Economy
Trade Worries May Overshadow Upbeat Jobs Data
By Investors Hub
The major U.S. index futures are pointing to a lower opening on Friday, with stocks likely to extend the move to the downside seen over the past few sessions.
The downward momentum on Wall Street comes even though the Labor Department released a report showing stronger than expected job growth in the month of August.
The data may have raised concerns about the outlook for interest rates, as the report also showed an unexpected acceleration in the rate of wage growth.
Lingering trade concerns may also weigh on the markets following the expiration of a public comment period on new U.S. tariffs on $200 billion worth of Chinese goods.
Traders are likely to keep a close on the President Donald Trump and his administration for news regarding the implementation of the proposed tariffs.
China’s Commerce Ministry has warned it will be forced to roll out necessary retaliatory measures if the U.S. adopts any new tariffs.
Adding to the worries about, Trump reportedly told a columnist for the Wall Street Journal he is ?still bothered by the terms of U.S. trade with Japan.?
Stocks moved mostly lower over the course of the trading day on Thursday, extending the decline seen over the two previous sessions. The Nasdaq posted another significant loss, although the Dow once again managed to close in positive territory.
While the Dow inched up 20.88 points or 0.1 percent to 25,995.87, the Nasdaq slumped 72.45 points or 0.9 percent to 7,922.73 and the S&P 500 fell 10.55 points or 0.4 percent at 2,878.05.
Technology stocks extended the sharp drop seen on Wednesday, contributing to the notable decline by the tech-heavy Nasdaq.
Traders appear to be expressing concerns that recent strength in the tech sector, which helped lift the Nasdaq and S&P 500 to record highs, may have been overdone.
The weakness on Wall Street also came following the release of a slew of U.S. economic data, including a report from payroll processor ADP showing private sector employment rose by less than expected in the month of August.
ADP said private sector employment climbed by 163,000 jobs in August after jumping by a revised 217,000 jobs in July. Economists had expected an increase of about 190,000 jobs.
“Although we saw a small slowdown in job growth the market remains incredibly dynamic,” said Ahu Yildirmaz, vice president and co-head of the ADP Research Institute.
On Friday, the Labor Department is scheduled to release its more closely watched monthly jobs report, which includes both public and private sector jobs.
The report is expected to show employment increased by about 191,000 jobs in August after rising by 157,000 jobs in July. The unemployment rate is expected to dip to 3.8 percent from 3.9 percent.
In other economic news, the Institute for Supply Management released a report showing a much bigger than expected acceleration in the pace of growth in U.S. service sector activity in August.
The ISM said its non-manufacturing index jumped to 58.5 in August from 55.7 in July, with a reading above 50 indicating growth in the service sector. Economists had expected the index to inch up to 56.8.
“There was a strong rebound for the non-manufacturing sector in August after growth ‘cooled off’ in July,” said Anthony Nieves, Chair of the ISM Non-Manufacturing Business Survey Committee.
“Logistics, tariffs and employment resources continue to have an impact on many of the respective industries,” he added. “Overall, the respondents remain positive about business conditions and the economy.”
Traders also kept an eye out for developments regarding trade, as U.S. and Canadian officials continue to hold talks on reforming NAFTA.
Energy stocks moved sharply lower over the course of the session amid another steep drop by the price of crude oil. Reflecting the weakness in the energy sector, the NYSE Arca Natural Gas Index plunged by 2.9 percent, the Philadelphia Oil Service Index plummeted by 2.5 percent and the NYSE Arca Oil Index slid by 1.6 percent.
Significant weakness was also visible among semiconductor stocks, as reflected by the 2.7 percent drop by the Philadelphia Semiconductor Index. The index pulled back further off the more than two-month closing high set on Tuesday.
Biotechnology stocks also saw considerable weakness on the day, dragging the NYSE Arca Biotechnology Index down by 2.1 percent. With the drop, the index continued to give back ground after reaching a record closing high a week ago.
Brokerage, networking, and computer hardware stocks also moved notably lower, while most of the other major sectors showed more modest moves.
By Aduragbemi Omiyale
Analysts at Coronation Research are projecting the inflation rate for February 2026 to moderate by 0.98 per cent to 14.12 per cent from the 15.10 per cent recorded in the preceding month.
The National Bureau of Statistics (NBS) is expected to release the inflation numbers today, Monday, March 16, 2026.
In a note released over the weekend, Coronation Research disclosed that the fall in the average prices of goods and services for last month would be impacted by a decline in the prices of food items.
“Our projection is supported by favourable base effects, easing food price pressures, and slight appreciation of the Naira,” a part of the report sighted by Business Post read.
The organisation revealed that the ongoing government interventions in the agricultural sector to improve food supply conditions are beginning to ease pressures within the food component of the consumer basket.
It further stated that “appreciation of the Naira to N1,363.40/1$ from N1,386.55/1$ in January is expected to reduce the cost of imported food items.”
However, it stressed that the ongoing US/Israel-Iran war was capable of reversing the deflationary trends because of the rising global energy prices.
“Also, the $200 million financing approved by the African Development Bank (AfDB) Group to scale up priority agricultural investments is expected to be disbursed in March, but its impact is likely to materialise in the medium to long term, with limited immediate effects on food supply and prices,” it said.
Coronation Research also disclosed that the recent energy market developments could keep core inflation sticky in the near term, as average Bonny Light crude oil prices rose to $72.33 per barrel in February 2026 from $68.04 per barrel in January.
By Adedapo Adesanya
The Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Tinubu to order an investigation into the alleged N5.9 billion rebranding cost of the old Nigerian National Petroleum Corporation into the Nigerian National Petroleum Company (NNPC) Limited.
In a Sunday statement, SERAP urged Mr Tinubu to direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, alongside anti-corruption agencies, to look into the matter.
The group further urged the President to direct the panel to identify and invite officials who authorised the payment and contractors who handled the project for questioning.
“We’ve urged President Bola Tinubu to urgently direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly investigate the alleged expenditure of about ₦5.9 billion reportedly spent on the rebranding of the Nigerian National Petroleum Corporation (NNPC) to the Nigerian National Petroleum Company Limited (NNPCL).
“We also urged him to direct the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to identify the officials who approved and paid the amount, and the contractor(s) who collected the money, and to invite them for questioning,” the organisation stated.
SERAP further alleged that the NNPC reportedly paid N2.9 billion for incorporation expenses from petroleum product proceeds, while the National Petroleum Investment Management Services (NAPIMS) also charged N2.9 billion against crude oil revenue for the same purpose.
The group argued that the total cost was valued at about N5.9 billion, which was spent by the NNPCL for the rebranding.
“There ought to be full transparency and accountability regarding the reported ₦5.9 billion spent on rebranding NNPC to NNPCL.”
SERAP emphasised that Nigerians have the right to know who approved the expenditure, who received the money, and whether due process was followed.
“Any investigation into the rebranding project should determine whether the N5.9 billion represents value for money, lawful spending of public funds, and compliance with transparency and accountability requirements,” the statement concluded.
Business Post reports that NNPC became a limited liability company on July 1, 2022, under the Companies and Allied Matters Act (CAMA) in line with the implementation of the Petroleum Industry Act (PIA), which was signed into law on August 16, 2021, by late President Muhammadu Buhari.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange extended its stay in the south for the fourth consecutive session after it shed 1.18 per cent on Friday, March 13.
The unlisted securities market recorded a loss despite closing without a price decliner, and ending with two price gainers led by Geo Fluids Plc, which gained 1o Kobo to sell at N3.10 per share compared with the previous day’s N3.00 per share. Industrial and General Insurance (IGI) Plc appreciated during the session by 2 Kobo to trade at 54 Kobo per unit versus Thursday’s closing price of 52 Kobo per unit.
When the market closed for the day, the market capitalisation lost N29.83 billion to close at N2.489 trillion compared with the N2.519 trillion it finished a day earlier, and the NASD Unlisted Security Index (NSI) crashed by 49.84 points to 4,160.46 points from 4,210.31 points.
Market activity improved yesterday, as the volume of transactions rose 179.5 per cent to 10.4 million units from 3.7 million units, but the value of trades declined by 68.4 per cent to N29.9 million from N95.0 million, while the number of deals weakened by 11.5 per cent to 46 deals from 52 deals.
Central Securities Clearing Systems (CSCS) Plc remained the most active stock by value on a year-to-date basis with 38.4 million units worth N2.4 billion, Okitipupa Plc followed with 6.4 million units traded at N1.1 billion, and FrieslandCampina Wamco Nigeria Plc transacted 6.3 million units for N584.3 million.
Resourcery Plc ended the trading session as the most traded stock by volume on a year-to-date basis with 1.1 billion units valued at N415.6 million, trailed by Geo-Fluids Plc with 130.8 million units valued at N504.5 million, and CSCS Plc with 38.4 million units worth N2.4 billion.
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