Economy

Upbeat Jobs Data May Lead to Continued Strength on Wall Street

Published

8 years ago

04/01/2018

By Investors Hub

The major U.S. index futures are pointing to a higher opening on Thursday, with stocks likely to see further upside after climbing to new record closing highs in the previous session.

Early buying interest may be generated in reaction to a report from payroll processor ADP showing private sector employment jumped by much more than expected in the month of December.

Overall trading activity may be somewhat subdued, however, with some traders likely to stay on the sidelines ahead of the release of the Labor Department?s more closely watched monthly jobs report on Friday.

The report is expected to show an increase of about 190,000 jobs in December following the jump of 228,000 jobs in November. The unemployment rate is expected to hold at 4.1 percent.

Stocks moved mostly higher during trading on Wednesday, adding to the gains posted on Tuesday. With the continued upward move on the day, the major averages climbed to new record closing highs.

The major averages finished the day firmly in positive territory. The Dow rose 98.67 points or 0.4 percent to 24,922.68, the Nasdaq advanced 58.63 points or 0.8 percent to 7,065.53 and the S&P 500 climbed 17.25 points or 0.6 percent to 2,713.06.

The continued strength on Wall Street came as upbeat data added to recent optimism about the economic outlook.

A report released by the Institute for Supply Management showed growth in manufacturing activity unexpectedly accelerated in the month of December.

The ISM said its purchasing managers index rose to 59.7 in December from 58.2 in November, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to edge down to 58.1.

“This indicates growth in manufacturing for the 16th consecutive month, led by strong expansion in new orders and production,” said Timothy R. Fiore, Chair of the ISM Manufacturing Business Survey Committee.

A separate report from the Commerce Department showed a bigger than expected increase in construction spending in the month of November.

The Commerce Department said construction spending climbed by 0.8 percent to an annual rate of $1.257 trillion in November from a revised $1.247 trillion in October. Economists had expected spending to rise by 0.5 percent.

Stocks remained positive following the release of the minutes of the Federal Reserve’s latest monetary policy meeting.

The minutes of the December meeting showed most participants reiterated their support for continuing a gradual approach to raising interest rates.

Almost all participants agreed with the decision to raise rates by 25 basis points at the meeting, although a couple wanted to leave rates unchanged until the actual rate of inflation had moved further toward the Fed’s 2 percent longer-run objective.

While low inflation is seen as transitory, some Fed members were concerned “that inflation might stay below the objective for longer than they currently expected.”

Meanwhile, the Fed said it raised its economic projections due to the massive tax reform bill passed by Republicans and signed by President Donald Trump.

“Overall, Fed officials re-affirmed at this meeting that they anticipate raising interest rates three times in 2018, matching the tightening in 2017,” said Paul Ashworth, Chief U.S. Economist at Capital Economics.

He added, “But we still anticipate that a slightly faster than expected rebound in core inflation will mean we eventually see four rate hikes in 2018.”

Oil service stocks showed a substantial move to the upside on the day, driving the Philadelphia Oil Service Index up by 2.4 percent. With the jump, the index reached its best closing level in over eight months. The rally by oil service stocks came amid a sharp increase by the price of crude oil.

Significant strength was also visible among housing stocks, as reflected by the 2.4 percent gain posted by the Philadelphia Housing Sector Index. The advance lifted the index to a record closing high.

Computer hardware, semiconductor, internet and biotechnology stocks also saw considerable strength, contributing to the upward move by the tech-heavy Nasdaq.

On the other hand, airline, utilities, and gold stocks bucked the uptrend that was shown by the broader markets on the day.

Economy

All Set for Champion Breweries’ 50th AGM on Thursday

Published

36 minutes ago

19/05/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.

At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.

Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.

In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.

This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.

These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.

The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.

The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.

“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.

“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.

Economy

NRS Launches Unified Tax ID System

Published

5 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.

The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.

According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.

The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.

“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.

The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.

According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.

“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.

The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

8 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 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 worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.