Business
Wall Street turns higher as retail stocks rally
NEW YORK – Stocks rose on Tuesday, with the S&P 500 moving within points of record levels, as a pair of retail stocks rallied following strong results.
Major indexes had traded lower for much of the session, pressured by some disappointing data, but turned higher in midday trading.
The S&P climbed to record intraday levels on Monday, but the index pulled back in the afternoon and failed to close at a record. The benchmark index is currently 0.5 percent under its record.
“We’re not being aggressive, since valuations aren’t spectacular here, but this certainly isn’t a time to run to cash,” said Rex Macey, chief investment officer at Wilmington Trust in Atlanta, Georgia. “We expect we’ll take two steps forward and one step back for a while.”
In the latest economic data, home prices rose slightly more than expected in December, according to the S&P/Case-Shiller index, but February consumer confidence fell more than expected, dropping to 78.1 from 80.7.
The confidence report was the latest in a string of economic data that came in below forecasts. While many analysts pin the weakness to harsh winter weather rather than weakening fundamentals, trading are looking for evidence the market’s levels are justified.
“We’re waiting to see how much of this weakness is on weather, since if the market gets spooked we could see a big pullback,” said Macey, who helps oversee about $20 billion. “However, you look ahead to 2015, the market likes what it sees, so we would view any pullback as a buying opportunity.”
Home Depot (HD.N) rose 2.3 percent to $79.65. The Dow component’s earnings beat expectations, though sales fell more than expected in the fourth quarter. Macy’s Inc (M.N) gained 4.9 percent to $55.65 after the retailer reported a drop in January sales, though its fourth-quarter earnings rose from the prior year.
The S&P retail index .SPXRT rose 1.6 percent.
The Dow Jones industrial average .DJI was up 11.66 points, or 0.07 percent, at 16,218.80. The Standard & Poor’s 500 Index .SPX was up 1.44 points, or 0.08 percent, at 1,849.05. The Nasdaq Composite Index .IXIC was up 7.31 points, or 0.17 percent, at 4,300.28.
Many traders are looking ahead to Thursday, when Federal Reserve Chair Janet Yellen will speak to the Senate Banking Committee in semi-annual testimony about monetary policy. Her comments will be scoured for insight into how bad weather has affected economic activity, as well as for confirmation the Fed will not change its schedule for trimming stimulus.
Tenet Healthcare Corp (THC.N) late Monday swung to a net loss in its fourth quarter, though adjusted earnings were better than expected. Shares fell 8.4 percent to $44.25.
Biocryst Pharmaceuticals Inc (BCRX.O) rose 12 percent to $13.03 after the Food and Drug Administration accepted the new drug application for its Peramivir product.
Sina Corp (SINA.O) shares fell 8.9 percent to $69.29 a day after the company reported adjusted earnings that beat estimates by a penny, even as revenue jumped 43 percent.
Perry Ellis International Inc (PERY.O) late Monday forecast a fall in quarterly revenue, sending shares down 17 percent to $13, their lowest level since late 2011.
– REUTERS
Chevron Nigeria won the second-best exhibitor award at the just-concluded 2026 Nigerian Association of Petroleum Explorationists (NAPE) conference and exhibition at Eko Hotels and Suites, Victoria Island, Lagos.
Biztellers reports that Olajumoke Cecilia Ajayi, FNAPE, NAPE President (2025–2026) and Managing Director/CEO of Ingentia Energies Limited, presented the award to Chevron, during the awards dinner on November 12, 2026.
The award is in recognition of Chevron’s outstanding exhibition, where visitors to its booth, particularly students, took part in Geology/Geophysics presentations and quizzes, word games, and Human Resources/Nigerian Content presentations and quizzes, with gifts for winners and participants.
Commenting on the award, the leader of the Chevron’s exhibition team, Dr. Victor Anyaegbudike, Manager Communications, Chevron companies in Nigeria and the Mid Africa Region, commended NAPE for its commitment to hosting the annual conference and exhibition. He noted that Chevron has operated in Nigeria for over 60 years, contributing to the country’s growth and development and making human investments that yield long-term, transformative returns.
READ ALSO: Tinubu, Shettima Head to Jos for APC Presidential Campaign Rally
“At Chevron Nigeria, we drive innovation and investment to open up opportunities for growth, jobs, productivity and lasting value. Forums like the NAPE conference and exhibition matter because they bring government, academia, students and industry together around shared goals and a better understanding of one another,” he remarked.
Victor noted that Chevron is committed to building productive, collaborative and mutually beneficial relationships, grounded in trust, with governments, partners, customers, communities and employees. “We believe that affordable, reliable and ever-cleaner energy is vital to a more prosperous and sustainable world,” he said.
Attendees at the NAPE conference and exhibition included representatives of the Federal Government of Nigeria, industry regulators, industry leaders, academics, and students from tertiary institutions across the country.
The Nigerian Exchange Limited (NGX) recorded a 1.36 per cent weekly gain as its market capitalisation increased to ₦163.80 trillion at the close of trading on Friday, November 13, 2026.
The NGX All-Share Index (ASI) rose to 252,269.16 points, pushing the market’s year-to-date return to 62.11 per cent.
The performance reflected a positive trading week for the equities market, with 43 listed companies recording price appreciation, compared with 29 in the previous week.
SEE MORE:NGX Market Cap Falls to ₦163.65trn As All-Share Index Drops
According to the Exchange’s weekly market report, investors traded 8.03 billion shares valued at ₦185.36 billion in 160,836 deals during the week.
This represented a significant increase in trading volume from the 2.83 billion shares exchanged in 192,158 deals in the preceding week, although the total value of transactions declined from ₦208.41 billion.
The Financial Services Industry dominated trading activities, accounting for 4.85 billion shares worth ₦95.79 billion. This represented 60.45 per cent of the total equity turnover volume and 51.68 per cent of turnover value.
The Agriculture Industry followed with 2.24 billion shares valued at ₦22.78 billion, while the Consumer Goods Industry recorded 260.99 million shares worth ₦11.89 billion.
Further details of the market performance showed that 39 equities declined during the week, compared with 57 in the previous week, while 64 equities closed unchanged against 60 recorded in the preceding period.
On the gainers’ chart, Champion Breweries Plc emerged as the best-performing stock, appreciating by 27.27 per cent, while LivingTrust Mortgage Bank Plc recorded the biggest loss, declining by 18.53 per cent.
Meanwhile, trading in Exchange-Traded Products (ETPs) stood at 1.21 million units valued at ₦278.97 million in 3,351 deals, compared with 1.46 million units worth ₦381.82 million in 4,085 deals in the previous week.
The fixed-income segment recorded 156,612 units valued at ₦177.88 million in 41 deals, against 21.99 million units worth ₦20.60 billion in 48 deals recorded in the preceding week.
The Exchange also recorded the listing of two commercial paper instruments issued by Thrive Agric Limited.
The instruments comprised ₦3.17 billion Series 1 (Tranche A) and ₦2.09 billion Series 1 (Tranche B) Commercial Papers, with a combined value of approximately ₦5.26 billion.
Nigeria produced a daily average of 1.687 barrels of crude oil and condensate in October 2026, and met its OPEC quota for the sixth consecutive month.
Data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) showed that in strict crude oil terms (excluding condensate), the country produced an average of 1.51mbpd in October.
This is 101 percent of the 1.5mbpd quota set by OPEC.
READ ALSO: NLNG, NCDMB Endow Research Chairs in Six Nigerian Varsities with $9m
The data, released on Wednesday, also shows that single-day production hit a peak of 1.79 million barrels, while the lowest for the month under review stood at 1.60 million bpd.
The crude oil data (excluding condensate) shows that Nigeria has met its assigned OPEC quota for six straight months, producing 1.53mobpd in May; 1.55mobpd in June; 1.51mobpd in July; 1.5mobpd in August, 1.53mobpd in September and 1.51mobpd in October.
On a month of month basis, however, production dipped by 1.7 percent.
The NUPRC attributed the stable performance in recent months to an enhanced operational stability, supported improved production uptime and crude evacuation efficiency.
The sustained growth recorded in October reflects the continued commitment of operators and industry stakeholders towards improving operational efficiency, maintaining asset integrity, and enhancing production reliability across the Nigerian upstream petroleum sector.
A breakdown of the daily average crude oil and condensate production by terminals/streams during the review month shows that Forcados Terminal accounted for 318.49kbpd while Bonny comes second with 311.02kbpd.
Qua Iboe Terminal recorded an average production of 173.97kbpd of crude oil and condensates while Escravos Oil Terminal posted a daily average of 134.67kbpd.
Bonga ranked as the fifth highest producing terminal, recording an average of 106.65kbpd of crude oil and condensate.
40% of Breadmakers Shut Down as Atiku Accuses Tinubu of Economic Failure
ADC Fires Back at NBA Over Kalu, Says ‘No Respectful Way to Address Evil’
INEC Debunks Amupitan Resignation Rumour After London Protest, Voter Register Controversy
Chevron Nigeria Emerges Second-best Exhibitor at NAPE 2026
NGX Gains 1.36% as Market Capitalisation Climbs to ₦163.80trn
Shettima, Wife Depart Abuja for Jos as Tinubu–Shettima Campaign Takes Rally to Plateau
Trump’s Family Unveils New Cryptocurrency Platform
Senate Denies Receiving Petitions Against Tinubu’s Ambassadorial Nominees
Dangote Cement Lights Up Benue Host Communities With CSR Initiatives
Reps Recommend 3-year Jail Term For Aviation minister
Tems Sets New Record On Billboard Hot 100 Chart
479854 840567Hi there! Wonderful stuff, please do tell me when you lastly post something like that! 337869
109393 958249I genuinely prize your function , Great post. 140088