Business
U.S. Stock Futures Turn Lower on Jobs Data
NEW YORK — U.S. stock futures turned lower after U.S. employment data for January came in lower than economists had expected.
European markets gained ground after a German court delayed a decision on the legality of the European Central Bank’s bond-buying program Immediately after the data was released at 8:30 am ET, Dow Jones Industrial Average futures were down 48 points, compared with being up 52 points just before the release.
On Thursday, the Dow surged 188 points, or 1.2%, to post the biggest one-day gain since Dec. 18.
For the year, stocks are still down: The Dow ended Thursday down 5.7% on the year, while the S&P 500 was off by 4.1%. The market has been weighed down by concerns over global economic growth and recent turbulence in emerging market currencies and stocks.
Investors were watching the government’s January employment report to see if the weak December report was a one-time aberration or marked the beginning of a real slowdown in hiring. Earlier this week, data showed that private-sector job growth in January fell shy of forecasts, while weekly jobless claims declined more than expected.
Nonfarm payrolls were expected to grow by 189,000, more than double December’s gain of 74,000 while the unemployment rate is seen slipping to 6.6% from 6.7% in December. Average hourly wages are forecast to increase 0.2% on the month.
“There is little doubt that markets are attaching a lot of importance to today’s labor data, despite the obvious points that it remains a highly erratic and heavily revised series, with the additional wild card of weather effects also thrown into today’s reports,” said Marc Ostwald at Monument Securities.
Kent Engelke , chief economic strategist at Capitol Securities Management, which oversees more than $4 billion, said given the recent stock strength, he wouldn’t be surprised to see the market react negatively to any surprise in the jobs data.
But overall, he remains positive on the market, given that corporate earnings have been coming in better than expected, and the market may be “fully valued, but it’s not overvalued.”
“You don’t go into a major market decline when corporate balance sheets are as strong as they are, and earnings are as strong as they are,” he said.
Reduced investor pessimism was evident in the fact that the 10-year Treasury yield was on an early track for a fourth-straight rise, which would be the longest such streak since Dec. 27. The yield was last at 2.724%, up from a three-month low of 2.585% on Monday. Bond prices move opposite to their yields.Among early stock movers, Apple rallied 1.7% after the technology giant said late Thursday that it has bought $14 billion worth of its common stock in the two weeks since it reported disappointing iPhone sales in the fiscal first quarter.
LinkedIn slumped 6.8% in premarket trading as the professional social network’s disappointing revenue outlook for the current quarter and full year overshadowed better-than-expected fourth-quarter results.
In Europe, the Stoxx Europe 600 tacked on 0.4%, after posting the biggest one-day gain in seven weeks on Thursday. Germany’s DAX 30 index added 0.3%, France’s CAC 40 edged up 0.3% and the U.K.’s FTSE 100 gained 0.2%.
Germany’s top constitutional court said the ECB’s Outright Monetary Transactions program, which has been critical in restoring confidence to the region’s markets, probably overstepped the central bank’s mandate . But the court referred the decision to the European Court of Justice.
“Any hope that we would get a clean, straightforward outcome now looks optimistic,” said Daragh Maher , a currencies analyst at HSBC in London. “But these negatives are offset to an extent by the idea that the [European court] might be a bit more sympathetic in its interpretation of the legality of the OMT given it has passed other pan-European crisis initiatives as being lawful in the past.”
Separately, data showed that German industrial output surprisingly declined in December, and industrial production in the U.K. rose slightly less than forecast.
Asian markets were mostly higher, with Japan’s Nikkei Stock Average surging 2.2%, boosted by some weakening in the yen. Stocks in mainland China resumed trading after a long Lunar New Year holiday, with the Shanghai Composite shaking off early loss to rise 0.6%.
In other corporate news, Activision Blizzard ATVI +8.04% surged 8.3% after the video game maker beat fourth-quarter earnings and revenue estimates, raised its annual dividend and paid down debt.
Illinois Tool Works announced late Thursday an agreement to sell its industrial packaging business to Carlyle Group for $3.2 billion. The stocks of Illinois Tool Works and Carlyle Group were still inactive ahead of the open.
– WALLSTREET JOURNAL
Improved operating performances have seen Eterna Plc report higher revenue and profitability for the second quarter and half-year ended June 30, 2026.
The company’s unaudited consolidated financial results showed that revenue rose by 38 per cent to N217.31bn from N157.65bn in the corresponding period of 2025.
The results show that gross profit more than doubled to N15.99bn, while operating profit increased to N8.78bn from N2.34bn. Profit before tax rose by 389 per cent to N7.67bn from N1.57bn recorded in the corresponding period of 2025.
Profit after tax (PAT) increased to N5.88bn from N573.81m, while earnings per share (EPS) improved to N2.69 from N0.44.
The company also reported an improved financial position, with total assets standing at N82.75bn as of June 30, 2026.
Cash and bank balances increased to N20.36bn from N4.79bn as of December 31, 2025, while total liabilities declined to N51.22bn from N84.43bn. Total equity rose to N31.53bn from N7.77bn, reflecting stronger liquidity and capitalisation.
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On the results, the Managing Director/Chief Executive Officer, Dr. Jude Nwaulune, said, “These results demonstrate the strength of our business and the impact of disciplined execution across our operations. The significant improvement in profitability and financial position provides a solid foundation to advance our growth priorities.
“The successful Rights Issue has further strengthened our balance sheet, resulting in a healthy leverage position, stronger equity and improved net assets. We remain focused on expanding our retail, aviation, lubricants and gas businesses, improving operational efficiency and customer experience, and delivering sustainable value to shareholders and other stakeholders.”
The company said its full unaudited consolidated financial statements for the half-year ended June 30, 2026, are available on its website.
AVA Capital Plc has been admitted to the Main Board of Nigerian Exchange Limited (NGX) following the listing by introduction of its 5 billion ordinary shares at ₦7.50 per share, with a market capitalisation of ₦37.5 billion.
The listing marks a significant milestone in the Company’s growth journey, reinforcing its commitment to sustainable growth, strong corporate governance and long-term value creation, while enhancing its visibility within Nigeria’s capital market.
Speaking at the listing ceremony, the Chief Executive Officer of AVA Capital Plc, Kayode Fadahunsi, described the admission as a defining moment in the Company’s evolution. “Our admission to the Main Board of Nigerian Exchange is more than a listing; it is a public affirmation of the business we have built and the future we are committed to creating. We have established a resilient institution with a clear growth strategy, strong governance culture and an unwavering focus on creating sustainable value for our shareholders. Becoming a listed company deepens our accountability, broadens our visibility and positions us to seize new opportunities as we continue our growth journey.”
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Commenting on the listing, the Chief Executive Officer of Nigerian Exchange Limited, Jude Chiemeka, said the admission reflects the continued confidence of businesses in Nigeria’s capital market as a platform for sustainable growth. “Today’s listing reflects the confidence that forward-looking companies continue to place in the Nigerian capital market. By joining the Main Board of Nigerian Exchange, AVA Capital Plc is embracing the transparency, governance standards and market discipline that define public companies, while positioning itself to access a broader investor base and unlock long-term value. We are delighted to welcome AVA Capital Plc to the NGX family and look forward to supporting its continued growth.”
The admission of AVA Capital Plc expands the range of investment opportunities available to investors while reinforcing NGX’s commitment to connecting businesses with long-term capital and supporting their growth through enhanced visibility, strong governance and deeper investor engagement.
June 2026 results of the Nigerian National Petroleum Company Limited (NNPC Ltd) shows a Profit After Tax (PAT) of N535 billion, despite recording a marginal decline in crude oil and condensate production during the month.
The figure represents a 15.8 percent increase over the preceding month, according to the latest Monthly Financial and Operations Report of the state oil major, which indicates that the PAT rose by N73bn from the N462bn recorded in May, while revenue increased to N4.389tn.
According to the report, the company remitted cumulative statutory payments of N6.286tn to the Federation in H1, 2026.
It read, “NNPC Limited recorded N535bn profit after tax for the month of June, representing a 15.8 per cent increase from the N462bn recorded in May. Total revenue for the month stood at N4.389tn, while cumulative statutory payments to the Federation for the period January to June 2026 increased to N6.286tn, underscoring NNPC Limited’s sustained contribution to national revenue generation.”
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Average crude oil and condensate production declined marginally to 1.72 million barrels per day in June from 1.73 million barrels per day in May, representing a 0.58 percent decrease. However, output was 1.18 percent higher than the 1.70 million barrels per day recorded in June 2025.
According to the report, production was affected by operational disruptions, facility integrity issues and subsurface challenges across several assets.
It stated, “June production performance was impacted by operational disruptions, facility integrity issues, and subsurface challenges across several assets. However, performance was partially mitigated by production ramp-up following the completion of the Assa-Rumuekpe and 28-inch TNP Turnaround Maintenance.”
Despite the slight production decline, crude oil and condensate sales surged to 28.23 million barrels in June from 18.95 million barrels in May, representing a 48.97 percent month-on-month increase. The June sales volume was also 6.77 percent higher than the 26.44 million barrels sold in June 2025.
Gas production also improved, rising to 7,841 million standard cubic feet per day from 7,774 million standard cubic feet per day in May, while gas sales recovered to 4,970 million standard cubic feet per day from 4,921 million standard cubic feet per day.
The report highlighted progress on two major gas infrastructure projects. The Obiafu-Obrikom-Oben Gas Pipeline reached 98 percent completion, with final tie-in works ongoing.
It stated, “The Obiafu-Obrikom-Oben (OB3) Gas Pipeline progressed to 98% completion, with final tie-in works ongoing towards achieving First Gas in August 2026.”
Construction on the Ajaokuta-Kaduna-Kano Gas Pipeline also advanced to 94 percent completion. According to the company, “Construction and installation activities on the Ajaokuta-Kaduna-Kano (AKK) Gas Pipeline advanced to 94 per cent completion, supporting the target of early gas delivery to Abuja in 2026.”
The NNPC Ltd declared that it would continue implementing measures to sustain production growth despite operational challenges.
It stated, “Focus remains on delivering incremental production across the asset portfolio by improving facility reliability and availability, minimizing Unscheduled Downtime, optimising crude export operations, and accelerating the maturation of production opportunities to sustain Upstream production growth.”
The report also showed that upstream pipeline availability remained at 100 percent during the month, while petrol availability across the NNPC Retail Limited stations stood at 53 percent. It added that all production, sales and financial figures remained provisional and were subject to reconciliation with relevant stakeholders.
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