Economy

Wall Street Opens Higher Monday on Trade Deal Optimism

Published

6 years ago

04/11/2019

By Investors Hub

The major U.S. index futures are currently pointing to a higher opening on Monday, suggesting stocks will see further upside following the rally last Friday.

The markets may benefit from optimism about a U.S.-China trade agreement, with Commerce Secretary Wilbur Ross expressing optimism phase one of a trade deal could be signed this month.

?We?re in good shape, we?re making good progress, and there?s no natural reason why it couldn?t be,? Ross said in an interview with Bloomberg on Sunday.

Ross called the phase one agreement ?particularly complicated? and acknowledged it is ?always possible? the signing of the deal could ?slip a little bit.?

In the interview, Ross also said licenses for U.S. firms to sell components to China?s Huawei Technologies would be coming ?very shortly.?

President Donald Trump has also continued to express optimism about a trade deal, recently suggesting phase one of an agreement could be signed somewhere in the U.S. as soon as this month.

Stocks moved sharply higher over the course of the trading session on Friday as traders reacted to much better than expected U.S. jobs data. With the strong upward moves, the Nasdaq and the S&P 500 reached new record closing highs.

The major averages saw further upside going into the close, ending the session at their best levels of the day. The Dow surged up 301.13 points or 1.1 percent to 27,347.36, the Nasdaq soared 94.04 points or 1.1 percent to 8,386.40 and the S&P 500 jumped 29.35 points or 1 percent to 3,066.91.

For the week, the Dow shot up by 1.4 percent, while the Nasdaq and the S&P 500 skyrocketed by 1.7 percent and 1.5 percent, respectively.

The rally on Wall Street came as the much stronger than expected U.S. jobs data washed away concerns about the economic outlook.

The Labor Department said non-farm payroll employment climbed by 128,000 jobs in October compared to economist estimates for an increase of about 89,000 jobs.

The report also showed substantial upward revisions to job growth in September and August, with revised data showing employment jumped by 180,000 jobs and 219,000 jobs, respectively.

With the upward revisions, employment gains in September and August combined were 95,000 more than previously reported.

“The upshot is that the three-month average gain is now 175,000, which is easily enough to outpace population growth,” said Michael Pearce, Senior U.S. Economist at Capital Economics.

He added, “That is in stark contrast with much of the recent survey evidence, which had pointed to a sharp slowdown in employment growth.”

Despite the stronger than expected job growth, the report said the unemployment rate inched up to 3.6 percent in October from 3.5 percent in September. The uptick matched economist estimates.

The unemployment rate crept up from the nearly 50-year low hit in the previous month as a 325-person jump in the size of the labor force more than offset a 241,000-person increase in the household survey measure of employment.

Renewed optimism about a U.S.-China trade deal added to the positive sentiment, as a report from China’s Xinhua News Agency said negotiators have “reached consensus on principles.”

Meanwhile, traders largely shrugged off a separate report from the Institute for Supply Management showing a continued contraction in U.S. manufacturing activity in the month of October.

The ISM said its purchasing managers index crept up 48.3 in October from 47.8 in September, although a reading below 50 still indicates a contraction in manufacturing activity. Economists had expected the index to rise to 48.9.

In the previous month, the index fell to its lowest level since hitting 46.3 in June of 2009, the last month of the Great Recession.

“Comments from the panel reflect an improvement from the prior month, but sentiment remains more cautious than optimistic,” said Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee. “Global trade remains the most significant cross-industry issue.”

Energy stocks turned in some of the market’s best performances on the day, benefiting for a sharp increase by the price of crude oil.

Reflecting the strength in the energy sector, the Philadelphia Oil Service Index soared by 5.4 percent, the NYSE Arca Natural Gas Index surged up by 3 percent and the NYSE Arca Oil Index jumped by 2.3 percent.

Substantial strength was also visible among steel stocks, as reflected by the 4.3 percent spike by the NYSE Arca Steel Index. The index ended the session at its best closing level in well over a month.

U.S. Steel (X) helped lead the sector higher after reporting a narrower than expected third quarter loss on revenues that exceeded analyst estimates.

Biotechnology, transportation and financial stocks also saw significant strength on the day, while gold, networking and telecom stocks bucked the uptrend.

Economy

Customs Street Surges 0.28% Despite Persistent Weak Sentiment

Published

44 minutes ago

09/04/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited rallied by 0.28 per cent on Wednesday despite weak investor sentiment, as the bourse ended with 18 price gainers and 38 price losers, implying a negative market breadth index.

The growth recorded yesterday by Customs Street was influenced by the 2.11 per cent rise posted by the energy index, and the 1.79 per cent jump achieved by the banking sector.

The other sectors experienced profit-taking, with the consumer goods losing 1.07 per cent, the insurance counter down by 0.36 per cent, and the industrial goods space down by 0.19 per cent.

Universal Insurance chalked up 10.00 per cent to sell for N1.21, Omatek improved by 9.78 per cent to N2.47, VFD Group expanded by 9.71 per cent to N11.30, CWG appreciated by 9.64 per cent to N21.05, and Livestock Feeds gained 9.56 per cent to close at N7.45.

On the flip side, UPDC REIT lost 10.00 per cent to settle at N6.75, Fortis Global Insurance shed 9.92 per cent to quote at N1.18, Deap Capital depreciated by 9.85 per cent to N5.40, Chams went down by 9.47 per cent to N3.06, and Japaul declined by 8.82 per cent to N3.10.

Yesterday, the All-Share Index (ASI) went up by 562.43 points to 202,585.53 points from 202,023.10 points, and the market capitalisation advanced by N389 billion to N130.404 trillion from N130.015 trillion.

During the session, 1.0 billion stocks worth N40.6 billion exchanged hands in 52,723 deals compared with the 1.1 billion stocks valued at N40.3 billion executed in 78,006 deals a day earlier, indicating an uptick in the trading value by 0.74 per cent, and a shortfall in the trading volume and number of deals by 9.09 per cent and 32.41 per cent apiece.

The activity chart was led by Access Holdings, which sold 233.0 million units valued at N6.1 billion, Fidelity Bank exchanged 113.1 million units worth N2.2 billion, Wema Bank recorded a turnover of 103.3 million units valued at N2.7 billion, Zenith Bank transacted 60.6 million units for N6.5 billion, and Chams traded 47.5 million units worth N154.6 million.

Economy

Crude Oil Slumps Amid Hopes of Strait of Hormuz Reopening

Published

1 hour ago

09/04/2026

Adedapo Adesanya

By Adedapo Adesanya

Crude oil plummeted on Wednesday on hopes of the reopening of the Strait of Hormuz after US President Donald Trump agreed to a two-week ceasefire with Iran.

Brent crude futures moderated to $94.75 a barrel, while the US West Texas Intermediate (WTI) crude eased to $94.41 a barrel.

President Trump said on Wednesday that the US will work closely with Iran and will be talking about tariff and sanctions relief with Iran.

However, analysts cautioned that the ceasefire is a temporary two-week reprieve rather than a permanent resolution, and the global energy system remains fragile due to structural damage to regional infrastructure.

Reuters reported that Iran could open the strait in a limited and controlled way on Thursday or Friday ahead of a meeting between U.S. and Iranian officials in Pakistan.

Agence France-Presse (AFP) reported that two ships appeared to have transited the Strait of Hormuz since the US-Iran ceasefire deal. A Greek-owned bulk carrier and a Liberia-flagged vessel both transited the waterway early on Wednesday.

Meanwhile, Israel carried out its heaviest strikes on Lebanon since the conflict with Hezbollah broke out last month, even as the Iran-aligned group paused attacks on northern Israel and Israeli troops in Lebanon under the ceasefire.

Also, Saudi Arabia’s East-West Pipeline, a critical artery bypassing the Strait of Hormuz, was reportedly hit in an Iranian drone attack. Prior to the attack, the pipeline was pumping at its emergency capacity of 7 million barrels per day to bypass the shuttered strait.

The strikes occurred just hours after a US-Iran ceasefire announcement, which has so far failed to halt regional hostilities. Other facilities in the kingdom were also targeted in the wave of strikes, which the Islamic Revolutionary Guard Corps (IRGC) claimed included oil facilities owned by American companies in Yanbu.

US crude stocks rose by 3.1 million barrels to 464.7 million barrels during the week ended April 3, the Energy Information Administration (EIA) said.

Economy

Insurance Firms Must Submit 2025 Assessment Returns by May 31—NAICOM

Published

18 hours ago

08/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The National Insurance Commission has issued new guidelines for the collection, management, and administration of the Insurance Policyholders’ Protection Fund.

In a circular issued to all insurance institutions on Tuesday, the regulator also set May 31, 2026, as the deadline for insurers to submit their assessment returns for the 2025 financial year.

Recall that on August  5, 2025,  President Bola Tinubu signed  into  law  the  Nigerian  Insurance  Industry Reform  Act ( NIIRA 2025).

 This  landmark legislation  repeals  the  Insurance  Act  2003,  and  consolidates  related  provisions,  ushering  in  a  modern regulatory framework. It lays a strong foundation for sustainable growth and increased investment in the country’s insurance sector.

The commission said the guidelines were issued in exercise of its powers under the 2025 Act and other existing insurance laws and regulations to provide regulatory clarity, improve guidance, and ensure ease of compliance across the industry.

According to NAICOM, the guidelines establish a comprehensive structure for the operation of the IPPF, which serves as a statutory safety net to protect insurance policyholders in the event of distress or insolvency of a licensed insurer or reinsurer. The framework also provides direction on the reimbursement of loans by insurers and reinsurers.

NAICOM stated, “The guidelines ensure regulatory clarity, guidance and ease of compliance, as it provides a comprehensive regulatory framework for the collection, management, and administration of the Fund, which serves as a statutory safety net designed to protect insurance policyholders against distress and insolvency of a licensed insurer or reinsurer, including guidance for the reimbursement of loans by an insurer or reinsurer.

“Please be informed that the IPPF Assessment Returns in respect of the year 2025 shall be submitted to the Commission not later than 31st May 2026, while subsequent submissions shall be in line with Section 4.3 of the Guideline on Insurance Policyholders Protection Fund.”