U.S. stocks rally on technology after 2-day slump

Wall Street rose at the weekend after a bounce in technology and other high-growth stocks led a fight back from its worst two-day slide in eight months, while early gains from strong earnings of the biggest US lenders faded. According to Reuters, PNC Financial led the losses among bank stocks with a 6.3 per cent drop after the regional bank reported disappointing quarterly loan growth and said it expected only a small improvement in lending this quarter. The S&P 500 banks index slid 1.65 per cent, also weighed down by…

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Nigerian stocks slumped 20% from their peak in January – Report

Nigeria’s stocks entered a bear market, as worsening political tensions and emerging-market sell-off caused foreign investors to shun assets in Africa’s biggest oil producer. The Nigerian Stock Exchange All Share Index fell 2.2 per cent to 35,446.47 by the close in Lagos, the commercial capital, bringing the decline since its 2018 high on Jan. 19 to 21 per cent, according to Bloomberg News. Traders consider a market to be in bear territory when it’s down 20 per cent from its last peak. The rout marks a sharp turnaround from the…

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Consumer goods’ stocks shed N198bn in H1

  Consumer goods’ companies listed on the Nigerian Stock Exchange (NSE) recorded a loss of about N198 billion in the first half of the year following sell pressure that had pervaded the equity market.   This is despite expectations that the current earning season would have impact positively on the stocks.   Investigation by New Telegraph showed that the sub-sector, which opened at the beginning of January 2 at N3.862 trillion, closed at N3.664 trillion at the end of June. This represented a loss of N198 billion or 5.37 per…

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U.S. stocks slide as China trade tensions build

U.S. stocks fell and bonds surged as President Donald Trump moved the country closer to a trade war with China, while investors weighed diverging monetary policies from the Federal Reserve and European Central Bank. The S&P 500 Index dropped Friday, erasing its weekly gain, after the U.S. announced a list of $50 billion of Chinese goods targeted for tariffs and China said it would have to respond. Trade-sensitive sectors including tech hardware led the decline. Energy firms also got hit by a drop in oil prices. The Stoxx Europe 600…

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Stock market resumes weekly down turn with 0.28% loss

Trading activities on the floor of the Nigerian Stock Exchange (NSE) at the weekend closed negative as NSE All-Share Index and market capitalisation depreciated by 0.28 per cent to close the week at 40,814.89 and N14.743 trillion respectively. Similarly, all other indices finished lower with the exception of NSE CG, NSE Premium, NSE-Main Board, NSE 30, NSE Banking, NSE Oil/Gas, and NSE Pension indices, which appreciated by 1.08 per cent, 1.38 per cent, 0.54 per cent, 0.13 per cent, 2.34 per cent, 0.73 per cent and 1.42 per cent respectively.…

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U.S. stocks drop on tech sell-off

US stocks pared a weekly gain as a selloff in chipmakers entered a third day, with investors concerned there’s been a slowdown in smartphone demand. The dollar extended its weekly gain and treasury yields marched toward 2.95 per cent. Makers of computer chips and hardware tumbled, with Apple Inc., headed for its biggest rout since early February following a downgrade based on its deteriorating outlook in China. The Nasdaq 100 Index was off more than 1.5 per cent. General Electric Co. rose on solid results. U.S. Treasury yields pushed to…

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U.S. stocks turn lower as banks lead way down

Stocks were lower weekend as weakness in bank stocks added to the political and trade tensions weighing on the market. Treasury yields slid and oil rose for a fifth straight day, bringing its weekly gain to almost nine percent. All major U.S. benchmarks fell with the financial sector pacing losses on a decline of almost 1.5 per cent. Wells Fargo & Co. warned that its better than anticipated first-quarter results may change as a settlement with regulators looms, loans dropped and mortgage-banking results trailed predictions. According to Bloomberg, JPMorgan Chase…

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U.S. stocks turn lower on retail report

U.S. stocks sank as weak retail sales fanned concern that consumer spending is cooling, while the dollar held steady on bets the Federal Reserve won’t be forced to quicken the pace of rate hikes. Ten-year treasury yields tightened. The drop in retail spending provided a second data point, after Tuesday’s tepid inflation figures, to suggest unsteady growth in the world’s largest economy. Trading in S&P 500 Index shares was about 10 percent below the 30-day average as investors await next week’s Fed rate decision.   Among the index laggards were…

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U.S. stocks fluctuate as Trump cabinet turmoil deepens

U.S. equity indexes indexes fluctuated after an early surge as markets absorbed economic and political news. The 10-year Treasury yield and Bloomberg’s Dollar Index declined.   While an inflation report Tuesday reinforced the sense that economic growth is picking up without runaway price increases, energy shares weighed on the S&P 500 Index as the price of oil declined on concern that global demand might not absorb burgeoning U.S. supplies.   According to Bloomberg, the sudden firing of U.S. Secretary of State Rex Tillerson may also have investors waiting for more…

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U.S. stocks gain as investor focus turns to Fed remark

U.S. stocks rose to a threeweek high, as renewed gains in treasuries that pushed yields further below 2.9 per cent alleviated angst that higher rates would accelerate fiscal tightening. The dollar strengthened. The S&P 500 Index climbed for a third day, joining gains in European and Asian equities. Volume was low as investors await the first public comments from Federal Reserve Chairman Jerome Powell on Tuesday. The 10-year yield slipped below 2.85 per cent, a two-week low. Gold climbed with oil. “There was a lot of talk from various Federal…

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