Business
U.S. Stock Futures Pull Back
WASHINGTON – U.S. stock futures pulled back to start the week, as weakness in overseas markets and a mixed reaction to corporate deal news set a negative tone.
About 90 minutes ahead of the open, Dow Jones Industrial Average futures fell 26 points, or 0.2%, to 16439. On Friday, the Dow rose 45 points, or 0.3%, but ended the week 1.3% below its record close of 16715.44 hit last Tuesday.
S&P 500 index futures gave up three points, or 0.2%, to 1872 and Nasdaq-100 futures lost six points, or 0.2%, to 3577. Changes in stock futures don’t always accurately predict stock moves after the opening bell.The S&P 500 closed Friday 1% below last Tuesday’s record high of 1897.45.
The Russell 2000 small-cap index, which has been hit particularly hard over the last several weeks, started a rebound in midday trading on Thursday. At Thursday’s intraday low, the index was down 10.4% from its March 4 record high close; since then, it has gained 1.9%. On Monday, the iShares Russell 2000 exchange-traded fund slipped 0.2% in premarket trading.
In corporate news, the U.S.-listed shares of AstraZeneca slumped 10% after the U.K. drug maker rejected what Pfizer said was its final increased offer. Late Sunday, Pfizer made a final offer that valued AstraZeneca at about $120 billion. Dow component Pfizer gained 2%.
“The falling apart of the AstraZeneca deal could be setting a negative tone on today’s trading, because the health-care sector has been one of the better performers,” said Sam Stovall, chief equity strategist at S&P Capital IQ.
The SPDR Health Care ETF has gained 4.9% so far this year, while the S&P 500 has advanced 1.6%.DirecTV eased 0.2% after agreeing to be acquired by AT&T for $49 billion. Dow component AT&T dropped 2.5%.
Campbell Soup slid 6.5% after the convenience-food company topped fiscal third-quarter adjusted earnings estimates, but lowered its full-year sales growth outlook amid disappointing soup sales.
The U.S. economic calendar was bare Monday. Investors will be looking ahead to the minutes of the Federal Reserve’s last policy meeting, to be released Wednesday, followed by data on jobless claims and sales of existing and new homes later in the week.
Meanwhile, data from China showed that home prices increased in April, but the pace of growth slowed for the six straight month. And prices for second homes in Beijing fell by the most in two years.
The yield on the 10-year Treasury note inched up to 2.520% from 2.518% late Friday. Crude-oil futures climbed 0.8% to $102.80 a barrel, while gold futures gained 0.7% to $1,302 an ounce.
The dollar lost some ground against the euro and the yen.European markets declined, with the Stoxx Europe 600 losing 0.3% after closing out last week with a fifth-straight weekly gain. Investors said there was no single catalyst for the weakness, with last week’s disappointing euro-zone growth figures, weak Chinese data and a big drop in AstraZeneca all adding to the negative sentiment.
Also, there was some concern ahead of European parliamentary elections later this month, which look set for a strong showing from anti-European Union parties.
“The weakness in the market today is likely a hangover from last week’s disappointing euro-area growth figures, but also reflects uncertainty ahead of the European elections. There is certainly more nervousness in the market, but I think that will dissipate as soon as the elections are over,” said Aengus McMahon, credit strategist at ING.
Germany’s DAX 30 index lost 0.1% and the U.K.’s FTSE 100 gave up 0.2%, while France’s CAC 40 tacked on 0.2%. Italian stocks bore the brunt of the selling, with the FTSE MIB index falling 1.5%.
Asian markets were lower, with China’s Shanghai Composite losing 1.1% and Japan’s Nikkei Stock Average slipping 0.6%.
– WALLSTREET JOURNAL
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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