Economy
US Stocks Open Higher on Possible Trade Talks
By Investors Hub
The major U.S. index futures are currently pointing to a higher opening on Friday, as traders express continued optimism about a potential de-escalation of the U.S.-China trade war.
The upward momentum on Wall Street comes as traders cling to hopes the U.S. and China will resume trade talks next month and finally reach an elusive trade deal.
President Donald Trump has repeatedly claimed the Chinese are desperate to reach an agreement, arguing the U.S. tariffs on Chinese goods are doing significant damage to the world?s second largest economy.
Trump told Fox News on Thursday that the U.S. and China were scheduled to hold talks at a ?different level,? although he did not clarify what that means.
Meanwhile, China has signaled that they do not currently intend to retaliate against Trump?s latest threat to raise the rate of tariffs on Chinese imports.
Chinese officials have expressed interest in negotiating an end to the escalating trade dispute but argued the U.S. has to create conditions for the two sides to resume talks on the basis of mutual respect.
After moving sharply higher early in the session, stocks saw some further upside over the course of the trading day on Thursday. The major averages managed to remain firmly positive after reversing direction from their initial moves in each of the two previous sessions.
The major averages pulled back off their best levels in late-day trading but held on to strong gains. The Dow surged up 326.15 points or 1.3 percent to 26,362.25, the Nasdaq soared 116.51 points or 1.5 percent to 7,973.39 and the S&P 500 jumped 36.64 points or 1.3 percent at 2,924.58.
The initial strength on Wall Street came on the heels of indications China is seeking to de-escalate the trade war with the U.S.
Chinese Ministry of Commerce spokesman Gao Feng indicated China does not currently intend to retaliate against President Donald Trump’s latest threat to raise the rate of tariffs on Chinese imports.
“We firmly reject an escalation of the trade war, and are willing to negotiate and collaborate in order to solve this problem with calm attitude,” Gao said, according to a CNBC translation.
Gao claimed China has plenty of countermeasures it could impose but will instead focus on removing Trump’s new tariffs, which were announced after China said it plans to impose tariffs on $75 billion worth of U.S. goods.
“The most important thing at the moment is to create necessary conditions for both sides to continue negotiations,” Gao told reporters during a weekly briefing.
On the U.S. economic front, the Labor Department released a report showing a modest increase in first-time claims for U.S. unemployment benefits in the week ended August 24th.
The report said initial jobless claims inched up to 215,000, an increase of 4,000 from the previous week’s revised level of 211,000.
Economists had expected jobless claims to climb to 215,000 from the 209,000 originally reported for the previous week.
A separate report released by the Commerce Department showed the pace of growth in U.S. economic activity slowed by slightly more than initially estimated in the second quarter.
The Commerce Department said gross domestic product increased by 2.0 percent in the second quarter compared to the previously reported 2.1 percent growth. The downward revision came in line with economist estimates.
The downwardly revised GDP growth seen in the second quarter compares to the 3.1 percent jump in GDP reported for the first quarter.
Meanwhile, the National Association of Realtors also released a report showing a sharp pullback in pending home sales in the month of July.
NAR said its pending home sales index tumbled by 2.5 percent to 105.6 in July after surging up by 2.8 percent to 108.3 in June. The steep drop came as a surprise to economists, who had expected pending sales to come in unchanged.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
Reflecting the optimism about a potential de-escalation of the U.S.-China trade war, steel stocks showed a significant move to the upside on the day.
The NYSE Arca Steel Index surged up by 2.4 percent, climbing further off the nearly three-year closing low set on Tuesday.
Significant strength was also visible among natural gas stocks, as reflected by the 2.6 percent jump by the NYSE Arca Natural Gas Index. The strength in the sector came as natural gas for October delivery climbed $0.067 to $2.289 per million BTUs.
Computer hardware, semiconductor, and transportation stocks also saw considerable strength on the day, moving higher along with most of the other major sectors.
Meanwhile, gold stocks were among the few groups to buck the uptrend, dragging the NYSE Arca Gold Bugs Index down by 3.2 percent. The index ended the previous session at a nearly three-year closing high.
By Aduragbemi Omiyale
One of the nation’s top brewers, Guinness Nigeria Plc, is paying an interim dividend of N7 per share to its shareholders for the period ended June 30, 2026.
The funds should, on August 10, 2026, hit the bank accounts of investors whose names appear in the Register of Members as of the close of business on Wednesday, July 29, 2026, a regulatory note from the organisation disclosed.
The firm has informed shareholders who have yet to complete the e-dividend registration to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on its website, so as not to be left out of the cash reward for the first half of this year.
In the first six months of 2026, Guinness Nigeria grew its net profit by 53.33 per cent to N25.3 billion from N16.5 billion in the same period of 2025, amid improved top line and better management of administrative, marketing and distribution costs.
The revenue for the period under consideration rose to N265.0 billion from N237.0 billion, boosted by domestic sales of its products, which accounted for N260.9 billion compared with N237.0 billion a year earlier. The balance was from its export sales. This showed that over 98 per cent of the company’s earnings are from sales in Nigeria.
In the first half of the year, Guinness Nigeria improved its gross profit to N97.5 billion from N89.4 billion in the same period of 2025, as its finance income, arising from financial assets and others, stood at N1.2 billion compared with N110.7 million in H1 of 2026.
By Adedapo Adesanya
The federal government has reaffirmed its commitment to mobilising domestic capital to finance Nigeria’s long-term development, saying stronger local investment will be critical to accelerating economic transformation and attracting private sector participation.
The Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, stated this while speaking at the 6th Annual General Assembly of the Association of Nigerian Development Finance Institutions (ANDFI) in Abuja on Thursday.
The Minister’s remarks were contained in a statement on Friday, July 24, by his Senior Special Assistant on Communications and Press Secretary, Mrs Maryann Duke.
Addressing the conference with the theme, Unlocking Domestic Capital for Development Financing, Mr Oyedele said Nigeria must harness its domestic financial resources and strengthen institutions that can channel capital into productive sectors of the economy.
He noted that despite increasingly difficult global financing conditions, the country possesses substantial domestic savings, institutional assets and private capital that can be leveraged to fund infrastructure, industrialisation, agriculture, housing, innovation and other critical sectors.
According to the minister, domestic capital should not be viewed as an alternative to foreign investment but as the foundation for attracting sustainable international investment.
“Our focus is to build an economy where confidence leads capital. By strengthening macroeconomic stability, deepening our financial markets and empowering development finance institutions to catalyse private investment, we are unlocking Nigeria’s enormous domestic potential to finance inclusive and sustainable growth,” Mr Oyedele said.
He said the federal government’s ongoing economic reforms under the Renewed Hope Agenda are beginning to deliver positive outcomes, including improved investor confidence, stronger external reserves, enhanced revenue generation and renewed international confidence in Nigeria’s economy.
The Minister identified five priority areas for unlocking domestic capital, including expanding investment opportunities for households, deepening institutional capital through pension and insurance assets, strengthening credit enhancement mechanisms, broadening local currency financing through the capital market, and building stronger development finance institutions capable of attracting larger volumes of private investment.
Mr Oyedele also called on development finance institutions to move beyond conventional lending by helping to structure bankable projects, reduce investment risks, support policy reforms and create financing ecosystems that encourage greater private sector participation.
He reaffirmed the Federal Government’s commitment to working with development finance institutions, financial regulators, investors and development partners to develop a financing framework that will support businesses, create jobs, accelerate industrialisation and promote inclusive economic growth across the country.
By Modupe Gbadeyanka
The plan by the National Pension Commission (PenCom) to increase mandatory pension contributions and introduce an additional 3 per cent mandatory annual contribution equivalent to 3 per cent of the total wage bill is not going down well with the Organised Private Sector in Nigeria.
This group comprises the Manufacturers Association of Nigeria (MAN), the National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Nigeria Employers’ Consultative Association (NECA), the Nigerian Association of Small and Medium Enterprises (NASME), the Nigerian Association of Small Scale Industrialists (NASSI), and 25 sectoral employer associations.
In a statement made available to Business Post, the group described the proposal as a “Greek gift” to Nigerian workers because of the prevailing economic conditions in the country.
OPS argued that under the Pension Reform Act 2014, Nigeria’s minimum pension contribution already stands at 18 per cent of an employee’s monthly emoluments, comprising 10 per cent from the employer and 8 per cent from the employee.
“This is broadly comparable with the OECD average effective mandatory pension contribution rate of 18.8 per cent at the average-wage level in 2024.
“Nigeria’s existing contribution rate therefore cannot reasonably be regarded as inadequate, based on contribution percentages alone.
“Any proposal for an increase must be supported by Nigeria – specific actuarial evidence demonstrating that the current rate is insufficient and that a higher rate would not undermine employment, wages, compliance and enterprise sustainability,” it noted.
OPSN said the government’s attention should be directed toward reining in inflation, preserving workers’ immediate cash flow, and promoting business sustainability to create decent jobs and improve welfare.
It also asked for a detailed assessment to determine the likely effects of the proposal on employment costs, wage growth, recruitment, job security, investment, production costs, inflation, business formalisation and MSME sustainability.
The group stated that while the private sector is not entirely opposed to future adjustments, any increase must be the product of constructive, transparent social dialogue among all critical stakeholders and delayed until broader economic stability is achieved.
It stressed that no adjustment should be introduced without adequate consideration of its impact on existing jobs, future recruitment, inflation rate and the capacity of businesses to remain competitive and sustainable.
Also commenting on the matter in Lagos, the Director-General of NECA, Mr Adewale-Smatt Oyerinde, described the proposed hike as both premature and counterproductive, noting that, “The OPSN supports efforts aimed at strengthening Nigeria’s pension system and improving retirement outcomes for workers.
“However, announcing that contribution rates will increase while consultations are still ongoing risks prejudging the outcome of the process and reducing subsequent stakeholder engagements to a mere formality.”
He stressed that previous adjustments to pension contribution rates were preceded by extensive engagement among government, employers, organised labour and other relevant stakeholders.
“Any proposed adjustment must be supported by credible actuarial, economic and employment-impact assessments. It must also emerge from genuine and transparent social dialogue. Retirement security should not be pursued in a manner that threatens the businesses and jobs upon which the pension system itself depends,” he submitted.
On his part, the DG of MAN, Mr Segun Ajayi-Kadir, said, “Businesses are already contending with high energy costs, elevated interest rates, exchange-rate volatility, multiple regulatory obligations, weak consumer demand and rising production expenses. Imposing an additional statutory payroll cost without a comprehensive impact assessment will place further pressure on already struggling enterprises.”
He explained that higher employment costs could compel businesses to slow recruitment, postpone wage reviews, reduce staff strength, increase outsourcing, suspend expansion plans or pass additional costs to consumers through higher prices.
“The proposed increase may directly raise the existing employee contribution, but its wider consequences could still be borne by workers through weaker wage growth, reduced employment opportunities, job losses and higher prices of goods and services,” he added
The DG of NACCIMA, Mr Sola Obadimu, in his submission, warned against imposing additional financial levies on a struggling business environment, saying, “At a time when businesses are struggling to recover from prolonged economic pressures and the Federal Government is implementing reforms intended to improve competitiveness, imposing another statutory financial obligation on employers could undermine the benefits of those reforms.”
He maintained that government policies must be properly coordinated and evaluated based on their cumulative impact on businesses.
“A reform cannot be considered successful merely because it promises improved retirement benefits. Its impact on employment, investment, wage growth, prices, compliance and business survival must also be carefully considered,” he stated.
The DG of NASSI, Mr Ifeanyi Oputa, while speaking on the issue, stressed that micro, small and medium-sized enterprises would be disproportionately affected by any increase in mandatory employer pension contributions.
“MSMEs operate with narrow margins and limited access to affordable finance. Many are still struggling with rising energy costs, declining purchasing power, multiple levies and increasing operating expenses. An additional statutory burden could threaten their survival and discourage them from employing workers formally,” he said.
Mr Oputa warned that the proposal could also deepen non-compliance and push more businesses and workers into informal employment arrangements outside the pension system.
“A policy intended to strengthen the pension system must not produce the opposite result by shrinking the number of formal employers and contributors,” he added.
