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
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
