Economy
US Stocks Open Higher on Easing Trade Concerns
By Investors Hub
The major U.S. index futures are pointing to a modestly higher opening on Tuesday, with stocks likely to attempt another rebound after turning lower over the course of the previous session.
The upward momentum on Wall Street comes after the downturn seen on Monday dragged the Nasdaq and the S&P 500 down to six-month closing lows and the Dow fell to its lowest closing level in well over three months.
Traders may once again look to pick up stocks at reduced levels after bargain hunting efforts in the previous session were thwarted by renewed concerns about the trade war between the U.S. and China.
President Donald Trump?s prediction the U.S. will reach a ?great deal? with China on trade may offset some of the concerns, although the president warned of more tariffs if a deal is not possible.
?I think that we will make a great deal with China and it has to be great, because they?ve drained our country,? Trump told Laura Ingraham of Fox News on Monday.
After failing to sustain an early move to the upside, stocks came under pressure over the course of the trading session on Monday. The major averages pulled back well off their best levels of the day and into negative territory.
While the major averages regained some ground going into the close, they remained firmly in the red. The Dow slumped 245.39 points or 1 percent to 24,442.92, the Nasdaq tumbled 116.92 points or 1.6 percent to 7,050.29 and the S&P 500 fell 17.44 points or 0.7 percent to 2,641.25.
The sharp pullback by stocks came after report from Bloomberg said the U.S. is preparing to announce tariffs on all remaining Chinese imports if next month’s talks between Presidents Donald Trump and Xi Jinping fail to ease the trade war.
Citing three people familiar with the matter, Bloomberg said the announcement of the new round of tariffs could come by early December
Two of the people told Bloomberg the new tariffs would apply to Chinese imports that aren’t already covered by previous rounds of tariffs, or approximately $257 billion worth of goods.
The report from Bloomberg comes as Trump and Xi are expected to meet on the sidelines of a Group of 20 summit in Buenos Aires, Argentina, beginning November 30th.
Shortly before imposing tariffs on $200 billion worth of Chinese goods in September, Trump threatened to levy duties on nearly everything China exports to the U.S.
The early strength on Wall Street came as some traders picked up stocks at reduced levels following the steep drop seen last week, extending the see-saw performance seen over the past few sessions.
Auto stocks helped to lead the way higher after a report from Bloomberg said China is considering cutting a tax on car purchases in half.
The proposal to lower the purchase tax to 5 percent from 10 percent comes as Chinese car sales are on track for their first annual drop in two decades amid the U.S.-China trade war.
News on the merger-and-acquisition front also generated some buying interest, with IBM Corp. (IBM) agreeing to acquire Linux software distributor Red Hat (RHT) for $33 billion in cash.
Buying interest waned over the course of the morning, however, with political uncertainty in Europe limiting the upside for the markets.
Meanwhile, traders largely shrugged off a report from the Commerce Department showing personal income rose by slightly less than expected in the month of September.
Oil service stocks bucked the early uptrend by the markets and saw further downside as the day progressed. The Philadelphia Oil Service Index plummeted by 4.3 percent to its lowest closing level in well over nine years.
Weatherford (WFT) led the oil service sector lower after reporting a narrower than expected third quarter loss but revenues that came in below estimates.
The sell-off by oil service stocks reflected weakness throughout the energy sector, as the price of crude oil fell sharply in electronic trading.
Significant weakness also emerged among retail stocks, as reflected by the 1.9 percent slump by the Dow Jones Retail Index. With the drop, the index fell to a nearly five-month closing low.
Computer hardware, biotechnology, and networking stocks also came under pressure over the course of the session, while interest rate-sensitive utilities, banking, and commercial real estate stocks ended the day on the upside.
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has called on state-owned enterprises to increase standards of transparency, ethics, and performance as Nigeria pushes to build a $1 trillion economy.
Speaking at the MOFI Corporate Governance Forum in Abuja, the Minister described the newly introduced MOFI Scorecard as a vital benchmark for institutional health, designed to position state-owned enterprises for investment, growth, and long-term value creation.
According to Mr Edun, this scorecard is not just a document; it’s a test, adding that strong governance attracts capital, builds trust, and delivers real economic returns.
The two-day forum, themed Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance, brought together CEOs, regulators, and development partners to examine how better oversight can unlock Nigeria’s public asset potential.
Referencing entities like NNPC Limited, Mr Edun noted that state-owned enterprises must be investor-ready as the government shifts from debt-heavy budgets to equity-based growth.
He also pointed to positive macro signals and falling food and fuel prices as early signs of a stabilising economy.
On his part, MOFI Chairman, Mr Shamsudeen Usman, confirmed that the scorecard will be enforced through independent assessments, including MOFI itself.
“We are not asking others to do what we haven’t already done,” he said.
Backed by the World Bank, the initiative marks a shift in how Nigeria manages public wealth, with governance now central to growth, resilience, and investor confidence.
The introduction of the governance scorecard is a testament to the Federal Government’s commitment to transforming Nigeria’s economy. As the country moves forward, one thing is clear: transparency, accountability, and growth will be the guiding principles for state-owned enterprises.
By Adedapo Adesanya
The market capitalisation of the NASD Over-the-Counter (OTC) Securities Exchange rose by 1.70 per cent or N32.36 billion on Thursday, April 10, closing at N1.925 trillion, in contrast to the N1.892 trillion quoted at the preceding session.
However, the NASD Unlisted Security Index (NSI) went up by 10.46 points or 0.32 per cent to 3,287.85 points from the 3,277.39 points it ended a day earlier.
The market capitalisation was higher yesterday after admitting additional shares of Infrastructure Credit Guarantee Company Plc (InfraCredit) to the platform after regulatory approval. The firm joined the NASD Exchange on March 6.
The company, backed by the Nigerian sovereign wealth fund, added 11.166 million units to bring its volume to 26.421 million.
At the trading session, FrieslandCampina Wamco Nigeria Plc gained N1.91 to close at N38.50 per unit versus N36.59 per unit, Mixta Real Estate Plc rose by 41 Kobo to N4.55 per share from the previous closing value of N4.14 per share, Lagos Building Infrastructure Company (LBIC) Plc grew by 17 Kobo to N2.63 per unit from N2.80 per unit, and Paintcom Investment Plc improved by 2 Kobo to N10.74 per share from N10.72 per share, while Geo-Fluids Plc declined by 22 Kobo to N2.00 per unit from N2.22 per unit.
The volume of transactions surged by 9,665.9 per cent to 18.1 million units from 185,449 units, the value of transactions soared by 7,174.3 per cent to N192.9 million from N192.9 million, and the number of deals rose by 81.8 per cent to 20 deals from 11 deals.
Impresit Bakolori Plc ended the day as the most active stock by volume (year-to-date) for trading 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million, and Geo Fluids Plc with 44.6 million units sold for N90.2 million.
FrieslandCampina Wamco Nigeria Plc also remained as the most active stock by value (year-to-date) with 14.5 million units valued at N559.2 million, followed by Impresit Bakolori Plc with 533.9 million units worth N520.9 million, and Afriland Properties Plc with 17.8 million units sold for N365.0 million.
By Adedapo Adesanya
The Naira witnessed a depreciation of 1.05 per cent or N16.97 against the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, April 10, exchanging at N1,629.94/$1 compared with the previous day’s rate of N1,612.99/$1.
In the same official market, the Nigerian currency, however, traded flat against the Pound Sterling and the Euro during the session at N2,085.01/£1 and N1,805.64/€1, respectively.
As for the black market, the domestic currency depreciated against the greenback yesterday by N5 to sell for N1,620/$1, in contrast to the N1,615/$1 it was exchanged at midweek.
The Naira had stabilise on Wednesday in the spot market after President Donald Trump of the United States announced a 90-day pause on tariffs for more than 75 nations, including Nigeria, that did not retaliate to his sweeping duties announced a week ago.
However, China, which recently placed steeped retaliatory tariffs on US goods, did not get any relief, as Mr Trump hiked the total levy on Chinese goods to 125 per cent.
Market analysts raise worries about a secondary effect of a trade war between the US and China, and how it can have effected on other nations’ economies.
Even as the Central Bank of Nigeria (CBN) continued to prop up the local currency, in the last week, the Naira has exchanged between the N1,570 and N1,620 mark.
Meanwhile, the cryptocurrency market was mixed on Thursday after exchange-traded funds (ETFs) saw outflows even as prices surged after President Trump announced a 90-day pause in tariffs on most countries, excluding China.
The dwindling demand can be attributed to the macroeconomic uncertainty caused by the US-China trade tensions that has led to macro investors selling every asset, including crypto ETFs, for cash.
Litecoin (LTC) gained 1.9 per cent to trade at $75.88, Cardano (ADA) jumped by 1.4 per cent to $0.6321, Dogecoin (DOGE) appreciated by 0.3 per cent to $0.1575, and Solana (SOL) rose by 0.2 per cent to $116.94.
On the flip side, Ethereum (ETH) dropped 3.6 per cent to settle at $1,533.42, Bitcoin (BTC) shed 1.2 per cent to end at $81,017.23, Ripple (XRP) slumped by 0.2 per cent to $1.99, and Binance Coin (BNB) went south by 0.1 per cent to $579.45, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
-
Feature/OPED5 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years agoSort Codes of GTBank Branches in Nigeria
-
Economy2 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years agoFirst Bank Announces Planned Downtime
-
Sports2 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years agoHow To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN