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.
By Aduragbemi Omiyale
The submission of the second quarter of 2026 Ownership Structure and Capital Flows Returns by capital market operators in Nigeria closes today, Friday, July 10, 2026.
The Securities and Exchange Commission (SEC) gave all registrars, brokers/dealers, fund managers and other relevant capital market operators this deadline via a statement on Wednesday, July 8, 2026.
The documents are needed in support of the compilation of Nigeria’s Balance of Payments (BOP) and International Investment Position (IIP) statistics.
According to the SEC, the exercise forms part of ongoing efforts to improve the quality, coverage, and reliability of Nigeria’s external sector statistics.
Operators are required to provide quarterly data on new equity and debt investments by residents and non-residents; equity and debt holdings of non-residents in Nigerian entities and those of Nigerian residents in foreign entities; investments arising from mergers, acquisitions, and other business combinations involving resident and non-resident entities; and other cross-border capital market transactions.
Specifically, reporting entities are required to submit information on investments in newly issued equities and debt securities; foreign portfolio investment holdings in Nigerian companies; ownership interests arising from business combinations involving non-residents; investments by multinational corporations in the Nigerian capital market; equity investments held abroad by resident companies; and bond investments held abroad by resident companies.
The regulator reminded operators that accurate and timely reporting is critical to the compilation of reliable BOP and IIP statistics, directing all fund managers, brokers/dealers, registrars, and other relevant capital market operators to ensure full and timely compliance with this reporting requirement.
It thanked those who have consistently complied with this requirement and acknowledged their contribution to this important national assignment.
It noted that the submission of ownership structure and capital flows data is a continuous quarterly reporting obligation, advising them to carefully review the guidance accompanying each reporting template and ensure that all submissions are complete, accurate, and submitted within the stipulated timeline.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange was weakened by 1.19 per cent on Thursday, July 9, by three bellwether stocks on the platform.
Consequently, the NASD Security Index (NSI) lost 50.47 points to close at 4,199.73 compared with the previous day’s 4,250.20 points, and the market capitalisation gave up N30.29 billion to settle at N2.520 trillion versus Wednesday’s closing value of N2.551 trillion.
The price decliners were led by 11 Plc, which fell by N20.54 to sell at N200.01 per share compared with the preceding session’s N220.55 per share. FrieslandCampina Wamco Nigeria Plc crashed by N11.48 to trade at N140.51 per unit compared with the N151.98 per unit it ended a day earlier, and UBN Property Plc depreciated by 19 Kobo to N1.80 per share from N1.99 per share.
Business Post reports that the sole gainer at the session was IPWA Plc, which added 88 Kobo to quote at N9.71 per unit, in contrast to the previous day’s closing price of N8.83 per unit.
Yesterday, the volume of securities traded by market participants surged by 14,965.4 per cent to 23.9 million units from the previous session’s 158,933 units, and the value of stocks rose by 528.1 per cent to N68.2 million from the preceding session’s N10.9 million, while the number of deals decreased by 3.2 per cent to 30 deals from Wednesday’s 31 deals.
Great Nigeria Insurance (GNI) Plc closed the trading day as the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, trailed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units sold for N6.5 billion, and Central Securities Clearing System (CSCS) Plc with 70.7 million units exchanged for N4.9 billion.
GNI Plc also closed the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units worth N8.4 billion, followed by Infracredit Plc with 2.3 billion units transacted for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Adedapo Adesanya
A slowdown in the demand for foreign exchange (FX) strengthened the value of the Nigerian Naira against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Thursday, July 9.
At the official market, the Naira gained 64 Kobo or 0.05 per cent against the greenback yesterday to sell at N1,378.43/$1 compared with Wednesday’s exchange rate of N1,379.07/$1.
The market saw a sharp decrease in transaction volume and value, meaning that heavy demand for the Dollar eased.
Interbank FX turnover reduced sharply by more than 62 per cent to $78.708 million, according to the Central Bank of Nigeria (CBN), from $208.094 million in the preceding day.
FX traders also noticed a sharp decline in the number of deals at the NFEM window in the absence of Dollar injection by the central bank. Deal counts shrank to 106 during the NFEM window, down from 150, reflecting a slowdown in FX activity among market makers.
However, the local currency depreciated against the Pound Sterling in the spot market during the session by N6.18 to N1,846.82/£1 from N1,840.64/£1, and declined against the Euro by N2.79 to close at N1,576.09/€1 versus the preceding session’s N1,573.30/€1.
At the GTBank FX desk, the Naira lost N4 against the US Dollar to quote at N1,385/$1, in contrast to the N1,381/$1 it was traded at midweek, and at the parallel market, it remained unchanged at N1,400/$1.
Meanwhile, the cryptocurrency market soared after a moderation in oil prices and bond yields following the collapse of the Iran war ceasefire.
As has been the pattern for months, markets are looking past inflamed rhetoric and new airstrikes to likely conciliatory statements in the near future.
Bitcoin (BTC) gained 2.3 per cent to sell at $64,048.89, Dogecoin (DOGE) grew by 1.9 per cent to $0.0741, Ethereum (ETH) expanded by 1.6 per cent to $1,777.98, Solana (SOL) rose by 1.0 per cent to $79.13, Ripple (XRP) appreciated by 0.9 per cent to $1.10, Binance Coin (BNB) added 0.6 per cent to sell for $576.91, and TRON (TRX) also improved by 0.6 per cent to $0.3329.
However, Cardano (ADA) crashed by 0.9 per cent to $0.1669, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
