Economy
Upbeat Chinese Data May Generate Early Buying Interest
By Investors Hub
The major U.S. index futures are pointing to a higher opening on Monday, with stocks likely to see further upside following the notable advance seen last week.
Early buying interest is likely to be generated by continued optimism about U.S.-China trade talks as well as upbeat Chinese manufacturing data.
Official data showed Chinese manufacturing activity unexpectedly grew for the first time in fourth months in March.
A private survey also showed the manufacturing sector in the world’s second biggest economy returning to growth.
Additionally, Beijing has announced that it will continue to suspend additional tariffs on U.S. vehicles and auto parts after April 1 as a gesture after Washington delayed tariff hikes on Chinese imports.
A delegation led by Chinese Vice Premier Liu He is headed to Washington later this week for another round of trade talks.
The positive sentiment may partly be offset by the release of a Commerce Department report showing an unexpected decrease in U.S. retail sales in February, although the modest drop followed a significantly upwardly revised increase in sales in the previous month.
Stocks moved mostly higher over the course of the trading day on Friday, adding to the gains posted last Thursday. The major averages moved higher at start of trading and saw further upside as the day progressed.
Eventually, the major averages ended the session just off their best levels of the day. The Dow advanced 211.22 points or 0.8 percent to 25,928.68, the Nasdaq climbed 60.16 points or 0.8 percent to 7,729.32 and the S&P 500 rose 18.96 points or 0.7 percent at 2,834.40.
The major averages also moved notably higher for the week. While the Dow surged up by 1.7 percent, the S&P 500 and the Nasdaq jumped by 1.2 percent and 1.1 percent, respectively.
The continued strength on Wall Street came amid optimism about the ongoing trade talks between the U.S. and China.
In a post on Twitter this morning, Treasury Secretary Steven Mnuchin described the latest round of high-level U.S. trade talks as “constructive.”
Mnuchin also said he looks forward to welcoming China’s Vice Premier Liu He to continue the important discussions in Washington next week.
Optimism about the trade talks also contributed to a continued rebound by treasuries, with the yield on the benchmark ten-year note continuing to recover after ending Wednesday’s trading at its lowest closing level since December of 2017.
On the U.S. economic front, a report released by the Commerce Department showed personal income in the U.S. increased by slightly less than anticipated in the month of February.
The report said personal income rose by 0.2 percent in February after edging down by 0.1 percent in January. Economists had expected personal income to climb by 0.3 percent.
Reflecting the continued impact of the recent government shutdown, the Commerce Department also released data on personal spending in January but not February.
Personal spending inched up by 0.1 percent in January after falling by 0.6 percent in December, while economists had expected spending to increase by 0.3 percent.
Meanwhile, a separate Commerce Department report showed a much bigger than expected increase in U.S. new home sales in the month of February.
The Commerce Department said new home sales surged up by 4.9 percent to an annual rate of 667,000 in February from the revised January rate of 636,000. Economists had expected new home sales to increase by about 1.3 percent.
With the increase in February, new home sales are at their high level since hitting a rate of 672,000 last March and up 0.6 percent compared to the same month a year ago.
Computer hardware stocks turned in some of the market’s best performances on the day, resulting in a 2.4 percent jump by the NYSE Arca Computer Hardware Index.
Significant strength was also visible among biotechnology stocks, with the NYSE Arca Biotechnology Index surging up by 2 percent.
Optimism about the U.S.-China trade talks also contributed to the considerable strength in the steel sector, as reflected by the 1.6 percent gain posted by the NYSE Arca Steel Index.
Semiconductor, healthcare, and software stocks also saw notable strength, moving higher along with most of the other major sectors.
By Adedapo Adesanya
The Central Securities Clearing System (CSCS) Plc has declared the first interim dividend in its history after posting its financial results for the first half of 2026, reflecting robust earnings growth, improved operating efficiency and stronger capital market activity.
The board approved an interim dividend of N1.00 per ordinary share for the six months ended June 30, 2026, citing the company’s strong cash generation, resilient balance sheet and confidence in the sustainability of its earnings.
The interim payout represents about 56 per cent of the total dividend of N1.78 per share paid for the 2025 financial year, underscoring its strong earnings momentum while preserving financial flexibility to invest in technology, innovation and future growth.
CSCS recorded one of the strongest financial performances in its history during the review period, with total operating income rising by 92 per cent to N18.51 billion from the corresponding period of 2025.
The growth was driven by higher transaction fee income as capital market activity strengthened, continued expansion in depository services, increased collateral management revenues and stronger contributions from data and technology-enabled services. Investment income also improved as the company optimised its investment portfolio.
Despite the sharp rise in revenue, operating expenses increased by only 38 per cent, reflecting disciplined cost management and the scalability of the company’s business model.
As a result, operating profit surged by 186 per cent to N10.11 billion, while profit before tax climbed by 115 per cent to N13.21 billion. Earnings per share also rose significantly to 190.1 kobo from 109.1 kobo in the corresponding period of 2025.
The organisation also recorded improvements in operating efficiency. Its cost-to-income ratio declined to 45.4 per cent from 63.2 per cent a year earlier, while operating profit margin improved to 54.6 per cent from 36.8 per cent.
According to the company, the results demonstrate not only the benefits of stronger market activity but also the resilience of its operating model and its ability to convert revenue growth into higher profitability, improved shareholder returns and sustainable long-term value creation.
Commenting on the interim dividend, the Chairman of CSCS Plc, Mr Temi Popoola, said the board’s decision reflected confidence in the firm’s financial strength, earnings quality and long-term strategic direction.
He said the strong performance was driven not only by increased market activity but also by sustained improvements in operational efficiency, disciplined cost management and the continued diversification of revenue streams.
Mr Popoola noted that the Board remained committed to balancing shareholder returns with investments in technology, innovation, resilience and new growth opportunities that would strengthen CSCS’ position as Nigeria’s leading financial market infrastructure and one of Africa’s foremost post-trade institutions.
The chief executive of CSCS Plc, Mr Shehu Yahaya Shantali, attributed the strong performance to the resilience of the entity’s business model, the dedication of its workforce and the confidence of market participants.
He said the first-ever interim dividend demonstrated the company’s ability to translate strong earnings growth and improved operating efficiency into enhanced shareholder value.
Mr Shantali added that CSCS would continue to strengthen its core market infrastructure, invest in technology and innovation, diversify its revenue base and enhance value creation for stakeholders while supporting the development of Nigeria’s capital market.
By Aduragbemi Omiyale
The national scale long-term issuer rating of Axxela Limited has been upgraded by GCR Rating to A+(NG), just as its short-term issuer rating was affirmed with a stable outlook.
The rating firm upgraded the long-term issue rating for Axxela Funding 1 Plc’s N16.4 billion series 1 senior unsecured bond to A+(NG), while the N11.5 billion series 1 senior secured bond was lifted to A+(NG)(EL).
GCR noted in a note that the actions reflect the leading gas and power portfolio company’s robust business model, strong earnings performance, and sustained financial profile, reinforcing its ability to deliver long-term value while maintaining financial discipline.
Axxela’s recent achievements have been driven by its continued focus on responsible growth, customer satisfaction, and creating lasting value for national development.
“The ratings upgrade by GCR is a strong endorsement of Axxela’s disciplined approach to business. Beyond recognising our financial strength, it reflects the resilience of our business model and the confidence in our strategic direction.
“Over the past few years, we have continued to make significant strides across the business by expanding our natural gas infrastructure, strengthening our operational footprint, advancing our sustainability agenda, and maintaining an unwavering commitment to operational excellence and safety,” the chief executive of Axxela, Mr Moshood Olajide, commented on the development.
As the company continues to advance its long-term growth strategy, the upgraded ratings reinforce confidence in Axxela’s credit profile, financial resilience, and ability to create enduring value for investors, customers and other stakeholders.
By Adedapo Adesanya
The Ministry of Solid Minerals Development and the National Identity Management Commission (NIMC) have strengthened their partnership to deploy digital identity technology, aiming to combat illegal mining and enhance security in Nigeria’s mining sector.
Speaking while receiving the Director-General and management of NIMC on a courtesy visit to his office in Abuja, the Minister of Solid Minerals Development, Mr Dele Alake, described the commission as a critical institution in Nigeria’s development architecture, stressing that effective governance could not be achieved without a credible identity management system.
“NIMC occupies a critical position in translating policy into reality. It is pivotal to the development of any nation because governance today is driven by data, technology and credible identity systems,” he added.
He noted that inadequate identification systems had weakened enforcement efforts over the years, allowing illegal mining activities to flourish in mineral-rich communities.
“Without identification, we cannot trace or track, and insecurity will flourish. In the solid minerals sector, we need effective monitoring of both legal and illegal operations.
“A credible identity ecosystem will strengthen regulation, improve enforcement and support our efforts to sanitise the sector,” Mr Alake said.
The minister identified technology, statistics, data gathering and digital identity as critical enablers for evidence-based policymaking, improved regulatory oversight, efficient licensing, investment promotion and national development.
On her part, the DG of NIMC, Mrs Abisoye Coker-Odusote, highlighted several opportunities for collaboration between both institutions, noting that the newly enacted NIMC Act has positioned Nigeria to fully embrace a digital governance ecosystem.
She explained that deeper integration of identity management into the solid minerals sector would facilitate database integration across government institutions, enhance regulatory compliance, strengthen security and law enforcement, improve monitoring of operators, and provide stronger support for the implementation of Community Development Agreements (CDAs) in mining host communities.
Mrs Coker-Odusote added that NIMC’s upgraded digital infrastructure is capable of supporting government institutions in building reliable databases, improving transparency and delivering more efficient public services.
Both institutions said they would immediately begin implementing technology-driven initiatives under the partnership, expressing confidence that expanding access to trusted digital identities for miners and other eligible residents would enhance accountability and strengthen governance in the solid minerals sector.
