Economy
Traders May Stick to Sidelines After Last Week’s Sell-Off
By Investors Hub
The major U.S. index futures are pointing to a roughly flat open on Monday following the sell-off seen on Wall Street last week.
Traders may look to pick up stocks at reduced levels, although concerns about the global economic outlook and skepticism about the potential for a long-term trade deal between the U.S. and China is likely to sap investors risk appetite.
Overall trading activity may be somewhat subdued, with a lack of major U.S. economic data likely to keep some traders on the sidelines.
The economic calendar remains relatively light throughout the week, although reports on producer and consumer price inflation, retail sales, and industrial production are likely to attract attention.
Traders may nonetheless remain reluctant to make significant moves ahead of the Federal Reserve?s monetary policy meeting next week.
With the Fed widely expected to raise interest rates by another quarter point, traders will closely scrutinize the accompanying statement for clues about future rate hikes.
Traders may look to pick up stocks at reduced levels on the heels of last week?s sell-off, which came amid skepticism about the potential for a long-term trade deal between the U.S. and China.
Overall trading activity may be somewhat subdued, however, with a lack of major U.S. economic data likely to keep some traders on the sidelines.
The economic calendar remains relatively light throughout the week, although reports on producer and consumer price inflation, retail sales, and industrial production are likely to attract attention.
Traders may nonetheless be reluctant to make significant moves ahead of the Federal Reserve?s monetary policy meeting next week.
With the Fed widely expected to raise interest rates by another quarter point, traders will closely scrutinize the accompanying statement for clues about future rate hikes.
After fluctuating early in the session, stocks moved sharply lower over the course of the trading day on Friday. The major averages showed a substantial move back to the downside following the rebound from early weakness seen on Thursday.
The major averages climbed off their worst levels going into the close but remained firmly negative. The Dow tumbled 558.72 points or 2.2 percent to 24,388.95, the Nasdaq plunged 219.01 points or 3.1 percent to 6,969.25 and the S&P 500 slumped 62.87 points or 2.3 percent to 2,633.08.
With the steep drop on the day, the major averages moved significantly lower for the week. The Nasdaq nosedived by 4.9 percent, while the Dow and the S&P 500 plummeted by 4.5 percent and 4.6 percent, respectively.
The sell-off on Wall Street came after the Labor Department’s closely watched monthly jobs report showed U.S. employment increased by much less than expected in the month of November.
The Labor Department said non-farm payroll employment rose by 155,000 jobs in November after surging up by a downwardly revised 237,000 jobs in October.
Economists had expected employment to climb by about 200,000 jobs compared to the jump of 250,000 jobs originally reported for the previous month.
Meanwhile, the report said the unemployment rate in November remained unchanged for the second straight month at 3.7 percent, holding at its lowest level since hitting 3.5 percent in December of 1969.
Average hourly employee earnings rose by $0.06 to $27.35 in November, reflecting a 3.1 percent increase compared to the same month a year ago. The annual rate of growth was unchanged from October.
“The slightly more modest 155,000 gain in payroll employment in November may not go down well in markets given the heightened nervousness in recent months,” said Paul Ashworth, Chief U.S. Economist at Capital Economics.
“But this is still a solid gain that suggests economic growth is gradually slowing back towards its potential pace,” he added. “There is nothing here to suggest the economy is suffering a more sudden downturn.”
Lingering skepticism about a U.S.-China trade agreement also weighed on the markets even though President Donald Trump tweeted, “China talks are going very well!”
Most of the major sectors showed notable moves to the downside over the course of the session, reflecting a broad based sell-off on Wall Street.
Computer hardware stocks showed a particularly steep drop on the day, dragging the NYSE Arca Computer Hardware Index down by 4.1 percent to a nearly two-year closing low.
Tech giant IBM Corp. (IBM) posted a significant loss after agreeing to sell some of its software products to India-based HCL Technologies for $1.8 billion.
Substantial weakness was also visible among transportation stocks, as reflected by the 3.9 percent nosedive by the Dow Jones Transpiration Average. The average tumbled to its lowest closing level in well over a month.
Semiconductor, software,
biotechnology, and retail stocks also saw considerable weakness, while
gold stocks were among the few groups to buck the downtrend amid an
increase by the price of the precious metal.
By Modupe Gbadeyanka
The deadline for filing individual annual income tax returns for residents of Lagos State has again been extended to April 21, 2026.
This information was revealed via a statement signed by the Head of Corporate Communications of the Lagos State Internal Revenue Service (LIRS), Mrs Monsurat Amasa-Oyelude, on Saturday.
The agency thanked some taxpayers for their continued compliance and commitment to the filing of their individual annual income tax returns, but charged those who have yet to file theirs to do so before the new deadline.
LIRS had earlier moved the deadline from its statutory period of March 31, 2026, to April 14, 2026, but due to “the overwhelming response and to enhance taxpayer convenience, while maintaining the integrity and accuracy of submissions,” the date was moved forward to April 26.
The tax-collecting organisation said it “observed a significant increase in traffic on its eTax platform as more taxpayers endeavour to meet the filing deadline.”
“In view of this development, and to ensure that all taxpayers are provided with adequate opportunity to successfully complete their filings, LIRS hereby announces a further extension of the deadline, now set for April 21, 2026,” it stated.
The agency reiterated that all filings must be completed electronically via the LIRS eTax platform: https://etax.lirs.net, which remains the only approved channel for submission.
Taxpayers were reminded that the filing of annual income tax returns remains a statutory obligation and were encouraged to take advantage of this final extension to fulfil their civic responsibility.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was in green on Friday after it closed higher by 0.30 per cent as a result of sustained bargain hunting.
Customs Street was up yesterday after three of the five major sectors came under buying pressure, with the consumer goods index up by 1.64 per cent, the industrial goods space up by 1.12 per cent, and the banking counter up by 0.64 per cent.
Business Post observed that profit-taking brought down the insurance by 2.61 per cent, and weakened the energy sector by 0.01 per cent.
At the close of business, the market capitalisation increased by N707 billion to N131.166 trillion from N130.459 trillion, and the All-Share Index (ASI) expanded by 1,097.86 points to 203,770.42 from 202,672.56 points.
Transactions by Nigerian stock investors shrank during the session, as 548.6 million shares worth N31.5 billion exchanged hands in 48,538 deals compared with the 652.9 million shares valued at N39.8 billion transacted in 51,101 deals a day earlier.
This implied that the trading volume went down by 15.98 per cent, the trading value depreciated by 20.85 per cent, and the number of deals crashed by 5.02 per cent.
Access Holdings finished the day as the busiest equity after selling 52.7 million units valued at N1.4 billion, Zenith Bank exchanged 47.8 million units worth N5.4 billion, UBA traded 38.9 million units for N1.8 billion, Secure Electronic Technology transacted 36.7 million units worth N35.5 million, and GTCO sold 34.9 million units valued at N4.6 billion.
The market breadth index was negative during the session with 20 price gainers and 38 price losers, indicating weak investor sentiment.
Trans Nationwide Express appreciated by 9.91 per cent to N3.77, International Breweries grew by 9.88 per cent to N13.35, Chams rose by 9.84 per cent to N3.35, Guinea Insurance improved by 9.38 per cent to N462.90, and Lafarge Africa gained 8.52 per cent to close at N233.20.
On the flip side, Omatek lost 10.00 per cent to trade at N2.07, Austin Laz declined by 9.93 per cent to N3.99, Coronation Insurance dipped by 9.88 per cent to N2.92, Zichis crashed by 9.58 per cent to N12.55, and Cornerstone Insurance retreated by 8.77 per cent to N5.20.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed the last trading session of the week in the southern territory after further losing 0.59 per cent on Friday, April 10.
This happened as three price decliners weakened the NASD market due to continued sell-offs. The bourse did not finish in green this week.
11 Plc lost N24.70 to close at N222.30 per share compared with the previous day’s N247.00 per share, MRS Oil dropped N1 to settle at N164.00 per unit versus Thursday’s N165.00 per unit, and Geo-Fluids decreased by 25 Kobo to N3.00 per share from N3.25 per share.
As a result, the market capitalisation shrank by N13.79 billion to N2.315 trillion from N2.329 trillion, and the NASD Unlisted Security Index (NSI) declined by 23.05 points to 3,870.45 points from 3,893.50 points.
Yesterday, there were two price gainers led by Central Securities Clearing System (CSCS) Plc, which chalked up N1.07 to sell at N64.21 per unit versus N63.50 per share, and Impresit Bakalori Plc appreciated by 22 Kobo to N2.42 per share from N2.20 per share.
The volume of securities fell by 81.9 per cent to 188,593 units from 1.04 million units, the value of securities decreased by 36.3 per cent to N25.7 million from N40.4 million, and the number of deals remained unchanged at 26 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 CSCS Plc with 57.6 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.6 million units worth N1.8 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis with 3.4 billion units transacted for N8.4 billion, followed by Resourcery Plc with 1.1 billion units s0ld for N415.7 million and Infrastructure Guarantee Credit Plc with 400 million units traded at N1.2 billion.
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