Connect with us

Business

U.S. Stock Futures Hold Gains after Data

Published

on

WASHINGTON – U.S. stock futures held their gains after data showed personal income and spending data increased mostly in line with expectations.

About 55 minutes ahead of the open, Dow Jones Industrial Average futures gained 32 points, or 0.2%, to 16214. Just before the release of the data, Dow futures were up 32 points.

S&P 500 index futures added five points, or 0.3%, to 1845 and Nasdaq-100 futures advanced 14 points, or 0.4%, to 3567. Changes in stock futures don’t always accurately predict stock moves after the opening bell.

Personal income for February rose 0.3% on the month and consumer spending increased 0.3%, compared with expectations of increases of 0.2% and 0.3%, respectively. Personal-consumption expenditures, a measure of inflation, rose 0.1%, matching forecasts.

After the open, the final reading of the Thomson-Reuters/University of Michigan consumer sentiment index for March, due at 9:55 a.m., is expected to be revised to 80.5, up from a preliminary reading of 79.9, but below February’s 81.6.

The yield on the 10-year Treasury note ticked up to 2.692% from 2.668% late Thursday. Helping lend early support to stock futures, European markets were broadly higher, with the Stoxx Europe 600 headed for a fourth-straight gain.

The S&P 500 closed Thursday down 0.9% on the week, after rising 1.4% the week before. Although investors are mostly optimistic about the outlook for U.S. stocks, the market has struggled to sustain gains in recent weeks. The S&P 500 has declined 1.5% since hitting a record high on March 7, as investors have seen little reason to chase the market higher.

After running up 30% in 2013, the S&P 500 heads into the next-to-last session of the first quarter up less than 0.1% on the year. Meanwhile, the Dow has lost 1.9% year to date.

Robert Pavlik, chief market strategist at wealth management firm Banyan Partners, which oversees $4.5 billion, said the market could continue to struggle into next week, and into earnings season, which starts in mid-April, as investors look for more fundamental news for guidance.

He said he wouldn’t be surprised if stocks pull back in the coming weeks, but he would view that as a buying opportunity.“I’ve been taking some profits in some stocks that have done very well for me,” Mr. Pavlik said. “I’m just making sure that my cash levels are where I’m comfortable, to have a little extra money available, so I can buy” if there is a pullback in the coming weeks.

Asian markets were mostly higher. Japan’s Nikkei Stock Average gained 0.5% for a third-straight gain, while China’s Shanghai Composite bucked the regional trend by slipping 0.2% to suffer a third-straight loss.

In corporate news, Amazon.com rose 0.6% in premarket trading after The Wall Street Journal reported late Thursday that the company is considering an ad-supported streaming content service that would be free to watch. Shares of Internet-video service provider Netflix fell 1.3% following the report.

BlackBerry climbed 7.6% after the mobile phone maker reported a fiscal fourth-quarter loss that was much smaller than expected, offsetting a bigger-than-expected drop in revenue and a decline in the company’s cash position.

Zynga rallied 3.6% after SAC Capital Advisors disclosed late Thursday that it increased its stake in the game maker to more than 5% of outstanding shares.

–         WALLSTREET JOURNAL

Click to comment
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Business

Adoption of AI Feature as NIPetGE Pays Courtesy Call at NNPC Ltd

Published

on

Enhanced adoption of artificial intelligence and other digital technologies to improve operations in Nigeria’s oil and gas industry is taking the centre stage in relevant circles.

The issue came up strongly when the President-elect of the Nigerian Institute of Petroleum and Gas Engineers NIPetGE, Prisca Kanebi, paid a courtesy call at the Nigerian National Petroleum Company Limited (NNPC Ltd), Abuja.

Biztellers reports that the Kanebi led delegation was received by the Group Chief Executive Officer of the NNPC Ltd, Bayo Ojulari, represented by the Executive Vice President, Gas, Power and New Energy, Olalekan Ogunleye.

According to a statement made available on Sunday, discussions at the meeting focused on the future of Nigeria’s hydrocarbon industry amid global energy transition concerns, technological changes and sustainability targets.

ALSO READ: NNPC Ltd, IOCs Raise Crude Supply to Local Refineries by 103% in 4 Months

The statement indicated that the NNPC Ltd acknowledged the role of NIPetGE in policy advocacy, technical development and innovation within the sector.

Speaking during the meeting, Kanebi highlighted recommendations from the institute’s recent conference, including the proposed establishment of a national centre for intelligent energy systems to support the deployment of artificial intelligence, the Internet of Things and robotics across the petroleum value chain.

She also commended the Federal Government’s decarbonisation efforts and reiterated the institute’s support for policies aimed at improving sustainability in the industry.

The institute also recommended the creation of a hydrocarbon-linked emissions trading system to allow Nigeria to take part in global carbon markets.

The institute also proposed fiscal incentives to support local manufacturing and service delivery in the oil and gas sector, as well as the expansion of the Energy Transition Plan to include measurable upstream decarbonisation targets backed by tax credits.

Other proposals included increased public-private partnerships in emission control infrastructure, carbon capture projects and hybrid renewable energy initiatives.

Both organisations also stressed the need for stronger collaboration between industry and academic institutions to improve professional capacity and align petroleum engineering practice in Nigeria with international standards.

The institute further disclosed that its bill seeking chartered status had passed second reading and was progressing towards a third hearing at the National Assembly.

It added that NNPC Ltd pledged support for future collaborations with the institute on initiatives aimed at improving efficiency and innovation in the energy sector.

Continue Reading

Business

FHC Orders NUPRC to Comply with PIA

Published

on

Continue Reading

Business

Local Firms Lead Revival of Idle Oil Wells – SPE

Published

on

Nigeria’s indigenous oil and gas companies are reopening dormant wells and ramping up production from assets acquired from international oil companies (IOCs) to boost crude oil output.

The Society of Petroleum Engineers (SPE), Nigeria Council, made the assertion through its Chairman, Francis Nwaochie, on the sideline of the Offshore Technology Conference (OTC) which ended at the weekend in Houston, Texas.
Nwaochie said indigenous operators were already taking advantage of opportunities created by disruptions in the global energy market to increase production from existing assets.

According to him, local firms that recently acquired onshore and shallow water assets from IOCs were aggressively reviving inactive wells and maximizing available infrastructure to raise output levels.

“What we are seeing now is that indigenous companies are reopening wells from the assets they acquired from the IOCs. Some of them have almost doubled production from those existing assets,”.

He explained that the renewed focus on dormant wells and existing facilities had become critical at a time the global oil market was facing supply shortages triggered by geopolitical tensions in the Middle East.

The SPE Nigeria Council Chairman noted that Africa, particularly Nigeria, was well positioned to benefit from the supply gap because of the continent’s relative stability compared to some other oil-producing regions.

“There is a huge opportunity for Africa right now. The focus is gradually shifting to Africa because of the volatile environment in many other producing regions.”

He stated that indigenous operators were leveraging digital technologies, financing opportunities and local expertise to improve production efficiency and optimise existing fields.

He added that stronger implementation of local content policies was also helping to create a more stable operating environment for oil and gas investments.

“Local content is very critical. Once communities and local companies clearly understand their roles and benefits, then you create peace across the industry. Business only thrives in peaceful environments.”

ALSO READ: Nigerian Navy Recovers Large Cache of Illegal Refined Petroleum Products

Nwaochie also stressed the need for Nigeria to move beyond crude oil production and begin developing indigenous technologies for the energy industry.

According to him, SPE Nigeria Council was actively supporting innovation and technology development among young Nigerian engineers and researchers.

He disclosed that the association was engaging the National Universities Commission(NUC) on reforms to engineering curricula in universities to better prepare graduates for the future of the energy industry.

“One of our major focuses in SPE is technology development. We should not only import machines and equipment, we must begin to develop our own technologies locally.”

Nwaochie revealed that SPE was already supporting local innovators working on technologies such as remotely operated underwater vehicles (ROVs), noting that indigenous technology development will strengthen Nigeria’s economy and deepen local participation in the oil and gas sector.

“We may not get everything right immediately but we must start somewhere. That is how countries that dominate the global energy industry built their capacities.”

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x