Economy
Trade War Concerns Resurface Again on Wall Street
By Investors Hub
The major U.S. index futures are pointing to a lower opening on Friday following the upward move seen over the course of the three previous sessions.
Renewed trade war concerns may weigh on the markets after President Donald Trump threatened China with $100 billion of additional tariffs.
The threat from Trump comes after the U.S. and China traded tit-for-tat tariff announcements earlier in the week, leading to considerable volatility on Wall Street.
Responding to the threat from Trump, the Chinese Commerce Ministry declared it would ?not hesitate? to retaliate to new tariffs ?at any cost.?
However, Trump said the U.S. is still prepared to have discussions with China in support of its commitment to achieving free, fair, and reciprocal trade.
Negative sentiment may also be generated by a report from the Labor Department showing U.S. job growth slowed by much more than anticipated in the month of March.
After turning higher over the course of the trading session on Wednesday, stocks saw some further upside during trading on Thursday. The major averages fluctuated in afternoon trading but managed to end the day firmly in positive territory.
The major averages closed higher for the third straight day following the sell-off on Monday. The Dow jumped 240.92 points or 1 percent to 24,505.22, the Nasdaq rose 34.44 points or 0.5 percent to 7,076.55 and the S&P 500 climbed 18.15 points or 0.7 percent to 2,662.84.
The continued strength on Wall Street reflected easing concerns about a potential trade war between the U.S. and China, which have recently led to considerable volatility on Wall Street.
The U.S. and China have engaged in tit-for-tat tariff announcements, but traders seem optimistic that the threats are only a precursor to negotiations of a trade agreement between the two countries.
Amid the focus on trade relations, the Commerce Department released a report showing the U.S. trade deficit widened by more than anticipated in the month of February.
The Commerce Department said the trade deficit widened to $57.6 billion in February from a revised $56.7 billion in January. Economists had expected the trade deficit to widen to $56.8 billion.
The wider than expected trade deficit in February was the widest since the $60.2 billion trade deficit recorded in October of 2008.
However, Andrew Hunter, U.S. Economist at Capital Economics, noted the wider trade deficit was entirely due to a one-off royalty payment for broadcasting rights to the Winter Olympics.
A separate report from the Labor Department showed a bigger than expected increase in initial jobless claims in the week ended March 31st.
The report said initial jobless claims climbed to 242,000, an increase of 24,000 from the previous week’s revised level of 218,000. Economists had expected jobless claims to rise to 225,000.
Energy stocks showed a substantial move to the upside on the day amid a modest increase by the price of crude oil. Reflecting the strength in the energy sector, the Philadelphia Oil Service Index surged up by 3.4 percent, the NYSE Arca Natural Gas Index jumped by 2.8 percent and the NYSE Arca Oil Index advanced by 1.9 percent.
Considerable strength was also visible among steel stocks, as reflected by the 2.8 percent gain posted by the NYSE Arca Steel Index. The strength in the sector reflected the easing trade war concerns.
Chemical stocks also saw significant strength, driving the S&P Chemicals Index up by 1.9 percent. The index continued to rebound after hitting its lowest closing level in nearly seven months on Monday.
Brokerage, retail and housing stocks also moved notably higher, while some weakness emerged among semiconductor and biotechnology stocks.
By Dipo Olowookere
It was bearish start of the week for the Nigerian Exchange (NGX) Limited after it printed a marginal 0.01 per cent loss on Monday due to mild profit-taking.
It was observed that the 0.47 per cent decline recorded by the consumer goods index and the 0.06 per cent shrink posted by the insurance counter crumbled the Nigerian bourse during the session, as they overpowered the gains achieved by the other key sectors of Customs Street.
The banking space grew by 0.28 per cent, and the energy industry expanded by 0.06 per cent, while the commodity and the industrial goods indices closed flat.
At the close of business, the All-Share Index (ASI) decreased by 17.00 points to 166,112.50 points from last Friday’s 166,129.50 points and the market capitalisation contracted by N11 billion to N106.343 trillion from the previous session’s N106.354 trillion.
Industrial and Medical Gases gave up 9.95 per cent to sell for N34.85, Haldane McCall lost 9.88 per cent to close at N3.83, LivingTrust Mortgage Bank depreciated by 9.57 per cent to N4.44, Ikeja Hotel slipped by 7.28 per cent to N32.50, and Union Dicon dipped by 5.26 per cent to N9.00.
Conversely, Learn Africa gained 10.00 per cent to sell for N7.15, Champion Breweries appreciated by 10.00 per cent close at N19.25, NCR Nigeria also grew by 10.00 per cent to N141.40, Trippe G jumped by 9.94 per cent to N5.86, and Neimeth soared by 9.90 per cent to N11.10.
Business Post reports that 45 stocks ended on the gainers’ log during the session and 24 stocks finished on the losers’ chart, representing a positive market breadth index and strong investor sentiment.
Traders bought and sold 629.6 million shares worth N14.8 billion in 57,858 deals on Monday versus the 539.9 million shares valued at N16.7 billion transacted in 48,023 deals last Friday, showing a moderation in the value of trades by 11.38 per cent, and a spike in the volume of trades and the number of deals by 16.61 per cent and 20.48 per cent apiece.
Secure Electronic Technology led the activity log with 83.3 million equities valued at N98.2 million, Access Holdings traded 52.9 million units worth N1.2 billion, Jaiz Bank exchanged 39.7 million units for N339.1 million, Tantalizers sold 34.2 million units valued at N103.1 million, and Fidelity Bank transacted 23.7 million units worth N473.5 million.
By Adedapo Adesanya
The oil market steadied on Monday as civil unrest in Iran subsided, reducing the likelihood of a US attack that could disrupt supplies.
Brent crude was up by 4 cent or 0.02 per cent to $64.14 a barrel while the US West Texas Intermediate traded at $59.44 a barrel due to a US federal holiday in honour of Martin Luther King Jr.
Pressure eased from last week’s highs over Iran tensions and its handling of the protests started to ease and US President Donald Trump appeared to back off from a strike on Iran, for now.
Officials say over 5,000 people have been killed in the protest which was sparked by economic conditions and graduated to call for a regime change in the country which is a member of the Organisation of the Petroleum Exporting Countries (OPEC).
Meanwhile, President Trump stirred a commotion in another part of the world after saying the US would slap tariffs on its European and NATO allies Denmark, Norway, Sweden, France, Germany, the United Kingdom, The Netherlands, and Finland, for supporting Greenland’s status as an autonomous Danish territory.
The return of the US-EU tariff row, now over Trump’s obsession to take over Greenland, threatens to return the cross-Atlantic trade row as European leaders have suggested the EU could pull out of the trade deal with the US.
The European leaders will convene in Brussels, Belgium, on Thursday for an emergency summit.
Following renewed threats from the US against Greenland, gold and silver prices jumped on Monday, while European equities fell. However, as Greenland does not produce oil, market analysts noted that there is no direct connection for crude markets.
Also, the Dollar eased against the safe-haven Yen and Swiss Franc on Monday on concerns about the possible trade war between the US and Europe.
The market was also looking at the risk of damage to Russian infrastructure and distillate supplies at a time when colder weather is forecast to cross North America and Europe, adding to market unease.
By Modupe Gbadeyanka
The Governor of Lagos State, Mr Babajide Sanwo-Olu, on Monday signed the 2026 appropriation bill of N4.45 trillion into law.
At the signing ceremony in Alausa, Ikeja in the presence of his deputy, Mr Femi Hamzat, the Governor thanked the Lagos State House of Assembly, led by the Speaker, Mr Mudashiru Obasa, for passing the 2026 budget christened Budget of Shared Prosperity.
He said though the appropriation bill was increased from N4.2 trillion to N4.45 trillion, this only showed the independence of the parliament, promising that the executive arm of government will accountably implement the bill.
“On behalf of the people and the government of Lagos State, let me thank the House of Assembly. This is a budget that you have had your full input into, you have scrutinized, you have dissected, and you have taken your time to do the very constitutional provision, which is enshrined in our constitution. I want to thank you for the work you have done.
“You will notice that there is a slight increase from what we put forward, but that goes to show that the independence that you have, and the fact that you believe that Lagosians actually also deserve more, and the fact that you believe that we also can do more. So we’re excited and we’re happy with the way that you have brought it forward here to us.
“For us in the executive, it is another opportunity for us to be able to work together. It is a budget of shared prosperity that has been properly christened, and sharing prosperity means that it’s an inclusive government, it’s a budget that must carry everybody along irrespective of what part of the state, what division in the state, what sector you are from you must feel governance, you must feel the essence of why we’re in government in one form or the other,” Mr Sanwo-Olu said.
The Speaker, represented by the Majority leader of the Lagos Assembly, Mr Noheem Adams, praised the Governor for his people-oriented policies.
Business Post recalls that on November 25, 2025, Mr Sanwo-Olu presented a proposed to spend N4.237 trillion this year, higher than the N3.366 trillion approved for 2025.
But the lawmakers increased the budget to N4.445 trillion and passed it on January 8, 2026, and transmitted to the Governor for assent.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn