Economy
Yellen Testimony in Focus on Wall Street
By Investors Hub
The major U.S. index futures are pointing to a mixed opening on Wednesday, as the Dow futures are up by 69 points but the Nasdaq futures are down by 4.75 points.
Traders may be reluctant to make significant moves ahead of remarks by outgoing Federal Reserve Chair Janet Yellen.
Yellen is scheduled to testify on the economic outlook before the Congressional Joint Economic Committee beginning at about 10 am ET.
In prepared remarks released ahead of her appearance, Yellen said economic growth appears to have stepped up from its subdued pace early in the year.
Yellen noted inflation has continued to run below the Fed’s 2 percent target but said recent lower readings on inflation likely reflect transitory factors.
The Fed Chair also reiterated that she expects gradual increases in interest rates will be appropriate to sustain a healthy labor market and stabilize inflation around the central bank’s objective.
Stocks saw some volatility in afternoon trading on Tuesday but managed to end the session firmly in positive territory. With the strong upward move on the day, the major averages climbed to new record closing highs.
The major averages ended the session just off their best levels of the day. The Dow surged up 255.93 points or 1.1 percent to 23,836.71, the Nasdaq climbed 33.84 points or 0.5 percent to 6,912.36 and the S&P 500 jumped 25.62 points or 1 percent to 2,627.04.
The notably higher close on Wall Street was partly due to news the Republican tax reform bill took another key step forward, as the legislation was approved by the Senate Budget Committee.
Members of the Senate Budget Committee voted 12 to 11 to advance the bill, with the vote coming down strictly along party lines.
The vote to send the bill to the Senate floor came after Republican Senators Bob Corker, R-Tenn., and Ron Johnson, R-Wis., dropped their objections to the bill.
The full Senate could vote on the bill as early as Thursday, although the legislation still includes significant differences from the House version.
Traders also reacted positively to remarks by Federal Reserve Chair nominee Jerome Powell, who testified before the Senate Banking Committee.
Powell told the committee he favors “tailoring” banking regulations so the largest and most complex institutions face the most stringent regulations while the burden on smaller banks is reduced.
The Fed Chair nominee also said the case for a December interest rate hike is “coming together” and said the central bank will continue reducing its $4.5 trillion balance sheet in a process that will take three or four years.
Powell repeatedly refused to comment on the potential economic impact of the Republican tax reform legislation working its way through Congress.
On the economic front, the Conference Board released a report showing an unexpected improvement in consumer confidence in the month of November.
The Conference Board said its consumer confidence index climbed to 129.5 in November from an upwardly revised 126.2 in October. Economists had expected the index to drop to 124.5.
With the unexpected increase, the consumer confidence index rose to its highest level since reaching 132.6 in November of 2000.
In mid-afternoon trading, some selling pressure was generated by reports that North Korea fired a ballistic missile, although traders quickly shrugged off the news.
Banking stocks showed a substantial move to the upside over the course of the session, driving the Dow Jones Banks Index up by 3.3 percent. With the jump, the index reached its best closing level in three weeks.
The rally by banking stocks partly reflected a positive reaction to Powell’s comments regarding financial regulations, which he called “tough enough.”
Significant strength also emerged among airline stocks, as reflected by the 2 percent gain posted by the NYSE Arca Airline Index. The index reached its best closing level in over a month.
Trucking, railroad, brokerage, and housing stocks also saw considerable strength on the day, moving higher along with most of the other major sectors.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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