Economy
Wall Street Open Bullish on Upbeat Citigroup Earnings
By Investors Hub
The major U.S. index futures are currently pointing to a higher opening on Monday, with stocks likely to extend last week’s run to new record highs.
A positive reaction to earnings news from Citigroup (C) may generate some early buying interest, as the financial giant is moving moderately higher in pre-market trading.
Citigroup kicked off the earnings season by reporting second quarter earnings of $1.95 per share compared to analyst estimates for $1.81 per share. The company also reported stronger than expected revenue growth.
Traders may be reluctant to make substantial moves, however, as a slew of other big-name companies are due to report their quarterly results in the coming days.
Goldman Sachs (GS), Johnson & Johnson (JNJ), JPMorgan (JPM), Kraft Heinz (KHC), IBM (IBM), Microsoft (MSFT), and America Express (AXP) are among the companies due to report their results this week.
Closely watched reports on retail sales, industrial production, homebuilder confidence and housing starts are also likely to attract attention over the next few days.
Extending the upward trend seen over the past few sessions, stocks moved mostly higher during the trading day on Friday. With the continued upward move, the major averages all ended the session at new record closing highs.
The major averages saw further upside going into the close, finishing the day at their best levels of the session. The Dow jumped 243.95 points or 0.9 percent to 27,332.03, the Nasdaq climbed 48.10 points or 0.6 percent to 8,244.14 and the S&P 500 rose 13.86 points or 0.5 percent to 3,013.77.
For the week, the Dow surged up by 1.5 percent, while the Nasdaq and the S&P 500 advanced by 1 percent and 0.8 percent, respectively.
The markets continued to benefit from renewed optimism about the Federal Reserve lowering interest rates as soon as its next meeting later this month.
Congressional testimony from Fed Chairman Jerome Powell indicating crosscurrents, such as trade tensions and concerns about global growth, have continued to weigh on the U.S. economic outlook helped spark the resurgence in optimism about a rate cut.
Powell’s remarks triggered an upward trend on Wall Street that lifted the Dow above the 27,000 level for the first time ever.
Trading activity was somewhat subdued, however, as traders brace for the unofficial start of earnings season next week.
Citigroup (C), Goldman Sachs (GS), Johnson & Johnson (JNJ), JPMorgan (JPM), Wells Fargo (WFC), IBM (IBM), Netflix (NFLX), Microsoft (MSFT), and American Express (AXP) are among the slew of companies due to report their quarterly results.
Meanwhile, traders largely shrugged off a report from the Labor Department showing U.S. producer prices unexpectedly edged higher in the month of June.
The Labor Department said its producer price index for final demand inched up by 0.1 percent in June, matching the uptick seen in May. Economists had expected producer prices to come in unchanged.
Excluding food and energy prices, core producer prices climbed by 0.3 percent in June after rising by 0.2 percent in May. Core prices had been expected to show another 0.2 percent increase.
“The small gain in producer prices in June suggests the increase in tariffs on $200bn of imports from China has yet to generate a pick-up in inflation and confirms that underlying domestic inflationary pressures remain subdued,” said Michael Pearce, Senior U.S. Economist at Capital Economics.
He added, “That should help ease any fears, following the June CPI figures released yesterday, that underlying consumer price inflation will rise back above 2%.”
Transportation stocks moved sharply higher over the course of the trading session, driving the Dow Jones Transportation Average up by 2.4 percent. With the jump, the average ended the session at its best closing level in two months.
Significant strength was also visible among semiconductor stocks, as reflected by the 1.9 percent gain posted by the Philadelphia Semiconductor Index.
Chemical, gold and steel stocks also saw notable strength on the day, moving higher along with most of the other major sectors.
On the other hand, pharmaceutical stocks extended the sell-off seen in the previous session, dragging the NYSE Arca Pharmaceutical Index down by 2 percent to its lowest closing level in over a month.
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By Adedapo Adesanya
The Katsina State government has attracted an investment worth about $500 million for the development, financing and execution of a series of major energy infrastructure projects across the state.
The state government recently sealed the deal with a United Kingdom-based leading Pan-African clean energy infrastructure development and asset management company, Genesis Energy Holding.
The Memorandum of Understanding (MOU) between the two parties outlines a strategic partnership for the development, financing, construction, operation, and maintenance of key energy projects.
In addition, these projects aim to accelerate the industrialisation and socio-economic advancement of Katsina State and provide clean, reliable, and sustainable energy solutions for the region.
It also provides the framework for the collaborative development of a diverse portfolio of energy projects, focusing on solar, wind, hydro, mini-grids, and natural gas solutions.
The Governor of Katsina State, Mr Dikko Radda, described the partnership as “a significant step toward providing reliable, cost-effective, and environmentally friendly power solutions, fostering economic growth, and attracting investments to Katsina State.”
“This MOU represents a major milestone in our ongoing efforts to build resilient infrastructure that will not only address Katsina’s immediate energy needs but also lay the foundation for a prosperous and greener future for generations to come.
“The first of the series of projects being constructed under this partnership will shortly be commissioned before the end of this April 2025,” he added.
On his part, the Chairman and CEO of Genesis Energy, Mr Akin II Omoboriowo, noted that, “Lighting Up Africa is more than just a vision for Genesis; it is the very heartbeat that drives us. We are committed to enduring the rigorous process of developing and financing projects to bring sustainable energy solutions to the continent.
“For Genesis Energy, this marks a significant milestone as we continue to actively partner with Katsina State in achieving energy independence, creating a pivotal opportunity to industrialize the state and position it as a major player in clean and renewable energy generation.”
The primary objective of this collaboration is to address the state’s growing energy needs and support the Nigerian Government’s broader energy security and sustainability goals.
The MOU lays the foundation for creating a multi-phased energy platform that will provide power to critical sectors, including healthcare, industry, and agriculture while contributing to the regional transition to a green economy.
The key initiative of the MOU involves powering critical sectors and providing critical energy infrastructure across key sites across the State, deploying suitable energy technologies.
Phase One of the projects is expected to be executed concurrently across multiple initiatives, aimed at promoting energy independence, facilitating industrialisation, creating jobs, and displacing significant amounts of CO² emissions.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange opened the week on a sad note after it depreciated by 0.41 per cent on Monday, April 14.
The loss was influenced by the decline in the share price of Central Securities Clearing System (CSCS) Plc during the session by N1.80 to close at N20.90 per unit compared with the N22.70 per unit it closed last Friday.
This brought down the market capitalisation of the trading platform by N7.78 billion to N1.911 trillion from N1.919 trillion as the NASD Unlisted Security Index (NSI) was also pulled down by 13.28 points to 3,264.29 points from the previous session’s 3,277.57 points.
Business Post reports that the bourse crumbled yesterday despite two securities on the platform finishing on the gainers’ chart.
UBN Property Plc appreciated by 19 Kobo on Monday to sell for N2.17 per share versus the preceding session’s N1.98 per share, and FrieslandCampina Wamco Nigeria Plc gained 8 Kobo to settle at N35.63 per unit, in contrast to last Friday’s N35.55 per unit.
Yesterday, there was a 99.7 per cent decline in the volume of securities traded by the market participants to 436,357 units from the 152.3 million units recorded in the previous trading day.
There was also a 99.8 per cent fall in the value of transactions to N10.1 million from N4.6 billion, while the number of deals increased by 218.8 per cent to 51 deals from 16 deals.
At the close of business, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units valued at N520.9 million, trailed by Okitipupa Plc with 153.6 million units worth N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units sold for N24.2 million.
Okitipupa Plc was the most traded stock by value (year-to-date) with 153.6 million worth N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with 14.7 million units sold for N566.9 million, and Impresit Bakolori Plc with 533.9 million units valued at N520.9 million.
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