Connect with us

Business

U.S. Stocks Point Higher

Published

on

WASHINGTON – Stock futures edged slightly higher, with blue chips leaning toward extending their record run above 16000 and their weekly winning streak to seven weeks.

About 90 minutes ahead of the open, Dow Jones Industrial Average futures climbed 12 points, or 0.1%, to 15987. On Thursday, the Dow rallied 109 points, or 0.7%, to close above 16000 for the first time, the 40th record-high close of the year.A seventh-straight weekly gain would be the longest such streak since the eight-week stretch ended Jan. 21, 2011.

S&P 500 index futures inched up one point, or 0.1%, to 1794, and Nasdaq 100 futures added three points, or 0.1%, to 3403. Changes in stock futures don’t always accurately predict stock moves after the opening bell.

Helping fuel the market’s rally to record levels Thursday was optimism surrounding the Senate Banking Committee’s approval of Janet Yellen’s nomination as the new Federal Reserve chair. Investors widely believe Ms. Yellen is in favor of keeping the Fed’s highly accommodative policies intact for the foreseeable future.

NYSETerry Sandven, chief equity strategist at U.S. Bank Wealth Management, which oversees $112 billion in assets, said favorable economic news, benign inflation and an accommodative Fed continue to provide a positive backdrop for equities.

“In the absence of bad news, equity prices will grind higher,” Mr. Sandven said. “Valuations are elevated, but are not at extreme levels.”

He believes the market will pull back modestly when the Fed starts tapering bond purchases, but he’s not expecting the Fed to move until after the new year.Even then, Mr. Sandven expects it will remain a “buy on a dip” equity market, as the fundamental backdrop should remain constructive.

The economic calendar was light, with data on just data on job openings and labor market turnover for September due out at 10 a.m. EST and on manufacturing activity in the Kansas City region due at 11 a.m.

The yield on the 10-year Treasury note eased to 2.774% from 2.785% late Thursday.

European markets gained some ground, with the Stoxx Europe 600 up 0.1%, on the heels of strong sentiment data out of Germany.

Germany’s DAX 30 index tacked on 0.1%, France’s CAC 40 advanced 0.4% and the U.K.’s FTSE 100 eased 0.1%.

The German Ifo institute’s business confidence index for November rose by 1.9 points on the month to 109.3, exceeding expectations of 107.7. The subindex for business expectations climbed to 106.3 from a revised 103.7 in October and compared with forecasts of 104, while the index of current conditions increased to 112.2 from 111.3.

“German economic growth is clearly the last thing we have to worry about,” said Carsten Brzeski at ING. “The German economy is cruising along smoothly.”The strong Ifo data helped push the euro up against the dollar to $1.3519 from $1.3482 late Thursday in New York. Meanwhile, the dollar rose against the yen.

Gold futures extended their losses, slipping 0.1% to $1,242.20 an ounce, after settling Wednesday at the lowest level in over four months. January crude-oil futures slipped 0.3% to $95.17 a barrel.

Asian markets were mixed. Japan’s Nikkei Stock Average rose 0.1% to close at a six-month high, as a weaker yen helped support exporter shares. China’s Shanghai Composite lost 0.4%.

In corporate news, Time Warner Cable rose 5.1% in premarket trading after The Wall Street Journal reported Charter Communications is nearing an agreement with banks to borrow money to bid for the company. Charter shares were still untraded ahead of the open.

Gap gained 1.2% after the retailer reported late Thursday fiscal third-quarter earnings estimates that were slightly above estimates and announced a new $1 billion stock buyback program. Ahead the results, Gap had climbed 13% so far this month and 35% this year.

Nike rose 0.8% after the Dow component said late Thursday that it was raising its quarterly dividend by 14% to 24 cents a share.

– WALL STREET JOURNAL

Click to comment
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Business

Dangote Bags Corporate Excellence Award for Road Safety Advocacy

Published

on

The Dangote Group has received the coveted Road Safety Corporate Excellence Award for its outstanding contributions to safer transportation and accident prevention initiatives from the Kogi State government, in Lokoja.

Similarly, the Pan-African conglomerate received the commendation of road transport industry operators for its sustained support for initiatives aimed at reducing traffic accidents and safeguarding lives.

According to the government which presented the award, it was to celebrate the Group’s outstanding contributions to promoting safer roads, supporting accident prevention initiatives and advancing collaborative efforts aimed at protecting lives along one of Nigeria’s most strategic transportation corridors.

The award was presented before a gathering of government officials, road safety regulators, transport operators, industry leaders and other stakeholders, where participants explored innovative solutions and partnerships required to reduce road crashes, improve traffic management, and strengthen safety standards across the state and beyond.

Kogi State Commissioner for Transport, Hon. Atuluku Victor Levi, who presented the award said it underscored the company’s growing reputation as a champion of safe transportation practices and its commitment to partnering with government and regulatory agencies to improve road safety outcomes across Nigeria.

ALSO READ: US-Iran War Boosts Dangote Refinery’s Fortunes – Report

According to him, the recognition highlights the company’s longstanding collaboration with the state government and road safety agencies to promote responsible road use, enhance driver safety awareness, and support initiatives that strengthen Nigeria’s transportation ecosystem.

“As one of Nigeria’s largest industrial conglomerates and a major user of the nation’s road network, the Group has continued to champion safety standards across its logistics and transport operations.

“Kogi State occupies a strategic position within Nigeria’s transportation ecosystem, serving as a vital transit corridor linking several states and geopolitical zones. The state’s road infrastructure facilitates the movement of people, goods and services across the country, making stakeholder collaboration critical to reducing road crashes, improving mobility and supporting economic growth”, he stated.

Receiving the award on behalf of the Company management, Abdullahi Aliyu, Assistant Divisional Director, Dangote Cement Transport (DCT), Obajana, thanked the Kogi State Government and road safety stakeholders for the recognition saying the recognition would only spur the Group to do more to support road safety initiatives.

“This award reflects Dangote Group’s unwavering commitment to safety as a core value across all our operations. We remain dedicated to supporting initiatives that promote safer roads, protect lives and contribute to sustainable economic development” Aliyu said, adding that road safety remains a shared responsibility requiring continuous partnership between government, corporate organizations and road users.

“At Dangote, we believe that every journey should end safely. We will continue to invest in safety awareness, driver training and responsible transport practices that help make our highways safer for all users,” he stated.

Reaffirming the company’s commitment to maintaining high safety standards within its transport operations, Aliyu pointed out “safety is not just a regulatory requirement; it is an integral part of our corporate culture. We are committed to strengthening collaborations that improve road safety outcomes and reduce preventable accidents across the communities where we operate.”

Furthermore, the Dangote Cement Transport Director said the recognition aligns with the Company’s broader sustainability agenda and supports the objectives of the United Nations Sustainable Development Goals (SDGs) as well as reinforcing the Group’s reputation as a responsible corporate citizen committed to promoting safer roads, protecting lives and contributing to sustainable development in Nigeria.

“At Dangote, Road safety is a collective responsibility, and partnerships such as these are crucial to saving lives and strengthening Nigeria’s transport system. Our goal extends beyond business operations; it is about creating safer communities and sustainable mobility for everyone.”

Meanwhile, Stakeholders at the conference commended private sector organizations that have consistently supported road safety campaigns, noting that meaningful partnerships between government and industry are essential to addressing transportation challenges and improving public safety.

It would be recalled that the Dangote Cement Transport recently launched an ultra modern drivers lounge at its Ibese plant in Ogun state, where its drivers could rest and refresh before and after every trip to promote their well being.

Murilo Silva, the Head of Dangote Cement Transport urged the drivers to make maximum use of the lounge to eliminate fatigue by resting well and be in sound mind always

Continue Reading

Business

NNPC Ltd: $3.4bn Saved Through Contract Restructuring

Published

on

The Nigerian National Petroleum Company Limited (NNPC Ltd) claimed that it saved $3.4 billion through contract restructuring and optimisation between April 2025 and July 2026.

Group Chief Executive Officer, Bayo Ojulari, made the assertion in Abuja at the opening of the 25th Nigeria Oil & Gas (NOG) Energy Week, while highlighting the impact of ongoing reforms aimed at improving operational efficiency, reducing costs, strengthening partnerships, and enhancing value delivery to the federation.

Ojulari also stated that the national oil company had maintained full compliance with its joint venture cash call obligations.

ALSO READ: Oil, Gas Deals Push Nigeria’s FDI to $4 Billion

According to the scorecard presented by the NNPC Ltd, the $3.4 billion cost savings were realised through contract restructuring and optimisation initiatives across the company’s operations.

The reforms also contributed to an increase in government revenue, with the NNPC Ltd reporting a government take of N19.5 trillion, representing a 21.8 per cent year-on-year increase.

Besides, a major highlight of the report was NNPC’s 100 percent compliance with its joint venture cash call obligations across all its joint ventures from Financial Year 2025 to June 2026.

However, the company’s partners recorded a blended compliance rate of just 61 percent.

Of the 27 joint venture partners, only six were fully current with their obligations, while 13 recorded partial compliance with an average payment rate of 72 percent, and eight remained in significant default, paying an average of only 14 percent, prompting Joint Operating Agreement remedies.

The NNPC Ltd said it remained committed to sustaining its cash call obligations to support Nigeria’s target of achieving two million barrels of oil production per day.

Operationally, the company reported a six percent increase in crude oil production year-on-year and an 8.1 percent rise in gas production over the same period, reflecting improvements in upstream operations.

Ojulari also highlighted several strategic partnerships concluded since the last Nigeria Oil and Gas Conference, including a long term gas supply agreement with Nigeria LNG, progress on deepwater investments valued at over $20 billion, refinery related partnerships, industrial gas projects, and new gas supply arrangements.

Looking ahead, the company identified seven priority projects expected to drive production and gas infrastructure growth through 2027.

These, it said, included the UTM Floating LNG project, the OB3 East West Connector, the AKK gas pipeline, refinery technical enhancement projects, the Zabazaba deepwater development, the Owowo field, and the BSWAP project.

The state oil major added that the combination of cost optimisation, stronger operational performance, improved infrastructure reliability, and strategic partnerships would reinforce Nigeria’s energy security, boost government revenues, and support sustainable growth in oil and gas production.

Ojulari said the national oil company achieved 98 percent recovery across five crude export terminals between April 2025 and May 2026, up from one per cent at Bonny in June 2022.

He put current output at 1.71mbpd, the highest in five years, with the NNPC Exploration and Production Limited (NEPL) hitting a record 365,000 bpd.

Gas production, he said, reached 7.5 billion standard cubic feet per day (bscf/d) following the River Niger crossing on the Ajaokuta-Kaduna-Kano (AKK) Pipeline and inauguration of the ANOH Gas Plant.

Ojulari added that the NNPC Ltd had “zero tolerance for partners who are not able to fund their Cash-call” and had begun invoking default clauses.

He stressed collaboration over control, saying, “We have rid ourselves of any pseudo-regulation. We are not the super-regulator. Let them regulate. We want to work.”

Continue Reading

Business

Energia, Oando Inaugurate Board for HCDT in Delta Community

Published

on

Leaf Investment Emerges Substantial Investor in Oando

Energia Limited and its Joint Venture partner, Oando Plc, have inaugurated the board of trustees of the Ndokwa West-1 Host Community Development Trust (HCDT).

The inauguration marked a significant milestone in strengthening sustainable development, transparency and community participation across their host communities in Delta State.

The inauguration, held in Asaba, also featured the signing of a Memorandum of Understanding (MoU) between the Energia-Oando Joint Venture and the seven host communities, in line with the provisions of the Petroleum Industry Act (PIA), 2021.

The event brought together representatives of Delta State Government, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), traditional rulers, community leaders, members of the newly inaugurated board of trustees, and other key stakeholders from the oil and gas industry.

ALSO READ: Oil, Gas Deals Push Nigeria’s FDI to $4 Billion

Representing the Governor of Deputy Governor, Delta State, Sir Monday Onyeme, Deputy Chief of Staff, Hon. Christopher Osaskwe commended Energia Limited and the host communities for successfully establishing the Trust and signing the Memorandum of Understanding.

He described the initiative as a demonstration of mutual commitment to partnership and sustainable development, while urging the newly inaugurated board to discharge its responsibilities with transparency, accountability and fairness.

He also encouraged host communities to continue protecting oil and gas infrastructure and embrace dialogue as the preferred approach to resolving disputes.

Managing Director, Energia Limited, Oladimeji Bashorun, described the inauguration as the beginning of a new chapter in the relationship between Energia and its host communities.

According to him, the company remains focused on building partnership, shared responsibility and sustainable development rather than dependency.

He noted that while the PIA provides a structured framework for host community development, Energia’s commitment to its host communities predates the legislation and has remained a core part of the Company’s operating philosophy since it achieved First Oil in 2009.

“Communities that host our operations should also share meaningfully in the opportunities created by those operations. Our success has always been closely connected to the success of our host communities,” Bashorun said.

He also disclosed that Energia has invested over N15.94 billion in community development initiatives since inception, supporting roads, drainage systems, healthcare facilities, educational programmes, scholarships, youth empowerment, solar-powered street lighting, community welfare initiatives and other social investments across its operational communities. He added that the Company dedicates 3% of its gross revenue annually to support sustainable development initiatives for its host communities.

Also speaking at the event, the Asset Manager of Oando, Seyi Fawora, reaffirmed the Joint Venture’s commitment to implementing the HCDT, noting that the partnership remains focused on building stronger, mutually beneficial relationships with host communities.

The representative of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Dennis Eyitemi, described the inauguration as a significant milestone in strengthening host community participation in development. He urged members of the Board of Trustees to remain accountable, transparent and committed to promoting the long-term welfare of the communities they represent.

Providing an overview of the HCDT framework, the Delta State Solicitor-General and Permanent Secretary, Ministry of Justice, Omamuzo Irebe, SAN, commended Energia for contributing beyond the statutory requirement prescribed under the Petroleum Industry Act and encouraged members of the Board to place community interests above personal interests while ensuring prudent management of the Trust’s resources.

The ceremony concluded with the swearing-in of the members of the Ndokwa West-1 Host Community Development Trust Board of Trustees. In his acceptance remarks, the Chairman of the Board, Chief Godwin Edeme, pledged the Board’s commitment to working with Energia Limited, Oando Petroleum Development Company and all stakeholders to ensure the effective implementation of the Trust for the benefit of present and future generations.

The establishment of the Ndokwa West-1 Host Community Development Trust represents another milestone in Energia’s long-standing commitment to responsible operations, stakeholder engagement and creating shared value for its host communities through sustainable, transparent and inclusive development. About Energia Limited

Energia Limited is a leading indigenous Nigerian exploration and production company with a proven track record of responsible hydrocarbon development and sustainable value creation. Since achieving First Oil in 2009, Energia has remained committed to operational excellence, environmental stewardship, and meaningful partnerships with its host communities, delivering lasting social and economic impact alongside its business growth.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

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