Connect with us

Business

U.S. Stocks Inch Higher Ahead of Data

Published

on

NEW YORK – U.S. stock futures inched higher Thursday, as investors awaited data on retail sales and jobless claims.

About 90 minutes ahead of the open, Dow Jones Industrial Average futures ticked up nine points, or 0.1%, to 16864.S&P 500 index futures added one point, or 0.1%, to 1945 and Nasdaq-100 futures tacked on two points, or 0.1%, to 3800. Changes in stock futures don’t always accurately predict stock moves after the opening bell.

On Wednesday, the Dow dropped 102 points, or 0.6%, the biggest one-day point and percentage decline since May 20. The loss snapped a five-session win streak and a four-day stretch of record closes.

Traders said a combination of minor factors, rather than any one specific news item, prompted Wednesday’s selloff, and activity remained light. Overall volume of 5.15 billion shares on Wednesday was below the year-to-date daily average of 6.42 billion shares for the 18th-straight session.

On Thursday, increased violence in Iraq, which sparked a surge in crude-oil prices, was on investors’ radar after Kurdish forces took control of a provincial capital in the north.

Gail Dudack, chief investment strategist at Dudack Research Group, a division of brokerage firm Wellington Shields & Co., said that while there are geopolitical concerns, the stock market tends to focus more on “what will happen economically and financially,” such as employment and monetary policy, “and those things have been relatively positive and stable.”At 8:30 a.m. Eastern, retail sales for May are expected to increase 0.7% on the month, or by 0.4% when excluding auto sales. At the same time, initial claims of jobless benefits are seen slipping to 310,000 in the latest week from 312,000 the week before.

Also on tap, import prices for May are forecast to rise 0.2% on the month, while business inventories for April are expected to increase 0.4%.

The yield on the 10-year Treasury note ticked up to 2.652% after settling at a one-month high of 2.642% late Wednesday.

Crude-oil futures ran up 1.5% to $105.93 a barrel, a level not seen in nearly nine months, as escalating violence in Iraq increased worries about supply disruptions. Meanwhile, a meeting of the Organization of the Petroleum Exporting Countries ended with the cartel saying oil supplies will be sufficient to meet an expected rise in demand in the second half of the year.

Gold futures gained 0.4% to $1,266 an ounce. The dollar edged higher against the euro and the yen.European markets edged higher, with the Stoxx Europe 600 rising 0.2% after declining Wednesday for the first time in six sessions. Data showing industrial production in the euro zone increased more than expected in April helped provide support.

Asian markets were mostly lower. Japan’s Nikkei Stock Average fell 0.6% and China’s Shanghai Composite lost 0.2%.

In corporate news, Lululemon Athletica slid 13% in premarket trading after the yoga gear maker provided a fiscal second-quarter earnings and revenue outlook that was below current analyst projections, and lowered its full-year outlook. The company also said its chief financial officer, John Currie, plans to retire at the end of the fiscal year. Lululemon unveiled a $450 million stock buyback program.

Dow component Intel slipped 0.4% after the European Union upheld its fine of about $1.43 billion against the semiconductor for abusing its dominant position in the microprocessor market.

Restoration Hardware climbed 15% after the home furnishings retailer reported late Wednesday fiscal first-quarter adjusted earnings and revenue that rose above analyst estimates, and raised its full-year outlook.

– 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

Ingentia Energies Appoints New MD

Published

on

Indigenous oil and gas company, Ingentia Energies Limited, has appointed a former Shell executive, Engr Victor Agbaroji, as its new Managing Director/Chief Executive Officer.

It was gathered that Agbaroji assumed office on 1 September 2026, following the completion of the tenure of the company’s interim managing director, Engr Charles Odita, who led the firm between March and August 2026.

The company disclosed this in a statement on Tuesday, after a leadership transition ceremony held in Lagos.

READ ALSO: Dangote Credits Tinubu’s Economic Reforms with Driving Nigeria’s Economic Recovery

Speaking during the event, Odita said his six-month tenure was productive and expressed confidence in Agbaroji’s ability to accelerate the company’s growth.

“It is my privilege today to hand over the affairs of Ingentia Energies Limited to the incoming managing director, Engr Victor Agbaroji. The company has achieved a lot within the last six months; it is our desire that the new Managing Director will take us to the next level, and I am confident that as an industry veteran, he would hit the ground running and accelerate the company’s growth trajectory,” Odita stated.

In his acceptance remarks, Agbaroji said he would consolidate the gains made under the outgoing management while focusing on safety, talent development, innovation and cost competitiveness.

“Our immediate focus is to consolidate and sustain the gains we have made. Ingentia Energies has set the pace among its peers in growing the company since the acquisition of its licence, and we intend to maintain that momentum, holding in high esteem our company’s greatest assets – people – and taking into recognition the importance of safety, talent development, innovation and cost-competitiveness. IEL will ensure that our people work safely and return home to their loved ones every day. At the same time, we will continue to develop talents, improve efficiency, embrace innovative ways of creating value, and deliver strong returns to our shareholders and stakeholders while affirming our commitment to supporting Nigeria’s energy aspirations, including the national target of increasing crude oil production to 3 million barrels per day,” the new MD said.

According to the statement, Agbaroji brings more than 31 years of experience across the oil and gas value chain to the new position.

He began his professional career as a well-test engineer, gaining experience across several fields before moving to Shell as a reservoir engineer.

During his career at Shell, he held various positions covering operations engineering, corporate petroleum engineering, corporate planning and economics.

The company said he contributed to portfolio optimisation initiatives that supported the emergence of Nigeria’s indigenous marginal field operators.

Agbaroji also served as front-end development manager for major gas projects, including gas supply initiatives for fertiliser production.

At the global level, he was global operations manager for reserves reporting across the Shell Group, overseeing activities spanning Asia, Europe, Australia and North America.

He subsequently moved into Nigeria’s independent oil sector, where he brought international industry practices into indigenous operations.

Before joining Ingentia Energies, Agbaroji led technical advisory, risk management and project delivery support services for emerging energy companies.

Continue Reading

Business

Dangote Credits Tinubu’s Economic Reforms with Driving Nigeria’s Economic Recovery

Published

on

President and Chief Executive of Dangote Industries Limited (DIL), Aliko Dangote, has commended the Federal Government for implementing bold and transformative economic reforms repositioning Nigeria for sustainable growth, strengthening investor confidence, and accelerating the country’s economic recovery.

According to Dangote, the ongoing fiscal, monetary, and regulatory reforms have contributed significantly to improving macroeconomic stability, enhancing productivity across key sectors, increasing Nigeria’s attractiveness as an investment destination, and fostering a more resilient business environment. He noted that the positive outcomes emerging from the reform agenda underscore the importance of consistent, market-driven policies in advancing national development and economic prosperity.

“The economic reforms being implemented by the Federal Government are beginning to yield tangible results. We are witnessing improved economic activity, stronger investor confidence, increased industrial productivity, and a more resilient business environment. These measures are laying a solid foundation for sustainable economic growth and long-term prosperity for Nigeria,” Dangote stated

READ ALSO: US-Iran Conflict Sees Oil Exceed $94

He explained that the reforms have created a more enabling operating environment for businesses, particularly large-scale manufacturing and industrial enterprises that are critical to economic diversification, job creation, foreign exchange generation, and national competitiveness. He added that government initiatives aimed at improving efficiency, promoting investment, enhancing transparency, and supporting domestic production are providing a solid framework for industrial expansion.

“We commend the Federal Government for its courage and determination in implementing reforms that are essential for economic transformation. While every reform process comes with initial challenges, the benefits are increasingly evident in stronger economic indicators, improved business confidence, and renewed investor interest in Nigeria,” he said.

Dangote further observed that the government’s favourable policy environment has supported the continued growth and efficient operation of the Dangote Petroleum Refinery and Petrochemicals complex, Africa’s largest integrated refining and petrochemical facility. He noted that policy measures designed to strengthen local refining capacity, reduce import dependence, improve energy security, and encourage value addition have contributed meaningfully to the refinery’s success and Nigeria’s broader economic development objectives.

“The progress being recorded at the Dangote Petroleum Refinery and Petrochemicals complex is closely linked to a policy environment that encourages investment, supports domestic industrialisation, and promotes self-sufficiency. These reforms are helping Nigerian businesses to plan with greater certainty, invest with confidence, and compete effectively on the global stage,” he added.

He stated that the refinery’s increasing production capacity and expanding export footprint are contributing significantly to Nigeria’s economic resurgence by generating foreign exchange earnings, creating employment opportunities, strengthening local supply chains, and positioning the country as a leading energy and manufacturing hub

Reaffirming the Group’s commitment to supporting the Federal Government’s economic agenda, Dangote said Dangote Industries Limited would continue to invest in strategic sectors, drive innovation, promote industrial development, and create sustainable employment opportunities.

“Our vision has always been to support Nigeria’s economic development through transformative investments. Today, we are witnessing how the combination of private-sector commitment and decisive government policies can unlock unprecedented opportunities for national growth. The refinery, petrochemical operations, fertiliser production, and our other industrial investments are helping to build a more self-reliant, competitive, and prosperous economy,” he said.

He expressed confidence that sustained reforms, policy consistency, and stronger collaboration between the public and private sectors would further stimulate economic growth, attract increased foreign direct investment, and reinforce Nigeria’s position as one of Africa’s most attractive investment destinations.

“Nigeria is on the path to becoming one of the world’s leading industrial and economic powers. With continued policy consistency, robust private-sector participation, and investment-led growth, the future of our economy is exceptionally bright,” Dangote concluded.

Continue Reading

Business

Group Credits PINL with Safeguarding Environment, Farms

Published

on

A group has given kudos to the Pipeline Infrastructure Nigeria Limited (PINL) for effective pipeline surveillance and community interventions during the recent flooding in parts of the Niger Delta.

The Niger Delta Progressive Alliance (NDPA) in a statement signed by its Convener, Nse Victor Udoh, noted that the PINL’s operational efficiency and sustained maintenance of pipeline corridors helped prevent additional environmental damage, preserve farmlands and protect aquatic ecosystems from threats associated with pipeline failures and oil spills.

According to the NDPA, annual flooding in the Niger Delta poses serious environmental risks, particularly when floodwaters come into contact with damaged pipelines, oil spills and illegal activities around oil and gas infrastructure.

The organisation noted that the recent flood season was different, as there were no reported cases of widespread oil contamination of floodwaters, dead fish or the spread of oil into farms and residential areas attributable to pipeline failures.

READ ALSO: DPRP Decries Rising Fuel Imports, Despite Strong Local Supply Capacity

It said the development underscored the importance of preventive pipeline management, stressing that effective infrastructure protection was often measured by disasters that were prevented rather than emergencies that attracted public attention.

According to the group, regular patrols, monitoring and right-of-way surveillance enabled PINL to identify and address potential threats before they escalated into major incidents.

It added that inspection, maintenance and repair activities had also contributed to maintaining the integrity of critical pipelines, especially during periods of heavy rainfall and flooding.

The NDPA further commended PINL for its interventions in flood-affected communities in Rivers, Bayelsa and Imo States.

It cited the company’s restoration efforts in areas previously affected by illegal refining, as well as empowerment programmes targeting women and youths in host communities.

Udoh said the initiatives showed that corporate social responsibility should go beyond occasional charitable gestures and become part of a sustained commitment to community welfare and development.

“We commend Pipeline Infrastructure Nigeria Limited, therefore, on two counts that this season has made inseparable: the efficiency of its service, tested by a flood and found equal to it, and the seriousness of its social responsibility,” he said.

He added that the group had observed that farms remained protected and waterways retained their ecological value despite the flooding.

“This season, our farms still stand where the water reached them. Our creeks still hold their life,” Udoh said.

The alliance maintained that infrastructure security and community welfare were closely linked in the Niger Delta, where pipelines pass through several communities and environmentally sensitive areas.

It urged PINL to sustain the standard, stressing that protection of critical national infrastructure, environmental preservation and improved host-community welfare should remain mutually reinforcing objectives.

The NDPA described PINL’s performance during the flood season as an example of how operational efficiency and responsible community engagement could combine to protect energy infrastructure and the environment.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

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