Economy

Wall Street Risks Pullback on Geopolitical Concerns

Published

9 years ago

18/04/2017

By Investors Hub

The major U.S. index futures are pointing to a lower opening on Tuesday following the rally seen in the previous session. Geopolitical concerns may weigh on the markets amid rising tensions with North Korea and uncertainty about the French presidential election.

Traders are also digesting the latest batch of earnings news, including mixed results from financial giants Bank of America (BAC) and Goldman Sachs (GS).

Stocks moved notably higher over the course of the trading session on Monday, regaining some ground following the decline seen last week. The major averages closed firmly in positive territory, snapping a three-session losing streak.

At the close of trading, the major averages were at or near their best levels of the day. The Dow jumped 183.67 points or 0.9 percent to 20,636.92, the Nasdaq advanced 51.64 points or 0.9 percent to 5,856.79 and the S&P 500 climbed 20.06 points or 0.9 percent to 2,349.01.

Bargain hunting contributed to the strength on Wall Street, with traders picking up stocks at reduced levels after the Dow and the S&P 500 ended last Thursday’s trading at their lowest closing levels in two months.

Traders largely shrugged off ongoing geopolitical concerns as well as the release of a batch of disappointing U.S. economic data.

The National Association of Home Builders released a report showing a bigger than expected pullback in homebuilder confidence in the month of April.

The report said the NAHB/Wells Fargo Housing Market Index dropped to 68 in April after jumping to 71 in March. Economists had expected the index to edge down to 70.

The bigger than expected decrease by the index came after it reached its highest level since June of 2005 in the previous month.

A separate report released by the New York Federal Reserve showed that the pace of growth in regional manufacturing activity slowed more than expected in April.

While the markets were closed on Friday, the Commerce Department released a report showing a modest drop in retail sales in the month of March.

The report said retail sales dipped by 0.2 percent in March after a revised 0.3 percent decline in February. Economists had expected sales to edge down by 0.1 percent compared to the 0.1 percent uptick originally reported for the previous month.

Excluding a notable decrease in auto sales, retail sales came in unchanged for the second consecutive month. Ex-auto sales had been expected to rise by 0.2 percent.

A separate report from the Labor Department showed an unexpected decrease in consumer prices in the month of March.

Banking stocks showed a substantial move to the upside as the day progressed, driving the Dow Jones Banks Index up by 2 percent. The index rebounded after ending the previous session at its lowest closing level in well over four months.

M&T Bank (MTB) helped to lead the sector higher after reporting first quarter results that exceeded analyst estimates on both the top and bottom lines.

Considerable strength was also visible among housing stocks, as reflected by the 1.5 percent gain posted by the Philadelphia Housing Sector Index. With the advance, the index reached an eleven-month closing high.

Tobacco, railroad, semiconductor, and internet stocks also saw significant strength on the day, moving higher along with most of the other major sectors.

Economy

Stock Investors Loses N170bn to Selling Pressure

Published

7 minutes ago

15/05/2026

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited gave up 0.10 per cent on Thursday on the back of profit-taking in most of the main sectors of the market.

Data from Customs Street showed that the insurance counter closed in green after it chalked up 0.46 per cent. This was not enough to offset the losses recorded by the others.

Business Post reports that the selling pressure witnessed yesterday contracted the banking space by 0.92 per cent, crashed the consumer goods segment by 0.13 per cent, battered the industrial goods index by 0.03 per cent, and depleted the energy counter by 0.02 per cent.

As a result, the market capitalisation retreated by N170 billion to N161.669 trillion from N161.839 trillion, and the All-Share Index (ASI) moderated by 265.08 points to 252,243.11 points from 252,508.19 points.

Despite the poor outcome, investor sentiment remained strong. The market breadth index was positive during the session after the bourse finished with 37 price gainers and 29 price losers.

Zichis eased by 9.99 per cent to N32.69, FTN Cocoa lost 9.87 per cent to trade at N9.95, Meyer depreciated by 9.83 per cent to N21.55, RT Briscoe shrank by 9.41 per cent to N15.40, and Neimeth contracted by 7.44 per cent to N9.95.

On the flip side, Learn Africa gained 10.00 per cent to sell for N9.90, Fidson appreciated by 9.97 per cent to N124.60, Austin Laz grew by 9.95 per cent to N4.09, Berger Paints rose by 9.92 per cent to N154.00, and Deap Capital increased by 9.90 per cent to N5.77.

Yesterday, market participants transacted 1.0 billion equities valued at N41.6 billion in 74,822 deals versus the 1.9 billion equities worth N118.1 billion traded in 76,557 deals a day earlier, showing a decline in the trading volume, value, and number of deals by 47.37 per cent, 6.48 per cent, and 2.27 per cent, respectively.

Chams exchanged 127.9 million shares for N501.2 million, VFD Group sld 10.7.1 million stocks worth N1.2 billion, First Holdco posted a turnover of 75.6 million equities valued at N5.4 billion, Access Holdings traded 50.3 million stocks worth N1.3 billion, and UBA transacted 44.9 million shares for N2.0 billion.

Economy

Crude Oil Slightly Rises as Iran Allows Safe Passage for Ships

Published

2 hours ago

15/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Crude oil marginally appreciated on Thursday after it was reported that about 30 vessels had crossed the Strait of Hormuz, with Brent crude oil futures gaining 9 cents or 0.09 per cent to trade at $105.72 a barrel, and the US West Texas Intermediate (WTI) futures expanding by 15 cents or 0.15 per cent to $101.17 a barrel.

Iranian state media reported that about 30 Chinese vessels were allowed safe passage by Iran through the Strait, which has been largely shut since the Iran war broke out at the end of February.

Before the report, a Chinese supertanker carrying 2 million barrels of Iraqi crude sailed through the contested waterway on Wednesday after being stranded in the Gulf for more than two months, while a Panama-flagged crude oil tanker managed by Japanese refining group Eneos had also passed.

Bloomberg also reported that the vessels were allowed to pass the Strait of Hormuz with the coordination of the Iranian authorities and Islamic Revolutionary Guard Corps’ navy, however, it added that it is yet unknown or unclear whether the US Navy side of the de facto blockade will also let them pass.

The move also follows formal requests by China’s foreign minister as well as its ambassador to Iran, with Iran reportedly agreeing based on safeguarding the two allies’ strategic partnership.

It also comes as President Donald Trump’s ongoing state visit to China, where he and President Xi Jinping agreed that the ‌Strait of ‌Hormuz must be open for ‌the free flow of energy.

President Xi expressed interest in purchasing more US oil to reduce China’s dependence on the Strait of Hormuz, according to the White House. China, the world’s largest oil importer, is not a big buyer of US crude and has not imported any since May 2025 due to a 20 per cent import tariff imposed during the trade war.

Iran, a member of the Organisation of the Petroleum Exporting Countries (OPEC), also appears to have tightened control over the strait, cutting deals with Iraq and Pakistan to ship oil and liquefied natural gas from the region.

The International Monetary Fund (IMF) said the global economy is clearly moving into a middle “adverse scenario,” which would see global real GDP growth falling to 2.5 per cent this year from 3.4 per cent growth in 2025, citing the Iran war as the cause.

Economy

Run From Any Unregistered Online Investment Platform—SEC Warns Nigerians

Published

19 hours ago

14/05/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

For the umpteenth time, the Securities and Exchange Commission (SEC) has run to the rooftop to warn Nigerians against putting their hard-earned money in online investment platforms not authorised to operate in the nation’s capital market.

SEC is the apex regulatory agency in the Nigerian capital market. It issues licences to companies operating in the ecosystem.

In a statement on Thursday, the organisation expressed concerns over the rising “promotion of unregistered online investment schemes on social media applications and websites, including WhatsApp, Instagram, Telegram, Facebook, TikTok and other digital platforms.

In the notice, the SEC emphasised that, “Many of these investment schemes exhibit characteristics of Ponzi or Prohibited investment schemes, while some operators of such schemes also provide unauthorised investment services to members of the public.”

In view of these, the commission advised members of the public “to refrain from investing or participating in any unregistered online investment platform or scheme promising unrealistic or guaranteed returns.”

“Members of the public are further advised not to rely on investment advisories circulated through online platforms by persons or entities not registered by the commission, as reliance on such advisories may expose investors to significant financial losses and fraudulent schemes,” it noted.

“The public is reminded that, under the provisions of the Investments and Securities Act, 2025, only entities registered by the commission are authorised to promote investment services, provide investment advisory services or solicit funds from the public in the Nigerian capital market,” another part of the circular signed by the management noted.

The regulator urged the investing public to verify the registration status of any platform, company, or entity offering investment opportunities on its dedicated portal: https://sec.gov.ng/fintech-and-innovation- hub-finport/registered-fintech-operators/ or https://www.sec.gov.ng/cmos before transacting or investing with them.