Connect with us

Business

U.S. Stocks Open Higher

Published

on

NEW YORK – The Dow Jones Industrial Average added 10 points, or 0.1%, to 15383 shortly after the opening bell. On Monday, the Dow tumbled 326 points, or 2.1%, the biggest one-day selloff in more than seven months on growing concerns over a weakening U.S. economyThe S&P 500 index added six points, or 0.3%, to 1748, with health-care and telecommunications shares leading eight of 10 sector groups higher. The Nasdaq Composite advanced 17 points, or 0.4%, to 4014.

Emerging-market currencies rose against the dollar on Tuesday, recovering modestly from their sharp selloff of the past two weeks. The South African rand and Turkish lira, two of the hardest-hit currencies in recent weeks, led the rebound.

Despite some stabilization in emerging-market currencies and stocks, some investors view the strength as a temporary reprieve, with the global selling of stocks likely to resume in the near term.

“Suffice to say investors should steer clear of risk assets over the short term as the turmoil does not look like it will be over anytime soon,” said Mitul Kotecha, an analyst at Crédit Agricole. ACA.FR +2.33%

Richmond Federal Reserve Bank President Jeffrey Lacker did little to calm investors by saying early Tuesday the Fed will likely continue reducing its bond purchases in the coming months because there has been “substantial improvement” in labor market indicators since the program started in late 2012. He doesn’t have a vote this year on the policy-making open-market committee but said on Tuesday that he expects “to see further reductions in the pace of purchases at upcoming meetings.”

Robert Pavlik, chief market strategist at Banyan Partners, said there could be an “intracorrection bounce” after all the recent selling, but “I wouldn’t let that fool me,” as he believes there is “some more downside left” for stocks.

In emerging economies, the Indian rupee and Hungarian forint joined the the Turkish lira and South African rand in rising against the dollar. And the iShares MSCI Emerging Markets exchange traded fund rose.

Investments seen as havens, such as Treasurys and gold, eased slightly as stock bounced. The yield on the 10-year Treasury note inched up to 2.621% from a near three-month low of 2.585% late Monday. Treasury yields rise as prices fall. Gold futures declined 0.7% to $1,251.70 an ounce, after running up 1.6% on Monday.

Meanwhile, crude-oil futures added 1.2% to $97.54 a barrel, and the dollar gained some ground against the euro and the yen.

The economic calendar is light. Factory orders for December, due out at 10 a.m. EST, are expected to show growth of 1.8% on the month. Investors remain focused on jobs data out later this week, as well as the European Central Bank’s policy statement on Thursday.

In Europe, the Stoxx Europe 600 lost 0.1%, after closing at 1½-month low on Monday. The index pared some losses after the producer-price index for the euro zone rose in December for the first time in three months, slightly easing deflation fears.

The DAX 30 index shed 0.5% and the U.K.’s FTSE 100 lost 0.2%, while France’s CAC 40 gained 0.3%.

Japanese stocks tumbled overnight to follow steep declines in the U.S. Monday. Japan’s Nikkei Stock Average dropped 4.2%, rattled by disappointing data out of the U.S., after sliding 2% on Monday. That left the Nikkei down 14% on the year, the worst performance among major global markets. Hong Kong’s Hang Seng Index slumped 2.9%.

In corporate news, Microsoft MSFT +0.75% rose after the software company named company veteran Satya Nadella as its next chief executive.

Yum Brands YUM +9.13% rallied after the parent company of KFC and Taco Bell reported fourth-quarter adjusted earnings that exceeded expectations and affirmed previous 2014 projections.

Michael Kors KORS +20.56% soared after the company reported fiscal third-quarter earnings and revenue that blew past estimates, boosted by strong same-store sales growth in Europe and the U.S.

Take-Two Interactive Software TTWO -12.33% slid after the maker of the Grand Theft Auto game franchise provided a downbeat outlook for the current quarter, although fiscal third-quarter earnings and revenue exceeded estimates.

ATMI ATMI +25.36% surged after the company agreed to be acquired by fellow semiconductor services company Entegris for about $850 million. Entegris also gained.

– WALLSTREET JOURNAL

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

MAN Counts On Govt’s Support For Dangote Refinery To Boost More Downstream Investments

Published

on

 

The Manufacturers Association of Nigeria (MAN) has expressed the view that support of both Nigerians and the government for the Dangote Refinery, would enable the giant refinery to perform optimally.

It added that such support will also serve as an impetus for other investors to invest in the downstream sector of the petroleum industry in Nigeria.

The President of MAN, Otunba Francis Meshioye, who made the call after a tour of the Dangote Petroleum Refinery, Petrochemical Complex and Fertilizer Plant advocated that Nigerians and the government should do all they can to support the multi-billion-dollar company, which he described as a source of pride and a gift not only to Nigeria but also to the African continent and the whole world.

He described the Dangote Refinery as a game-changer in the Nigerian oil and gas industry, saying that it is not only creating jobs and driving economic growth but also contributing to our nation’s energy security and self-sufficiency.

According to him, the project is quite inspiring, and he admired the inspiration of the promoter of the project, Aliko Dangote.

He said, “To have been inspired to establish this facility is very magnificent, it is the first ever in Africa and the first ever of such refinery in the whole world. It has many first, first and first.”

ALSO READ: Petrol Prices To Drop As IPMAN, Dangote Strike Supply Deal

The company has the capacity to produce all our needs locally, petroleum, and other similar products: no one would come to the facility and he would not be inspired or encouraged to ensure that all the support that the company requires should be given to it.

The MAN President said the government should do all that is humanly possible to ensure that the facility works Optimally. “It is prudent and expedient that the   necessary supports are given to the company for the economic benefits of Nigeria.

“If the facility can produce 650,000 barrels of crude per day and Nigeria is producing far above this volume per day, she should give the facility all crude it needed to produce”.

He noted that apart from the fact that the facility can give Nigerians what they need locally, the excess will be exported, and when they are exported, the country benefits because it will earn foreign exchange for the government.

“So, whichever way we look at it, the facility requires the government’s support to be able to operate optimally.  We have seen the laboratory which is in a class of its own. It is first among equals around the world. It is functioning very well. It is a complex on its own.

“With this kind of facility that starts from quality control to quality assurance, just to ensure that the harmful effects of the products are at zero level, what can be greater than this? This is very unique and I will encourage all stakeholders to give maximum support, and not by the way support, but maximum support.

“I cannot see anything that is lacking in this company, we have been here since morning and went through all the units. The facility can deliver products between 1760 trucks to 1800 trucks per day. So if you have such several trucks going out of the facility a day to various destinations in Nigeria, so many people will benefit from it. There will be more jobs, many families will be comfortable because of the jobs this will create, many artisans will benefit and it will have a spillover effect on so many sectors of the economy.

“If they can produce AGO, gasoline and Jet A fuel, this is good and the government should have no reason not to ensure the facility gets its backing to carry out its activities, because it is going to benefit massively,” he added.

The MAN boss who stated that his organization is an advocacy group, said to a large extent it will support the Dangote Refinery by pushing its case with the government, and also solicit the support of necessary government agencies that can ensure that it operates fully.

The association, he said, always discusses with the government issues that affect its members and it has always listened to it , and always finds solutions to those issues, stating further that Dangote Refinery’s case will not be different.

“The sheer scale and ambition of this project is truly impressive, and we applaud the vision and determination of the Dangote Group in making this refinery a reality.

As manufacturers, we understand the importance of reliable and affordable energy in driving our businesses forward. The Dangote Refinery will undoubtedly have a positive impact on the entire manufacturing value chain, providing a reliable source of fuel and petrochemical products that are essential for capacity utilisation and value addition.

“I believe that the success of the Dangote Refinery serves as an inspiration to all of us in the manufacturing sector. It demonstrates what is possible when we combine innovation, technology, and investment to create world-class facilities that benefit the entire nation,” he asserted.

Continue Reading

Business

Bitcoin Hits Record High Of $91,705

Published

on

Bitcoin surpassed the $91,000 mark for the first time on Wednesday, continuing its postelection momentum as traders digested the latest U.S. inflation data.

The cryptocurrency climbed over 2% in trading, reaching a high of $91,705.

READ ALSO: Massive Blaze Ravages Eco Fitness Hub In Abuja

The surge came after the October Consumer Price Index (CPI) report showed prices increased by 0.2%, bringing the annual inflation rate to 2.6%, a result that was largely in line with analysts’ expectations.

The steady inflation data fueled investor confidence in assets like Bitcoin, which is often viewed as a hedge against inflation due to its limited supply.

Bitcoin’s recent rally has coincided with a broader uptick in risk assets since the U.S. presidential election.

Investors seem optimistic that fiscal policies under the new administration could drive further growth in the crypto market, though some remain cautious about inflationary pressures.

Other major cryptocurrencies followed Bitcoin’s upward trajectory.

Ether and Solana both saw gains of around 1%.

Dogecoin, meanwhile, soared by 8%, building on its postelection boost.

The meme-inspired token has seen increased attention following the news that Tesla CEO Elon Musk played a role in President-elect Donald Trump’s campaign and has join his administration,

Analysts say that this shift could continue as inflation and fiscal policy debates evolve in the months ahead.

 

Continue Reading

Business

How Oil Cabals Crippled Govt Refineries, Now Scheming Against Dangote Refinery – Pastor Adeboye

Published

on

 

The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, has urged Nigerians to pray for divine intervention in the face of efforts by unscrupulous oil marketers to thwart the operations of the Dangote Petroleum Refinery, following the previous sabotage of Nigeria’s four state-owned refineries.

The respected clergyman made the call for nationwide prayers during the November 2024 Abuja Special Holy Ghost Service themed ‘Total Restoration’, in Nigeria’s capital city.

Though Pastor Adeboye did not explicitly name the Dangote Petroleum Refinery, many read his remarks to have echoed ongoing attempts by oil marketers to prevent the refinery from functioning as it was designed to.

ALSO READ: FIRS Names Dangote Group Most Tax Complaint Business

With the Ibeju-Lekki, Lagos based Dangote Refinery about the only facility currently refining petrol in Nigeria, many read Pastor Adeboye’s comments to reflect the dispute between the refinery and oil marketers, who seek to continue importing refined products.

Pastor Adeboye reminded the congregation that it was God who raised Aliko Dangote to establish a refinery after years of failed attempts to revive Nigeria’s four public refineries, which had consumed billions of Naira with little result.

He questioned the persistence of fuel imports despite Nigeria’s status as a major crude oil producer.

“Are we under a curse?” he asked. “We have four refineries, we poured all kinds of money into them, none of them is working. But God raised someone to build a refinery that works. He is not my relative, he is not from my village. He is not even a Christian, but he is a Nigerian who says, ‘Why should my people suffer when I have the means to build a refinery that can work?’ Now he is refining petrol, and some people want to stop him from selling it, so they can keep importing.”

Pastor Adeboye also pointed out the damage caused by the fuel subsidy, describing it as a significant drain on Nigeria’s resources, contributing to the country’s mounting debts and corruption.

He stressed that when President Bola Ahmed Tinubu announced the end of the subsidy in 2023, Nigerians largely welcomed the decision, but oil marketers, who benefitted from the subsidy regime, were furious.

The marketers, according to the renowned pastor, appear to have gone into alliances with some International Oil Companies (IOCs) and other powerful interests to obstruct the Dangote Petroleum Refinery. This includes restricting access to crude oil, forcing Dangote to import crude from countries like the United States, among others.

He called for prayer for the total restoration of the country, noting that the Nigerian people are suffering the consequences, as the prices of essential goods have soared, pushing many items beyond the reach of ordinary citizens. “The masses are the ones suffering because these marketers, who are bent on keeping imports alive, already have more money than they can ever spend,” he said.

Despite the Dangote Petroleum Refinery’s capacity to meet Nigeria’s entire demand for petroleum products – and even to export surplus fuel – oil marketers continue to pressurise the government to allow ongoing petrol imports. This has placed additional strain on the Naira, which has continued to depreciate.

Recall that the Crude Oil Refineries Owners Association of Nigeria (CORAN) had urged the government to protect local refineries from unfair competition posed by importers and international petroleum traders, in line with provisions in the Petroleum Industry Act (PIA).

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.