said.
“Nothing is suggesting to me that wage inflation is at a point of accelerating,” he added. “I would expect that some continued strengthening in the labor market can take place without causing inflation.”
On the U.S. economic front, the Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly fell to a nearly fifty-year low.
The report said initial jobless claims fell to 210,000 in the week ended February 24th, a decrease of 10,000 from the previous week’s revised level of 220,000. Economists had expected jobless claims to inch up to 226,000.
With the unexpected decrease, initial jobless claims fell to their lowest level since hitting 202,000 in December of 1969.
A separate report from the Commerce Department showed personal income increased by slightly more than expected in the month of January, while personal spending rose in line with estimates.
The Commerce Department said personal income climbed by 0.4 percent in January, matching the increase seen in December. Economists had expected income to rise by 0.3 percent.
Additionally, the report said personal spending edged up by 0.2 percent in January after climbing by an upwardly revised 0.4 percent in December.
Personal spending had been expected to rise by 0.2 percent compared to the 0.3 percent increase originally reported for the previous month.
The Institute for Supply Management also released a report showing an unexpected acceleration in the pace of growth in the manufacturing sector in the month of February.
The ISM said its purchasing managers index climbed to 60.8 in February from 59.1 in January, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to edge down to 58.7.
With the unexpected increase, the purchasing managers index reached its highest level since hitting 61.4 in May of 2004.
Most of the major sectors moved to the downside on the day, although particular weakness was visible among semiconductor stocks.
Reflecting the weakness in the semiconductor, the Philadelphia Semiconductor Index tumbled by 1.6 percent. The index continued to give back ground after reaching a record intraday high on Tuesday.
Healthcare stocks also moved significantly lower, dragging the Dow Jones U.S. Health Care Index down by 1.5 percent.
Biotechnology, financial, and chemical stocks also saw notable weakness, while some strength was visible among natural gas, steel and gold stocks.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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