Economy
Yellen Congressional Testimony in Focus on Wall Street
The major U.S. index futures are pointing to a roughly flat opening on Tuesday, as traders look ahead to Federal Reserve Chair Janet Yellen’s semiannual monetary policy testimony before the Senate Banking Committee.
Yellen’s remarks are likely to be closely watched for any clues regarding the outlook for the next interest rate hike by the Fed.
Stocks moved mostly higher during trading on Monday, extending the uptrend trend seen over the past several sessions. With the upward move on the day, the major averages once again climbed to new record closing highs.
The major averages ended the day firmly in positive territory but off their highs of the session. The Dow advanced 142.79 points or 0.7 percent to 20,412.16, the Nasdaq rose 29.83 points or 0.5 percent to 5,736.96 and the S&P 500 climbed 12.15 points or 0.5 percent to 2,328.15.
The markets continued to benefit from recent upward momentum spurred in part by optimism about reduced corporate taxes under President Donald Trump.
The strength on Wall Street came despite a lack of major U.S. economic data, although the economic calendar picks up considerably over the next several days.
A report on producer price inflation is due on Tuesday, while a slew of data is scheduled to be released on Wednesday, including reports on consumer prices, retail sales and industrial production.
Reports on regional manufacturing activity, housing starts, and homebuilder confidence are also scheduled to be released this week.
Federal Reserve Chair Janet Yellen’s semi-annual testimony before Congress is also likely to attract attention along with speeches by a number of other Fed officials.
Steel stocks showed a substantial move to the upside on the day, driving the NYSE Arca Steel Index up by 3.8 percent. With the jump, the index has reached best closing level in well over two years.
Considerable strength was also visible among financial stocks, with the Dow Jones Banks Index and the NYSE Arca Broker/Dealer Index climbing by 1.2 percent and 1 percent, respectively.
Airline and electronic storage stocks also saw notable strength, while gold stocks bucked the uptrend amid a decrease by the price of the precious metal.
US Economic Reports
Primarily reflecting a jump in energy prices, the Labor Department released a report showing that U.S. producer prices rose by more than expected in the month of January.
The Labor Department said its producer price index for final demand climbed by 0.6 percent in January after rising by 0.2 percent in December. Economists had expected prices to increase by 0.3 percent.
Excluding food and energy prices, core consumer prices rose by 0.4 percent in January following a 0.1 percent uptick in December. Core prices had been expected to climb by 0.2 percent.
Federal Reserve Chair Janet Yellen is scheduled to give her semiannual monetary policy testimony before the Senate Banking Committee beginning at 10 am ET.
At 12:50 pm ET, Atlanta Fed President Dennis Lockhart is due to speak at the Huntsville Rotary Club regarding crisis, recession, and recovery in Huntsville, Alabama.
Dallas Fed President Robert Kaplan is scheduled to participate in a panel discussion at the Greater Houston Port Bureau luncheon in Houston, Texas, at 1 pm ET.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn