Economy

US Stocks May Further Close Bullish Thursday

Published

9 years ago

16/03/2017

Modupe Gbadeyanka

By Modupe Gbadeyanka

Barely 24 hours after the monetary policy announcement by the Federal Reserve, the major US index futures are pointing to a higher opening on Thursday, with stocks likely to see further upside after moving notably higher over the course of the previous session.

Stocks may continue to benefit from a positive reaction to the decision by the Fed to raise rates by a quarter point as widely expected.

The central bank’s projections called for only two more rate hikes this year. The unchanged outlook for rate hikes this year offset concerns that the Fed intends to accelerate the pace of rate increases.

Following the Federal Reserve’s widely expected decision to raise interest rates, stocks moved notably higher over the course of the trading day on Wednesday. The strength on the day offset much of the weakness seen in recent sessions.

The major averages ended the day firmly in positive territory but off their highs of the session. The Dow rose 112.73 points or 0.5 percent to 20,950.10, the Nasdaq climbed 43.23 points or 0.7 percent to 5,900.05 and the S&P 500 advanced 19.81 points or 0.8 percent to 2,385.26.

The strong upward move by stocks came after the Fed announced its decision to raise the target range for the federal funds rate by 25 basis points to 0.75 to 1 percent.

A statement from the Fed said the decision to raise rates came in light of realized and expected labour market conditions and inflation.

The Fed said data received since its previous meeting in February indicates that the labour market has continued to strengthen and that economic activity has continued to expand at a moderate pace.

Looking ahead, members of the Fed project two more rate hikes this year, which would bring the target range for the federal funds rate to 1.25 to 1.50 percent. The median estimate is unchanged from last December.

The Fed reiterated that it expects economic conditions will evolve in a manner that will warrant gradual increases in interest rates.

Minneapolis Fed President Neel Kashkari was the lone member to vote against the rate hike, preferring to leave rates unchanged.

In her subsequent press conference, Fed Chair Janet Yellen said the message of the rate hike should be that the “economy is doing well.”

The Fed announcement largely overshadowed the slew of economic data released earlier in the day, including a report from the Commerce Department showing an uptick in retail sales in the month of February.

The Commerce Department said retail sales inched up by 0.1 percent in February after climbing by an upwardly revised 0.6 percent in January. The slight increase came in line with economist estimates.

Excluding a modest drop in auto sales, retail sales rose by 0.2 percent in February after jumping by 1.2 percent in January. The increase in ex-auto sales also matched expectations.

A separate report from the Labour Department showed a modest uptick in consumer prices in February, while the National Association of Home Builders said its reading on homebuilder confidence jumped to a nearly twelve-year high in March.

Gold stocks showed a substantial move to the upside over the course of the session, driving the NYSE Arca Gold Bugs Index up by 7.8 percent. The jump lifted the index well off the two-month closing low set last Thursday.

Considerable strength was also visible among airline stocks, as reflected by the 3 percent gain posted by the NYSE Arca Airline Index. The index rebounded after ending the previous session at its lowest closing level in three months.

Energy stocks also rebounded along with the price of crude oil. Steel, commercial real estate and utilities stocks also saw notable strength on the day, moving higher along with most of the other major sectors

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Economy

Coronation Sees February 2026 Inflation Cooling to 14.12%

Published

7 hours ago

16/03/2026

Aduragbemi Omiyale

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.

Economy

SERAP Calls for Investigation into NNPC’s N5.9bn Rebranding

Published

8 hours ago

16/03/2026

Adedapo Adesanya

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.

Economy

NASD Market Falls 1.18% to Extend Losing Streak

Published

2 days ago

14/03/2026

Adedapo Adesanya

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.