Economy

US Stocks Open Higher Despite Talks on Delisting Chinese Firms

Published

6 years ago

30/09/2019

By Investors Hub

The major U.S. index futures are currently pointing to a modestly higher opening on Monday, with stocks likely to move back to the upside following the weakness seen last Friday.

Early buying interest may be generated in reaction to news that a Treasury Department spokeswoman denied reports the Trump administration is considering delisting Chinese companies from U.S. stock exchanges

?The administration is not contemplating blocking Chinese companies from listing shares on U.S. stock exchanges at this time. We welcome investment in the United States,? Treasury spokeswoman Monica Crowley said in a statement.

Crowley?s statement comes on the heels of reports suggesting the administration is contemplating ways to curb U.S. investments in China.

White House trade advisor Peter Navarro attacked the media reports in an interview with CNBC on Monday, claiming ?over half? of a Bloomberg report about potential restrictions was ?highly inaccurate or simply flat-out false.?

?This story was just so full of inaccuracies and in terms of the truth of the matter, what the Treasury said I think was accurate,? Navarro said.

Better than expected manufacturing data out of China may also temper some of the recent concerns about the impact of the U.S.-China trade war.

After seeing considerable volatility in the morning, stocks moved mostly lower over the course of the trading session on Friday. The major averages all slid firmly into negative territory, with the tech-heavy Nasdaq showing a particularly steep drop.

The major averages climbed off their worst levels going into the close but remained in the red. The Dow dipped 70.87 points or 0.3 percent to 26,820.25, the Nasdaq tumbled 91.03 points or 1.1 percent to 7,939.63 and the S&P 500 fell 15.83 points or 0.5 percent to 2,961.79.

For the week, the Nasdaq plunged by 2.2 percent, the S&P 500 slumped by 1 percent and the Dow dropped by 0.4 percent.

Stocks moved to the downside after a report from Bloomberg News said Trump administration officials are discussing ways to limit U.S. investors’ portfolio flows into China.

Citing people familiar with the internal deliberations, Bloomberg noted the move would have repercussions for billions of dollars in investment pegged to major indexes.

A source family with the matter confirmed to CNBC that the White House is weighing some curbs on U.S. investments in China but noted the discussions are in the preliminary stages and nothing has been decided.

The reports reflect the ever-changing landscape of U.S.-China relations that has kept traders reluctant to make significant bets.

Earlier in the day, traders expressed some optimism about U.S.-China trade talks after a report from CNBC said negotiations are set to resume October 10th in Washington.

A person close to the talks said Chinese Vice Premier Liu He would be representing the delegation from Beijing at the meetings.

The U.S. and China held deputy-level trade talks last week, although Treasury Secretary Steven Mnuchin called off a trip by Chinese officials to U.S. farms.

On the U.S. economic front, the Commerce Department released a report unexpectedly showing a modest increase in U.S. durable goods orders in the month of August.

The Commerce Department said durable goods orders rose by 0.2 percent in August after jumping by 2.0 percent in July. The continued increase surprised economists, who had expected orders to pull back by 1.0 percent.

Excluding a drop in orders for transportation equipment, durable goods orders increased by 0.5 percent in August after falling by 0.5 percent in July. Economists had expected ex-transportation orders to rise by 0.2 percent.

However, the report also said orders for non-defense capital goods excluding aircraft, a key indicator of business spending, edged down by 0.2 percent in August after coming in unchanged in July.

A separate Commerce Department report showed U.S. personal income rose in line with economist estimates in the month of August, although personal spending inched up by less than expected.

The Commerce Department said personal income climbed by 0.4 percent in August after ticking up by 0.1 percent in July. The increase in income matched economist estimates.

Meanwhile, the report said personal spending crept up by 0.1 percent in August after climbing by 0.5 percent in July. Spending had been expected to rise by 0.3 percent.

Semiconductor stocks showed a significant move to the downside over the course of the trading session, dragging the Philadelphia Semiconductor Index down by 2.4 percent.

Chipmaker Micron Technology (MU) led the sector lower after reporting better than expected fiscal fourth quarter results but providing disappointing guidance.

Considerable weakness was also visible among gold stocks, as reflected by the 2.1 percent slump by the NYSE Arca Gold Bugs Index.

The weakness in the gold sector came as the price of the precious metal climbed off its worst levels but still showed a notable decrease.

Software, telecom, and oil service stocks also came under pressure as the day progressed, moving lower along with most of the other major sectors.

Economy

TotalEnergies Sells 10% Stake in Renaissance JV to Vaaris

Published

4 hours ago

14/01/2026

Adedapo Adesanya

By Adedapo Adesanya

TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.

The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (5 per cent), which holds 18 licences in the Niger Delta.

In a statement by TotalEnergies on Wednesday, it was stated that under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.

Production from these licences, it was said, represented approximately 16,000 barrels equivalent per day in company’s share in 2025.

The agreement also stated that TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licences of Renaissance JV which are producing mainly gas, namely OML 23, OML 28 and OML 77, while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.

Business Post reports that the conclusion of the deal is subject to customary conditions, including regulatory approvals.

“TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.

“Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.

“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the 3 other licenses of Renaissance JV, which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses, which currently account for 50 per cent of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals,” the statement reads in part.

The development is part of TotalEnergies’ strategies to dump more assets to lighten its books and debt.

Economy

NGX RegCo Revokes Trading Licence of Monument Securities

Published

13 hours ago

14/01/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.

Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.

The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.

“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.

Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.

However, with the latest development, the firm is no longer authorised to perform this function.

Economy

NEITI Advocates Fiscal Discipline, Transparency as FG, States, LGs Get N6trn in Three Months

Published

13 hours ago

14/01/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for fiscal discipline and transparency as data showed that federal government, states, and local governments shared a whopping N6 trillion Federation Account Allocation Committee (FAAC) disbursements in the third quarter of last year.

In its analysis of the FAAC Q3 2025 allocation, the body revealed that the federal government received N2.19 trillion, states received N1.97 trillion, and local governments received N1.45 trillion.

According to a statement by the Director of Communication and Stakeholders Management at NEITI, Mrs Obiageli Onuorah, the allocation indicated a historic rise in federation account receipts and distributions, explaining that year-on-year quarterly FAAC allocations in 2025 grew by 55.6 per cent compared with Q3 of 2024 while it more than doubling allocations over two years.

The report contained in the agency’s Quarterly Review noted that the N6 trillion included 13 per cent payments to derivative states. It also showed that statutory revenues accounted for 62 per cent of shared receipts, while Value Added Tax (VAT) was 34 per cent, and Electronic Money Transfer Levy (EMTL) and augmentation from non-oil excess revenue each accounted for 2 per cent, respectively.

The distribution to the 36 states comprised revenues from statutory sources, VAT, EMTL, and ecological funds. States also received additional N100 billion as augmentation from the non-oil excess revenue account.

The Executive Secretary of NEITI, Mr Sarkin Adar, called on the Office of the Accountant General of the Federation, the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) FAAC, the National Economic Council (NEC), the National Assembly, and state governments to act on the recommendations to strengthen transparency, accountability, and long-term fiscal sustainability.

“Though the Quarter 3 2025 FAAC results are encouraging, NEITI reiterates that the data presents an opportunity to the government to institutionalise prudent fiscal practices that will protect the gains that have been recorded so far in growing revenue and reduce vulnerability to commodity shocks.

“The Q3 2025 FAAC results are encouraging, but windfalls must be managed with discipline. Greater transparency, realistic budgeting, and stronger stabilisation mechanisms will ensure these resources deliver durable benefits for all Nigerians,” Mr Adar said.

NEITI urged the government at all levels to ensure the growth of Nigeria’s sovereign wealth and stabilisation capacity, by committing to regular transfers to the Nigeria Sovereign Wealth Fund and other related stabilisation mechanisms in line with the fiscal responsibility frameworks.

It further advised governments at all levels to adopt realistic budget benchmarks by setting more conservative and achievable crude oil production and price assumptions in the budget to reduce implementation gaps, deficit, and debt metrics.

This, it said, is in addition to accelerating revenue diversification by prioritising reforms that would attract investments into the mining sector, expedite legislation to modernise the Mineral and Mining Act, support reforms in the downstream petroleum sector, as well as the full implementation of the Petroleum Industry Act (PIA) to expand domestic refining and value addition.