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U.S. Stocks Make Gains

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WASHINGTON – U.S. stocks advanced, with defensive sectors outperforming broader benchmarks amid rising investor hopes for continued easy-money policies from central banks.

The Dow Jones Industrial Average advanced 87 points, or 0.6%, to 15706 in midday trading. On Tuesday, the Dow erased an early loss of as much as 117 points to close down 21 points, or 0.1%.

The S&P 500 climbed four points, or 0.2%, to 1767. It is up 24% year to date. The Nasdaq Composite Index slipped 14 points, or 0.4%, to 3926.

U.S. Stocks exchangeBetter-than-expected economic data from the U.S. and Europe supported stock-market gains in early trading. But Friday’s closely watched October employment report will take top billing for markets, as investors try to determine when the Federal Reserve could start paring its easy-money policies. The partial government shutdown is expected to weigh on Friday’s report.“Everyone is just watching the Fed,” said John Fox, director of research with Fenimore Asset Management, which manages $1.8 billion. But he isn’t expecting an imminent pullback, as “the employment number could be modest.”

Telecommunications and utilities sectors led gainers in the S&P 500, adding 1.2% and 0.8%, respectively. Those sectors often trade as proxies for the bond market, and sold off sharply over the summer, after the Fed said it would consider paring back on its bond-buying program.

Fed officials have said they will pay close attention to the labor market to determine when the economy is strong enough to weather a paring of stimulus efforts. A recent paper from a central-bank official argued that unemployment could need to fall much lower before rate increases would be effective, which helped support gains in Treasury prices Wednesday. The yield on the 10-year note fell to 2.640% from a three-week high of 2.662% late Tuesday.

In Europe, stocks gained after better-than-expected economic data and as expectations remained that the European Central Bank may also act to bolster the economy, possibly as soon as Thursday’s policy decision.

“Investors will be watching the ECB announcement closely in light of last week’s euro-zone inflation report, which was worryingly low,” said Stephen Macklow-Smith, a European equities portfolio manager at J.P. Morgan Asset Management, which oversees $1.5 trillion of assets. “It’s possible the ECB will decide to trim interest rates at the margin.”

In the U.S., an index tracking forward-looking economic indicators rose by more than expected. The Conference Board’s Leading Economic Index for September rose 0.7% on the month, while a rise of 0.6% was forecast.

The latest data “just shows that the global economy is doing well,” said Chris Gaffney, senior market strategist with EverBank Wealth Management. The gains reflect “general confidence on the global growth story.”

The Nasdaq Composite underperformed but tech stocks in the S&P 500 gained, as investors waited for social-media company Twitter’s initial public offering, expected Thursday.

Joseph Greco, managing director of trading with brokerage firm Meridian Equity Partners, said money-manager clients focusing on technology were trimming some holdings in the sector, so they could have cash on hand to invest in the stock.

“People are clearing up some capital,” he said. “If you [invest in] the media space, your fund has to own some.”The pricing of Twitter’s initial public offering is due late in the day Wednesday. The social-media company raised its proposed price range to between $23 and $25 a share this week, up from between $17 and $20 a share, amid strong demand. That increases the potential size of the IPO to $2 billion from $1.6 billion.

In earnings news, Tesla Motors tumbled after the electric-car maker reported third-quarter results. Adjusted earnings and revenue were above analyst estimates but not by as much as many investors had hoped. In addition, Model S deliveries in the quarter were less than some analysts were expecting.

Tesla shares had gained 32% since the second-quarter report, and by more than 400% year to date.

Abercrombie & Fitch slid after the teen-apparel retailer reported revenue that fell more than expected, weighed down by sharp declines in U.S. and international same-store sales. The company also said it plans to close all of the stand-alone Gilly Hicks stores, its intimate-apparel brand, by the fiscal first quarter.

Earlier, the Mortgage Bankers Association said its seasonally adjusted mortgage applications index fell 7% in the latest week amid declines in both refinancings and purchase activity.December crude-oil futures rose 1.6% to $94.89 a barrel, after settling at a five-month low on Tuesday. Gold futures gained 0.6% to $1,315.80 a troy ounce. The dollar was mixed, edging higher against the yen but easing against the euro.

The Stoxx Europe 600 was up 0.3% on the positive data and ECB hopes. Germany’s DAX 30 index advanced 0.3%, France’s CAC 40 index climbed 0.7% and the U.K.’s FTSE 100 index edged down 0.1%.

Data firm Markit said its October composite purchasing managers index for the euro area slipped to 51.9 from 52.2 in September, but was revised up slightly from an earlier reading. Readings above 50 indicate expansion.

In addition, the services PMI for the euro zone fell to 51.6 in October from September’s 52.2, but topped expectations of 50.9. And U.K. industrial production for September rose 0.9% on the month versus expectations of a 0.5% increase.

Asian markets were mixed. Japan’s Nikkei Stock Average rose 0.8%, supported by a weaker yen, while China’s Shanghai Composite fell 0.8%.

– WALL STREET JOURNAL

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Ndindi Nyoro Gives Ruto 14 Days to Disclose Dangote Refinery Deal

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People’s Party of Kenya leader and Kiharu Member of Parliament Ndindi Nyoro has publicly declared his party’s alignment with the opposition, vowing to collaborate with other opposition leaders to bring President William Ruto’s administration to an end.

Nyoro made the remarks during a public rally in Laare, Igembe North Constituency, Meru County, as part of what he described as the “People’s Tour.”

He said any effort to change Kenya’s leadership must be accompanied by a genuine transformation of the country’s economy and governance structures.

READ ALSO: Atiku Blows Lid on NNPC Ltd’s ₦11.2trn Receivables, Pipeline Contracts

Nyoro Issues Dangote Refinery Ultimatum

At the Laare rally, Nyoro issued President Ruto a direct 14-day ultimatum to make public the full details of the proposed Dangote oil refinery investment, arguing that Kenyans are entitled to know the terms of the deal.

The demand puts additional pressure on the Ruto administration over a transaction that has attracted scrutiny regarding transparency and the terms under which Kenya would participate.
Courtesy – Tuko

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Dangote to Deliver $16bn East Africa Refinery in 40 Months

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Africa’s drive for industrial self reliance received a major boost on Wednesday as Kenya President William Ruto and President/Chief Executive, Dangote Industries Limited, Aliko Dangote, joined African leaders to break ground on a $16 billion petroleum refinery and petrochemicals complex in Lamu, Kenya.

Biztellers reports that the industrial complex is designed to process 700,000 barrels of crude oil per day and serve markets across Eastern Africa.

Dangote announced that the $16 billion Dangote East Africa Petroleum Refinery & Petrochemicals in Lamu, Kenya, will be delivered within 40 months, with an ambitious local content programme that will provide jobs for qualified Lamu graduates and train more than 1,000 young people from the county. Dangote also disclosed that 30 per cent equity in the 700,000 barrels per day refinery is being offered to East African countries, opening the landmark project to regional ownership as part of a broader strategy to strengthen energy security and retain more of Africa’s wealth within the continent.

READ ALSO: Nigeria @ 66: Chevron Reaffirms Commitment to Partnership with Nigeria

Dangote said the project would be executed at speed, assuring the gathering that the refinery would be completed within 40 months. He said the company had already begun mobilising equipment and technical resources for the project and would draw extensively from lessons learnt in delivering the Dangote Petroleum Refinery in Lagos. According to him, the Kenyan refinery would be one of the fastest major projects undertaken by the Group, as the company seeks to demonstrate that African businesses can execute complex industrial projects at globally competitive scale and speed.

Dangote placed local participation at the heart of the project, announcing that qualified graduates from Lamu would be offered opportunities to work on the development, while more than 1,000 young people from the host communities would receive technical and vocational training to prepare them for jobs within the refinery and its emerging industrial ecosystem. The Group will establish a training school to develop the technical skills required by the refinery, with emphasis on equipping local young people to participate directly in construction and subsequent operations. Dangote said the objective was to ensure that the economic footprint of the investment extended well beyond the refinery.

“We want young Kenyans and East Africans with skills here. We want local businesses to become suppliers. We want entrepreneurs around this project,” he said. “For me, the true measure of this project will not be the height of these towers or the number of barrels it processes.”

Instead, he said its success would also be measured by young Kenyans acquiring engineering and technical skills, local entrepreneurs building businesses around the investment and communities enjoying improved livelihoods. “Industrialisation must have a human face. It must create dignity. It must create jobs. It must create opportunities. It must create hope,” Dangote said.

President Ruto put the cost of the development at $16 billion, or about KSh2 trillion, describing it as a “generational undertaking” designed to serve not only Kenya but the wider Eastern African region. The project is designed to process about 700,000 barrels of crude oil daily and generate up to 1,000 megawatts of electricity. It will also include polypropylene and base oil production as part of an integrated refining and petrochemicals complex.

Ruto reinforced the employment commitment, saying current projections envisage about 60,000 direct and indirect jobs from the development. The President directed technical and vocational institutions and universities to prepare welders, technicians, engineers and managers for the opportunities, insisting that young people from Lamu and neighbouring communities must be given a fair opportunity to compete for the jobs. Ruto said the construction phase alone was expected to inject more than KSh2 billion monthly in wages into the economy, with the money circulating through shops, hotels, restaurants, transport, housing and other businesses.

In another significant move towards regional economic integration, Dangote disclosed that 30 per cent of the refinery’s equity would be made available to East African countries, allowing governments in the region to participate in the ownership and future value created by the project. He said Kenya and Rwanda had already moved quickly to take advantage of the opportunity. The ownership model fits into Dangote’s broader argument that African countries and investors should not merely host major industrial projects but should increasingly participate in their ownership and prosperity. Dangote said the refinery had been designed as a regional asset serving Kenya, Uganda, Rwanda, Tanzania, Ethiopia, South Sudan, the Democratic Republic of Congo and other markets.

“This refinery is therefore not simply about one country. It is about a region,” he said.

The industrialist said Africa could no longer afford an economic model under which crude oil, minerals and agricultural commodities were exported while the continent imported the finished products derived from them.

“Africa cannot build lasting prosperity by exporting what it has and importing what it needs,” he said. “We must refine more of what we produce. We must process more of what we produce. We must retain more value here at home in Africa.”

The Governor of Lamu County, Issa Timamy also used the groundbreaking to condemn attempts to stop the project through litigation, describing those behind the move as working against an investment capable of transforming the economic fortunes of the county. Addressing residents partly in Swahili, the Governor said those who had gone to court against the development did not represent the aspirations of the people of Lamu.

He argued that opponents of the project were seeking to frustrate an investment that could provide opportunities for thousands of young people and insisted that residents would not allow the county’s development prospects to be undermined.

The Governor maintained that the project would go ahead and be completed, while calling on young people and businesses in the county to prepare themselves for the opportunities that would accompany the investment. He said Lamu had for too long been rich in history, culture and natural resources but left behind in the march of development, adding that the refinery offered the county an opportunity to become a major investment and industrial destination.

He nevertheless stressed the importance of protecting Lamu’s mangroves, fishing grounds, coastline and cultural heritage, calling for responsible development that would allow industrialisation and environmental protection to coexist.

Former Nigerian President Olusegun Obasanjo led other African leaders in celebrating Dangote’s emergence as one of the continent’s leading champions of industrialisation, recalling his evolution from trading and importation into large scale manufacturing. Obasanjo said the transformation demonstrated the importance of African governments creating the right environment for indigenous entrepreneurs to invest, manufacture and compete at scale. For the former President, the Lamu investment represented a further expansion of that industrialisation philosophy from West Africa into East Africa.

Obasanjo said he was particularly pleased to witness the project because of its potential to deepen economic integration between the two regions and demonstrate what African entrepreneurship, supported by purposeful political leadership, could accomplish.

Ugandan President Yoweri Museveni said Africa could not continue exporting raw materials while surrendering the jobs and wealth associated with processing them elsewhere. He backed the regional ownership proposal, describing the opportunity for East African countries to acquire equity in the refinery as a smart approach to ensuring that the region participated not merely as a market but also as an owner.

Prime Minister of Ethiopia, Abiy Ahmed, said the refinery would strengthen East Africa’s energy security and reduce its vulnerability to disruptions in global petroleum markets. He said Dangote’s record in cement, fertiliser and petroleum refining had demonstrated that African industrial enterprises could operate at global scale. “East Africa is not only a market. It is a place to produce, to build and to create value,” Abiy said.

Photo Caption: From Left – Prime Minister of Ethiopia, Abiy Ahmed; President of Uganda, Yoweri Museveni; President of Kenya, William Ruto; President/Chief Executive, Dangote Industries Limited, Aliko Dangote; former President of Nigeria, Olusegun Obasanjo; President of Benin Republic, Romuald Wadagni; and President of Togo, Jean Lucien Savi de Tové, during the groundbreaking ceremony of the Dangote East Africa Petroleum Refinery & Petrochemicals SEZ in Mokowe, Lamu County, Kenya, on Wednesday, September 30, 2026

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Dangote Blames Marketers, IOCs for Lamu Refinery Protests

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Nigerian billionaire and President of the Dangote Group, Aliko Dangote, has blamed local marketers and international oil companies for fuelling protests over land earmarked for his proposed $16bn oil refinery in Lamu, Kenya.

Dangote and the President of Kenya, William Ruto, performed the groundbreaking ceremony for the refinery in Lamu on Wednesday. This comes even as a court halted construction activities due to a land dispute.

READ ALSO: MT Asharami Ghana Delivers 5,000MT LPG Cargo to Ghana

Dangote made the allegation while speaking to the BBC’s Focus on Africa programme, amid protests by some residents over compensation for land acquired for the refinery project.

The refinery is expected to have a processing capacity of 700,000 barrels per day when completed in 2030. Dangote disputed claims that the company had taken more land than it required, saying it only used the portion allocated to it by the Kenyan Government.

“They said some people are demonstrating; demonstrating about what? Have you ever seen people demonstrating against themselves in terms of development?” he asked.

Africa’s richest man dismissed the protests as “games played by local marketers and international players”, insisting the refinery would go ahead and would be ready by 2030 as planned.

The groundbreaking was also attended by the leaders of Uganda, Ethiopia, Togo and Benin. Dangote has offered regional governments a combined 30 per cent stake in the refinery, according to Reuters.

The billionaire insisted that the protests would not stop the refinery project, which he described as his largest proposed investment outside Nigeria.

The project is expected to become the largest refinery in East Africa and Kenya’s biggest infrastructure project since independence, surpassing the $5.1bn Standard Gauge Railway.

Dangote said the refinery would demonstrate that the success recorded with his 700,000bpd refinery in Nigeria could be replicated elsewhere on the continent.

“Lekki proved that it can be done, Lamu must prove that it can be repeated,” he said.

However, the Save Lamu campaign group has raised concerns about the environmental impact of the project on the local community. The co-founder of the group, Walid Ali, told the BBC that residents wanted to see the findings of the environmental impact assessment and the proposed mitigation measures.

A group of 133 Lamu residents had approached the Kenyan High Court in a bid to stop construction work. Following the legal action, activities including excavation and construction on the disputed land have been restricted pending the next court hearing, scheduled for October 14.

Dangote said the refinery would create about 60,000 jobs at the peak of construction, with local communities expected to benefit from the project.

The refinery will also include a 1,000-megawatt power plant designed to supply Dangote’s operations and other industries expected to establish businesses in the area.

Courtesy – The PUNCH

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