Economy

US Stocks Likely to Maintain Upward Momentum

Published

5 years ago

27/11/2019

By Investors Hub

The major U.S. index futures are pointing to a modestly higher opening on Wednesday, with stocks likely to extend the upward move seen over the past few sessions.

The markets may continue to benefit from optimism about a potential U.S.-China trade deal after President Donald Trump said trade talks are ?going very well.?

?We?re in the final throes of a very important deal ? I guess you could say, one of the most important deals in trade ever,? Trump told reporters at the White House on Tuesday.

Trading activity may be somewhat subdued, however, as the Thanksgiving Day holiday on Thursday will keep some traders away from their desks.

The upcoming holiday has also pushed forward several U.S. economic reports, leading to an avalanche of data that may paint a mixed picture.

After ending Monday?s trading mostly higher, stocks saw some further upside during trading on Tuesday. With the continued upward move, the major averages once again reached new record closing highs.

The major averages ended the day modestly higher. The Dow rose 55.21 points or 0.2 percent to 28,121.68, the Nasdaq edged up 15.44 points or 0.2 percent to 8,647.93 and the S&P 500 inched up 6.88 points or 0.2 percent to 3,140.52.

The modest strength on Wall Street reflected recent upward momentum amid persistent optimism the U.S. and China will ultimately reach a trade agreement.

A statement from China’s Commerce Ministry revealed Chinese Vice Premier Liu He held a phone call with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steve Mnuchin earlier today.

The statement said the two sides discussed how to resolve each other’s core concerns, reached consensus on how to resolve related issues, and agreed to maintain communication on the remaining issues in the first phase of agreement negotiations.

However, traders seemed reluctant to make more significant moves, with some looking to get a head start on the Thanksgiving Day holiday on Thursday.

As if often the case nowadays, traders largely shrugged off the latest economic data, including a report from the Conference Board unexpectedly showing a continued drop in consumer confidence in November.

The Conference Board said its consumer confidence index fell to 125.5 in November from an upwardly revised 126.1 in October.

Economists had expected the consumer confidence index to inch up to 126.9 from the 125.9 originally reported for the previous month.

“Consumer confidence declined for a fourth consecutive month, driven by a softening in consumers’ assessment of current business and employment conditions,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board.

“However, consumers’ short-term expectations improved modestly, and growth in early 2020 is likely to remain at around 2 percent,” she added. “Overall, confidence levels are still high and should support solid spending during this holiday season.”

A separate report from the Commerce Department showed new home sales pulled back from a significantly upwardly revised level in October.

The Commerce Department said new home sales fell by 0.7 percent to an annual rate of 733,000 in October after surging up by 4.5 percent to an upwardly revised rate of 738,000 in September.

Economists had expected new home sales to jump by 1.1 percent to a rate of 709,000 from the 701,000 originally reported for the previous month.

With the upward revision, new home sales in September were at their highest level since hitting 778,000 in July of 2007.

Gold stocks turned in some of the market’s best performances on the day, driving the NYSE Arca Gold Bugs Index up by 2 percent. The strength in the gold sector came amid an increase by the price of the precious metal.

Considerable strength was also visible among commercial real estate and housing stocks, with the Dow Jones U.S. Real Estate Index and the Philadelphia Housing Sector Index advancing by 1.4 percent and 1.3 percent, respectively.

On the other hand, energy stocks moved sharply lower on the day despite an increase by the price of crude oil.

Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index plunged by 2.5 percent and the NYSE Arca Natural Gas Index tumbled by 2.3 percent.

Computer hardware and networking stocks also saw notable weakness on the day, helping to limit the upside for the broader markets.

Economy

NASD Exchange Drops 0.53% in Week 17 of 2025 Amid High Trading Volume

Published

2 hours ago

28/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange decreased by 0.53 per cent on a week-on-week basis in Week 17 of the 2025 trading year.

This depleted the market capitalisation of the bourse by N10.14 billion in the four-day trading week to N1.914 trillion from the N1.924 trillion recorded in the previous week and the NASD Unlisted Securities Index (NSI) slid by 17.32 points to 3,269.06 points from the 3,286.38 points posted in Week 16.

There were only four trading days last week due to the Easter break stretching into the new week, though the market witnessed a higher turnover.

The volume of securities bought and sold by the market participants soared by 293,055.9 per cent to 3.9 billion units from the 1.33 million units recorded a week earlier, and the value of shares skyrocketed by 33,661.6 per cent to N9.9 billion from the N29.35 million achieved in the preceding week.

The most traded security by value for the week was Infrastructure Credit Guarantee (InfraCredit) Plc with N9.5 billion, Geo-Fluids Plc recorded N355.4 million, FrieslandCampina Wamco Nigeria Plc traded N7.2 million, Central Securities Clearing System (CSCS) Plc transacted N3.8 million, and Afriland Properties Plc posted N2.5 million.

Also, InfraCredit Plc was the most traded instrument by volume with 3.7 billion units, Geo-Fluids Plc transacted 207.7 million units, UBN Property Plc recorded 1.04 million units, FrieslandCampina Wamco Nigeria Plc traded 0.201 million units, and CSCS Plc exchanged 0.178 million units.

Five securities ended on the losers’ table, with FrieslandCampina Wamco Nigeria Plc leading after shedding 6.0 per cent to end at N35.37 per share compared with the previous week’s N37.64 per share.

Further, 11 Plc fell by 3.8 per cent to close at N236.25 per unit versus N245.50 per unit, UBN Property Plc lost 3.2 per cent to trade at N2.10 per share versus N2.17 per share, CSCS Plc declined by 1.8 per cent to N21.71 per unit from N22.10 per unit, and Afriland Properties Plc slumped by 0.1 per cent to N17.78 per share from N17.80 per share.

Economy

Nigerian Stocks Attract N56.025bn Investment in Four Days

Published

3 hours ago

28/04/2025

Dipo Olowookere

By Dipo Olowookere

A total of 1.854 billion shares worth N56.025 billion were transacted in 51,386 deals at the Nigerian Exchange (NGX) Limited last week compared with the 1.525 billion shares valued at N43.006 billion traded a week earlier in 51,156 deals.

The market was opened for business in the week for four days because of the public holiday observed last Monday for Easter.

In the week, the financial services sector led the activity chart with 1.266 billion stocks valued at N29.400 billion exchanged in 24,351 deals, contributing 68.28 per cent and 52.48 per cent to the total trading volume and value, respectively.

The ICT industry followed with 136.707 million stocks worth N12.472 billion in 2,974 deals, and the consumer goods space traded 118.617 million equities for N4.415 billion in 5,869 deals.

The trio of Fidelity Bank, Access Holdings, and GTCO accounted for 797.873 million shares worth N22.043 billion in 8,618 deals, contributing 43.03 per cent and 39.34 per cent to the total trading volume and value, respectively.

Business Post reports that 64 equities appreciated in the four-day trading week versus 31 equities in the previous week, 27 equities depreciated versus 44 equities in the previous week, and 57 equities remained unchanged versus 72 equities recorded in the previous week.

International Breweries topped the gainers’ log with a 40 per cent rise to settle at N7.70, NASCON appreciated by 26.22 per cent to N52.95, Africa Prudential expanded by 25.64 per cent to N17.15, Vitafoam Nigeria rose by 21.22 per cent to N44.85, and Ikeja Hotel jumped by 21.00 per cent to N12.10.

On the flip side, VFD Group topped the losers’ chart with a decline of 82.19 per cent to trade at N17.10, John Holt lost 18.60 per cent to finish at N6.30, Dangote Cement shed 10.00 per cent to close at N432.00, Tripple Gee crashed by 10.00 per cent to N1.98, and Haldane McCall depreciated by 9.96 per cent to N4.70.

The All-Share Index (ASI) and the market capitalisation appreciated by 1.46 per cent and 1.47 per cent each to close at 105,752.61 points and N66.465 trillion, respectively.

Similarly, all other indices finished higher apart from the premium, energy, industrial goods, growth and sovereign bond indices, which depreciated by 0.43 per cent, 0.07 per cent, 3.44 per cent, 0.41 per cent and 0.06 per cent, respectively.

Economy

NECA Commits to Strengthening MSMEs Ecosystem as Fair Holds May 6

Published

4 hours ago

28/04/2025

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Employers’ Consultative Association (NECA) has expressed its commitment to strengthening the Micro, Small and Medium Enterprises (MSMEs) ecosystem in Nigeria.

The Director-General of NECA, Mr Adewale Smatt Oyerinde, made the commitment while announcing the 2025 edition of the flagship MSMEs Fair scheduled to hold on Tuesday, May 6, 2025, at NECA House, Alausa, Lagos.

Mr Oyerinde said MSMEs are the lifeblood of the economy, noting that the Fair is designed to empower them with the tools, knowledge, and networks needed to thrive.

This year’s Fair will feature a keynote address by Mrs Adenike Adeyemi, CEO of FATE Foundation, a leading organization in enterprise development. Her address is expected to highlight innovative approaches to MSME sustainability and growth in Nigeria’s dynamic economy.

A major highlight of the fair will be the presence of key regulatory agencies, which will engage directly with entrepreneurs to address critical pain points around licensing, compliance, taxation, and business registration. This regulatory dialogue aims to demystify bureaucratic processes and promote a more enabling environment for enterprise development.

Themed Galvanizing MSMEs for Economic Growth and Stability, the event will bring together financiers, tech experts, regulators, and business leaders to offer practical insights, strategic guidance, and real-time business support to participants. Entrepreneurs will have the opportunity to exhibit their products and services, engage with potential investors, and connect with stakeholders across various sectors.

The fair will also feature exhibitions by entrepreneur across sectors, which will give them the opportunity to showcase their products and services to the public.

The programme offers entrepreneurs a platform to be enlightened on business development strategies, digital transformation, access to finance, and market expansion—equipping MSMEs with actionable knowledge for long-term success.