Economy
Wall Street Opens Mixed on Looming Fed Meeting
By Investors Hub
The major U.S. index futures are pointing to a mixed opening on Monday, with stocks likely to show a lack of direction following the strong upward move seen last week.
Traders may be reluctant to make significant moves ahead of the Federal Reserve?s monetary policy announcement later this week.
The Fed is widely expected to leave interest rates unchanged, although traders are likely to keep a close eye on the accompanying statement for clues about the outlook for rates.
The central bank?s economic projections and Fed Chairman Jerome Powell?s subsequent press conference are also likely to be in focus.
Nonetheless, a notable drop by Boeing (BA) is likely to weigh on the Dow, with the aerospace giant sliding by 2.4 percent in pre-market trading.
The slump by Boeing comes after a Wall Street Journal report said federal prosecutors and Transportation Department officials are scrutinizing the development of the company?s 737 MAX jetliners.
Stocks fluctuated early in the session but moved mostly higher over the course of the trading day on Friday. With the upward move on the day, the Nasdaq and the S&P 500 reached their best closing levels in five months.
The major averages ended the day well off their highs of the session but still firmly in positive territory. The Dow climbed 138.93 points or 0.5 percent to 25,848.87, the Nasdaq advanced 57.62 points or 0.8 percent to 7,688.53 and the S&P 500 rose 14.00 points or 0.5 percent to 2,822.48.
With the gains on the day, the major averages moved notably higher for the week. The Dow jumped by 1.6 percent, while the S&P 500 surged up by 2.9 percent and the tech-heavy Nasdaq soared by 3.8 percent.
The strength on Wall Street came amid optimism about U.S.-China trade talks as well as indications of more Chinese economic stimulus.
Chinese Premier Li Keqiang pledged support for the slowing economy during his annual news conference at the end of the National People’s Congress.
Li said the country could use reserve requirements and interest rates to prevent a sharper deceleration in the world’s second-largest economy.
Traders largely shrugged off the release of some disappointing U.S. economic data, including a Federal Reserve report showing industrial production rose by much less than expected in the month of February.
The Fed said industrial production inched up by 0.1 percent in February after falling by a revised 0.4 percent in January.
Economists had expected production to climb by 0.4 percent compared to the 0.6 percent drop originally reported for the previous month.
The uptick in production came as a spike in utilities output and an increase in mining output was largely offset by a continued drop in manufacturing output.
“The further decline in manufacturing output in February confirms that the global industrial slowdown is now weighing more heavily on U.S. producers,” said Andrew Hunter, Senior U.S. Economist at Capital Economics.
He added, “With tighter fiscal and monetary policy constraining domestic demand, the weaker external environment is another reason to expect a sustained slowdown in economic growth this year.”
A separate report from the New York Fed showed an unexpected slowdown in regional manufacturing growth in the month of March.
The New York Fed said its headline general business conditions index fell to 3.7 in March after climbing to 8.8 in February.
While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to rise to 10.0.
The index remained below 10 for the third straight month, which the New York Fed said suggests growth has remained quite a bit slower so far this year than it was for most of 2018.
Meanwhile, preliminary data released by the University of Michigan on Friday showed a significant improvement in U.S. consumer sentiment in the month of March.
The report said the consumer sentiment index jumped to 97.8 in March from the final February reading of 93.8. Economists had expected the index to rise to 95.3.
The bigger than expected increase by the index came as more positive assessments from lower income households more than offset a drop in sentiment among households with incomes in the top third.
“Since households with incomes in the top third account for more than half of all consumer expenditures, cautious observers will conclude that the latest data are another indication that the end of the expansion is on the distant horizon,” said Surveys of Consumers chief economist Richard Curtin.
He added, “While that may well be true, the current level of consumer sentiment at 97.8 hardly indicates an emerging downturn.”
Semiconductor stocks showed a substantial move to the upside on the day, driving the Philadelphia Semiconductor Index up by 2.9 percent to a six-month closing high.
Broadcom (AVGO) led the sector higher after the chipmaker reported fiscal first quarter earnings that exceeded analyst estimates.
Considerable strength also emerged among computer hardware stocks, as reflected by the 1.4 percent gain posted by the NYSE Arca Computer Hardware Index.
Biotechnology and tobacco stocks also saw significant strength on the day, while natural gas and oil service stocks showed notable moves to the downside.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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