Business
Data causes rise in U.S. stock
NEW YORK – U.S. stock futures rose Wednesday, then held their gains after data showed that durable-goods orders rose more than expected.
About 55 minutes ahead of the open, Dow Jones Industrial Average futures rose 62 points, or 0.4%, to 16360S&P 500 index futures tacked on six points, or 0.3%, to 1866 and Nasdaq 100 futures 17 points, or 0.5%, to 3640. Changes in stock futures don’t always accurately predict stock moves after the opening bell.
February orders for durable goods, or products designed to last at least three years, rose 2.2% on the month, exceeding forecasts for a 0.8% increase. Excluding transportation, orders rose 0.2%.
Earlier, the Mortgage Bankers Association said the number of mortgage applications filed in the latest week fell 3.5% on a seasonally adjusted basis.
The yield on the 10-year Treasury note to edged up to 2.751% from 2.735% late Tuesday.
Helping set a positive early tone, European markets were broadly higher for a second straight session, as investors interpreted recent comments by European Central Bank officials that the central bank is considering further stimulus measures. The Stoxx Europe 600 advanced 0.8%, after rallying 1.3% on Tuesday.“Yesterday’s comments are a fresh reminder that the ECB could do a lot more, if it saw real deflation risks, and certainly wants to convey a message that it hasn’t run out of ammo,” said Jan von Gerich, a global fixed income strategist at Nordea.
Germany’s DAX 30 index climbed 1.4%, France’s CAC 40 rose 1.1% and the U.K.’s FTSE 100 tacked on 0.4%.
Asian markets were mostly higher. Japan’s Nikkei Stock Average gained 0.4% to the highest close since March 13. China’s Shanghai Composite bucked the regional trend by slipping 0.2% to snap a three-session win streak.
On Tuesday, the S&P 500 bounced between gains of as much as 0.8% and losses of 0.1% before closing up 0.4% to snap a two-day losing streak. That characterized the market’s choppy nature this month, in which the index rose 1% the first week, slumped 2% the second week, and climbed 1.3% last week before seesawing so far this week.The yield on the 10-year Treasury note edged up to 2.758% from 2.735% late Tuesday.
Gold futures gained 0.3% to $1,315.20 an ounce, while crude-oil futures edged up 0.1% to $99.31 a barrel.
The dollar ticked higher against the euro and the yen.
In corporate news, Facebook tacked on 0.1% in premarket trading after the company said late Tuesday it was buying Oculus VR, a maker of virtual-reality goggles, for $2 billion in cash and stock. Last month, Facebook paid $19 billion to buy text-messaging service WhatsApp.
King Digital Entertainment late Tuesday estimated the price of its initial public offering at $22.50 a share, in the middle of the expected range, which gives the maker of the “Candy Crush Saga” mobile game a $7 billion valuation.
Insmed tumbled 26% after the company said its lead product candidate, an inhaled antibiotic to treat lung infections, missed its primary goals in a late-stage trial.
In a sharp turn of events, the Nigerian Naira took a significant tumble on Tuesday, plunging to N1,416.57 against the US dollar at the official market.
This staggering drop of N62.36 from the previous trading day represents a 4.60 percent loss, sparking concerns among investors and analysts alike.
Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this unsettling trend.
Despite the currency’s downward spiral, trading activity surged, with the daily turnover soaring to $160.77 million, compared to Monday’s $84.83 million.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira’s performance remained volatile, trading between N1,445 and N1,301 against the dollar, underscoring the currency’s precarious position in the market.
The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.
In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.
During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.
The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.
Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.
According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.
Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”
On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
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