Business
Stock Futures Rise on U.S. Growth Figures
… ECB Rate Cut
NEW YORK—U.S. stock futures rose, putting blue chips on track for another record high, as a surprise interest rate cut by the European Central Bank and U.S. data showing stronger-than-expected economic growth helped fuel investor optimism.
About 45 minutes ahead of the open, Dow Jones Industrial Average futures advanced 70 points, or 0.4%, to 15753.
S&P 500 index futures rose five points, or 0.3%, to 1771 and Nasdaq 100 futures gained six points, or 0.2%, to 3382. Changes in stock futures don’t always accurately predict stock moves after the opening bell.The gains put the Dow and the S&P 500 on track to reach fresh record highs at the open.
The first read on third-quarter gross domestic product showed growth of 2.8%, down from 2.5% in the second quarter but well above expectations of 2%. GDP prices increased 1.9% versus forecasts of a 1.6% rise.
And initial claims for jobless benefits totaled 336,000 in the latest week, down from a revised 345,000 the week before and close to expectations of 335,000.
The yield on the 10-year Treasury note slipped to 2.627% from 2.638% late Wednesday.
Earlier, the European Central Bank cut its benchmark interest rate to 0.25% from 0.5%, sending European equity markets sharply higher and knocking the euro down against the dollar. Although the consensus was for the ECB to leave rates unchanged, hopes had been increasing recently that the ECB might make a move to combat low inflation and to bolster the fledgling recovery.The Stoxx Europe 600 ran up 1.3% to the highest levels seen in over five years. Germany’s 30 index climbed 1.3%, the France’s CAC 40 index rallied 1.3% and the U.K.’s index advanced 0.4%. Earlier, the Bank of England kept its benchmark interest rate unchanged, as expected.
After the ECB cut, the yield on the benchmark 10-year German Bund, which moves inversely to prices, fell 0.04 percentage point to 1.69% from 1.73% before the ECB’s rate decision. The euro slumped to a near two-month low against the dollar to just above $1.3300 and to its weakest level against the pound since Jan. 17 to £0.8311.
There were also gains for riskier Italian and Spanish bonds as investors sought higher returns. The yield on the 10-year Italian government bonds fell to 4.10% from 4.19% just before the ECB’s decision while the corresponding Spanish yield eased to 4.05% from 4.14% earlier.
Shares in the euro zone had enjoyed a strong run since last week’s anemic inflation numbers for the euro zone awakened expectations that the ECB could cut interest rates.Ahead of the U.S. GDP data, there was a growing belief the Fed could start reducing stimulus measures, by cutting back on its $85-billion-a-month bond buying program, as early as December.
Art Hogan, managing director at brokerage firm Lazard Capital Markets, said the fact that the market can continue higher despite talk the Fed might begin tapering bond purchases next month is a good sign.
“We’ve seemed to move into the zone of acceptance that the Fed will be tapering at some point in time, and that’s a positive for the market,” Mr. Hogan said.
Meanwhile, he believes it would take a much better than expected jobs number on Friday to get the Fed to taper in December.
After the open, investors will be eagerly awaiting the trading debut of Twitter’s stock on the New York Stock Exchange, under the ticker “TWTR.” Late Wednesday, Twitter priced its initial public offering at $26 a share, above the projected range of between $23 a share to $25 a share. That values the company at $14.4 billion. Twitter becomes the biggest U.S. technology IPO since Facebook last year.“We can argue all day long about the valuation, but this is exciting,” Mr. Hogan said. And the buzz Twitter’s IPO has created is a testament to the optimism investors are feeling, he said.
In other corporate news, Qualcomm fell 3.6% in premarket trading after the semiconductor maker reported late Wednesday fiscal third-quarter adjusted earnings that rose slightly less than expected, according to FactSet, and provided first-quarter outlook that was below current analyst projections.
Whole Foods Market slid 9.4% after the high-end supermarket chain cut its earnings and sales growth outlook for the current fiscal year, overshadowing fiscal fourth-quarter earnings that were slightly above forecasts.
Front month December crude oil futures edged up 0.4% to $95.23 a barrel, while November gold futures rose 0.3% to $1,321.20 an ounce, reversing earlier losses after the ECB’s rate decision.
Asian markets were broadly lower, with Japan’s Nikkei Stock Average shedding 0.8%, weighed by disappointing results from Toyota Motor. China’s Shanghai Composite fell 0.5%.
– WALL STREET JOURNAL
The President of Dangote Industries Limited (DIL), Aliko Dangote, has expressed support for the economic reforms of the President Bola Ahmed Tinubu administration, particularly the removal of the fuel subsidy and the liberalisation of the foreign exchange market.
The industrialist gave the commendation in Lagos on Monday at the Nigerian Exchange Group (NGX) during the formal launch of the Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals (DPRP).
He also commended Tinubu’s leadership and said the Dangote Refinery was supporting the administration’s efforts.
“I want to thank him for taking a lot of bold steps by removing the subsidy and democratising the exchange rate…” Dangote said.
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He assured that the Dangote Group would continue working with the government to contribute to Nigeria’s development.
“So, we thank you very much for your leadership and we will continue to partner with the government to ensure that we make this country great and we make Africa great,” he said.
Dangote, a former president of the Nigerian Exchange, also expressed surprise at the transformation of the bourse, saying he had not expected it to reach its current level.
“I was the president of this exchange. Even when I was inviting people to come and help me turn the exchange around to make it a world-class exchange, I never thought this exchange would be at this level in 2026,” he said.
He revealed that a more grand ceremony would be held with Tinubu in attendance.
The refinery’s IPO, which opened on Monday, offers 4.1 billion new ordinary shares at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
The offer is scheduled to close on 13 October 2026, subject to the terms of the prospectus.
President of Dangote Industries Limited, Aliko Dangote, has described the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals as a “People’s IPO” as the N2.15tn offer officially opened on the Nigerian Exchange on Monday.
Dangote sounded the gong at the NGX trading floor in Lagos to formally open the offer, marking a major milestone for Nigeria’s capital market.
The IPO comprises 4.1 billion new ordinary shares priced at N525 per share, with a minimum subscription of 10 shares valued at N5,250.
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The offer, which opened on September 14, 2026, is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
Speaking after sounding the gong, Dangote said the offering was aimed at widening public participation in the ownership of the refinery.
“We fully share all our prosperity with the people. That’s why we call this ‘People’s IPO’. We know the journey has actually just started.
“It’s not only about the refinery.”
The Dangote Refinery IPO is the first refinery offering to investors on the Nigerian stock market in the 66-year history of the Nigerian Exchange.
The offer is open to retail, institutional and eligible African investors, providing members of the public with an opportunity to acquire an interest in one of Africa’s largest industrial projects.
Dangote also disclosed that the IPO was part of a broader plan by the Dangote Group to list more of its companies on the capital market.
He said the group intended to list every company that would operate under its umbrella in the future.
“We, as a group, will list every single company that will operate. I don’t know about the others, but I know our own market cap, even at a 10 times P/E ratio by 2030, should not be less than $350 billion,” he said.
The businessman added that the Nigerian Exchange would provide a platform for the group to pursue listings on other international exchanges.
“From this exchange, then we can go to any other place.
“So, Nigeria and Africa is our base. We want to make sure that we join our continent.”
The Dangote Refinery, located in the Lekki Free Zone, Lagos, has been positioned as a major investment in Nigeria’s domestic refining capacity and efforts to reduce dependence on imported petroleum products.
The opening ceremony was attended by Lagos State Governor Babajide Sanwo-Olu, NGX Group Chairman Umaru Kwairanga, the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi Ojaja II, Zenith Bank founder Jim Ovia and other dignitaries.
The N2.15tn IPO will remain open until October 13, 2026, subject to the terms contained in the prospectus.
A 0.4 percent increase from the 1.67 million bpd recorded in July saw Nigeria’s crude and condensate production rise to 1,677,777 barrels per day in August 2026.
The growth, disclosed in a statement by Head, Media and Corporate Communications, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Eniola Akinkuotu, on Sunday.
Another interesting aspect of the report is that it shows Nigeria’s consistent compliance with the Organisation of Petroleum Exporting Countries (OPEC) crude oil quota for the fourth consecutive month.
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According to the regulator, crude oil production, excluding condensates, stood at 1,500,190 barrels per day in August.
The report revealed that Nigeria meeting her OPEC quota for the fourth consecutive month, reflects continued efforts by operators to restore affected production capacity and address operational bottlenecks.
The latest increase followed the resolution of operational challenges involving the Single Buoy Mooring at the Erha field, which had affected production performance in the preceding month.
The NUPRC said the restoration of normal evacuation and production operations at the asset contributed positively to the overall output recorded during the month.
The statement read, “The NUPRC attributed the modest improvement in August production largely to the resolution of the Single Buoy Mooring operational challenges at the Erha field, which had adversely impacted production performance in the preceding month.
“The restoration of normal evacuation and production operations at the asset contributed positively to overall production volumes during the period under review.”
The regulator added that production activities across most other producing assets remained relatively stable, with operators sustaining measures aimed at improving efficiency, maintaining asset integrity and reducing operational disruptions.
According to the commission, the lowest daily crude oil and condensate production recorded in August was 1.64 million bpd, while the highest stood at 1.71 million bpd.
A breakdown of production by terminals and streams showed that the Bonny Terminal recorded the highest average output during the month, accounting for 320.04 thousand bpd.
Forcados Terminal followed with 317.40 thousand bpd, while the Qua Iboe Terminal recorded an average of 171.72 thousand bpd of crude oil and condensates.
Escravos Oil Terminal posted a daily average of 131.71 thousand bpd, while Bonga ranked fifth among the leading producing terminals with an average of 92.50 thousand bdp of crude oil.
The August output represented an increase of 6,777 bpd from July’s 1,671,000 barrels per day, based on the rounded July figure. It was also 57,621 bpd, lower than the 1,735,398 bpd recorded in June.
The June figure represented a decline of about 3.3 per cent in August when compared with the latest available June production data.
The NUPRC said the August performance reflected the industry’s continued efforts to resolve operational constraints and restore affected production capacity.
It stated, “While the increase recorded in August was modest, it reflects the industry’s continued efforts to address operational bottlenecks and restore affected production capacity.
“Stakeholders remain focused on enhancing asset reliability, improving operational resilience and advancing intervention programs to support sustained production growth in the coming months.”
The regulator further emphasised the importance of timely intervention, effective asset management and collaboration among industry stakeholders in safeguarding the country’s crude oil production capacity.
Nigeria’s oil production has remained a major focus of government efforts to increase revenue, improve foreign exchange earnings and strengthen the country’s ability to meet its OPEC production quota.
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