Business
U.S. Stocks Waver After Factory Data
WASHINGTON – Stocks wavered near unchanged levels, as investors digested the market’s recent gains following sluggish factory-orders data.
The market pared earlier gains seen on the back of upbeat data out of Europe and China.
The Dow Jones Industrial Average slipped 16 points, or 0.1%, to 15600 in midmorning trade, after being up as much as 43.35 points early in the session.
The S&P 500 index inched up one point, or 0.1%, to 1763, and the Nasdaq Composite Index tacked on five points, or 0.1%, to 3927.
The S&P 500, which has gained 24% in the year to date, hovered within reach of its all-time closing high of 1771.95 seen early last week. The Dow was also below last week’s record high of 15680.35.
“The market may have gotten a little ahead of itself, considering we’re in a sluggish economic growth environment,” said John Stoltzfus, chief market strategist at Oppenheimer Asset Management.Factory orders for September increased 1.7% on the month, just shy of expectations of a 1.8% rise. Data for August, which was delayed due to the government shutdown, showed factory orders declined 0.1% versus forecasts for 0.3% growth.
The yield on the 10-year Treasury note edged down to 2.596% from 2.618% late Friday.
Some upcoming concerns Mr. Stoltzfus said investors would have to deal with include the anticipation of a potential reduction in monetary stimulus by the Federal Reserve, perhaps as early as year-end, and the continued dysfunction in Washington.
Gail Dudack, chief investment strategist of Dudack Research, a division of brokerage firm Wellington Shields, had similar concerns given the market’s recent strength. “I don’t see anything wrong with the market, I just think expectations are a little bit robust for what people are expecting for earnings” down the road, Ms. Dudack said. “I don’t see a lot of downside, but the market should struggle to make new highs” through year end, she said.
Of the 73% of the S&P 500 companies having reported third-quarter results through Friday, 74% have beat consensus earnings estimates—above the four-year average of 70% for all reporting companies—while 53% have exceeded revenue forecasts, according to data provided by FactSet. The year-over-year earnings growth-rate projection rose to 3%, from 2.3% the week before, FactSet said.
“It’s progress, not perfection,” Oppenheimer’s Mr. Stoltzfus said. “It’s natural for skeptics to look for a pullback after such strong gains for the year.” But in terms of valuation, he said the market isn’t priced much higher than it has been, on average, over the past 4½ years.
In corporate news, BlackBerry tumbled after the company abandoned its plans to be taken private, saying instead that it raised $1 billion through the issuance of convertible debt. In addition, Thorsten Heins will step down as chief executive and resign from the board of directors.
Twitter increased the price range of its expected initial public offering of 70 million shares later this week to $23 to $25 a share from $17 to $20 a share, bringing the offering’s value to $1.75 billion.
Within the Dow, Johnson & Johnson fell after the company agreed to pay $2 billion to settle investigations into the marketing of its antipsychotic drug Risperdal. The company’s Janssen Pharmaceuticals subsidiary pled guilty to a misdemeanor,
Meanwhile, Merck rallied to lead Dow gainers after an experimental vaccine showed promise in providing broader protection against a cancer-causing virus than the company’s Gardasil shot.
December crude-oil futures rose 0.2% to $94.82 a barrel, erasing earlier losses, while November gold futures gained 0.5% to $1,319.30 an ounce. The dollar inched higher against the yen and fell slightly against the euro.
European stocks were broadly higher, with the Stoxx Europe 600 up 0.3% and on track for a five-year high. Data provider Markit said its euro-zone manufacturing purchasing managers index for October edged up to 51.3 from September’s 51.1, matching expectations. Readings above 50 indicate expansion.
In China, the official nonmanufacturing purchasing managers index rose to 56.3 in October, according to data released over the weekend.
In Asia, China’s Shanghai Composite inched up less than 0.1%, as the strong nonmanufacturing PMI data were offset by jitters ahead of a key Communist Party meeting starting later this week, in which Party leaders will draft economic-overhaul plans. Japanese markets were closed for a holiday.
– WALL STREET JOURNAL
Shareholders of Nigerian Exchange Group Plc (NGX Group) have commended the Board and Management for the Group’s performance and strategic direction, urging continued focus on growth and long-term value creation.
At the Group’s 65th Annual General Meeting (AGM), shareholders approved the audited financial statements for the year ended 31 December 2025, alongside key resolutions including a final dividend of ₦2.00 per share, a one-for-three bonus share issue, and the corresponding increase in share capital. The re-election of Dr. Umaru Kwairanga, Group Chairman, Board of Directors, Dr. Okechukwu Itanyi, Independent Non-Executive Director and Mrs. Ojinika Olaghere, Independent Non-Executive Director reinforced continuity in governance and oversight.
They acknowledged the Group’s disciplined execution and its role in strengthening the Nigerian capital market, noting that recent developments reflect a more structured and better-regulated market environment.
Speaking during the meeting, the President, New Dimension Shareholders Association, Patrick Ajudua, commended the leadership of the Group for delivering a strong financial outcome, noting that the results reflect both improved market conditions and deliberate strategic execution. “The numbers speak to a business that is gaining strength and direction,” he said.
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Similarly, the Chairman of the Progressive Shareholders Association of Nigeria, Boniface Okezie, lauded the Group’s commitment to innovation and infrastructure development. “The market is becoming more forward-looking, supported by strong leadership at the Group level. Initiatives around market infrastructure and participation are yielding results, and this is positive for investors,” he noted.
Commenting during the AGM, Chairman of NGX Group, Umaru Kwairanga, appreciated shareholders for their continued support and reaffirmed the Board’s commitment to sustainable value delivery. He said, “The progress recorded reflects the strength of the Group’s strategy and the performance of its operating businesses. As a Board, our responsibility is to ensure disciplined oversight, uphold strong governance standards, and position NGX Group to deliver sustainable, long-term value to shareholders.”
Temi Popoola, group managing director/chief executive officer, focused on execution priorities, noting that the Group is positioning for scale. He said, “This next phase is about deepening momentum. Our priority is to scale infrastructure, broaden participation, and unlock new pathways for capital formation.”
The meeting reflected strong shareholder confidence in NGX Group’s leadership, with the Group reaffirming its commitment to playing a central role in the evolution of Nigeria’s capital market while delivering sustained returns to investors.
Sierra Leone has announced the signing of a petroleum licence agreement with Nigeria‑based Marginal Energy Limited, granting the company offshore exploration and production rights as the government seeks to revive interest in its under‑explored upstream sector.
The licence, signed through the Petroleum Directorate of Sierra Leone (PDSL), covers offshore blocks G‑145, G‑146, G‑147, G‑160 and G‑161, spanning about 6,800 square kilometres, according to a government statement, a Reuters report said.
Marginal Energy, a Nigerian independent, has committed to a seismic and drilling programme with exploration spending expected to exceed $225 million.
Under the agreement, the state will hold a 10 percent carried interest in oil projects and 5 percent in gas during exploration and development, with an option to acquire an additional participating interest on a paid basis of up to 9 percent once production begins.
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The deal was signed at the Invest in African Energy conference in Paris, where Sierra Leone has been promoting offshore licensing opportunities to international investors, the report added.
NASCON Allied Industries Plc has rewarded its shareholders with a historic 200 per cent increase in dividend payout, underscoring a remarkable financial performance that saw profit after tax surge by over 100 per cent to N33.5 billion in the 2025 financial year, despite a challenging operating environment.
The strong performance was unveiled at the Company’s 2025 Annual General Meeting (AGM) held in Lagos, where shareholders applauded the resilience, focus and strategic discipline of NASCON’s management and Board.
Reflecting the robust results, the Board of Directors approved a dividend of N6 per share—the highest since the Company was listed on the Nigerian Exchange, signalling NASCON’s confidence in its financial strength and long-term growth prospects.
Earnings per share (EPS) rose sharply by 115 per cent, from 577 kobo in the previous year to 1,241 kobo. Describing the outcome as the best financial performance in NASCON’s history, the Chairman, Mr. Olakunle Alake, attributed the results to improved operational efficiency, strict cost management and the dedication of the Company’s workforce.
“The operating environment in 2025 was characterised by economic volatility, persistent inflation and structural changes across key sectors,” Alake said. “Yet, NASCON remained resilient and strategically focused, delivering outstanding value to shareholders.”
He noted that operational sustainability remains a core pillar of the Company’s strategy. During the year, NASCON introduced Compressed Natural Gas (CNG) trucks into its logistics fleet to reduce fuel costs and minimise exposure to diesel price volatility. In addition, the Company’s state-of-the-art salt refinery, its largest production facility, now runs entirely on natural gas, significantly boosting efficiency while reinforcing NASCON’s commitment to environmental sustainability.
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The Managing Director, Mrs. Aderemi Saka, highlighted key milestones recorded during the year, including a 27 per cent growth in revenue and exceptional returns to shareholders through dividends. She attributed the achievements to a clear strategic vision, disciplined execution and sustained focus on cost-saving initiatives across production, logistics and fleet management.
Looking ahead to 2026, Saka reaffirmed management’s determination to build on the current momentum. She outlined strategic priorities for the coming year, including deeper cost optimisation, expanded market penetration, strengthened energy diversification and sustainability initiatives, as well as accelerated digital transformation and process automation.
In her remarks, Director Mrs. Tonya Lawani emphasised that the Company remains firmly committed to the principles that have driven its excellent performance, noting that NASCON approaches the new financial year from a position of strength, with further opportunities for growth and improvement.
Speaking on behalf of shareholders, Dr. Faruk Umar expressed strong confidence in the Company’s trajectory, citing NASCON’s rising share price, which recently crossed the N100 mark, and projecting further appreciation. He commended the quality of the Board and management team, noting that strong leadership and recent executive appointments have positioned the Company to deliver even greater value to all stakeholders.
With its record-breaking profit, unprecedented dividend payout and forward-looking strategy, NASCON Allied Industries Plc continues to consolidate its position as a leading force in Nigeria’s manufacturing sector while delighting shareholders with sustained value creation.
Photo Caption:
From Left: Company Secretary, NASCON Allied Industries Plc, Oluseun Oluwole; Chairman, NASCON Allied Industries Plc, Olakunle Alake; Managing Director, NASCON Allied Industries Plc, Aderemi Saka; Non-Executive Director, NASCON Allied Industries Plc, Fatima Aliko Dangote; Independent Director, NASCON Allied Industries Plc, Tonya Lawani, at the NASCON Allied Industries Plc 2025 Annual General Meeting held in Lagos on Monday, April 27, 2026
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