OIL PRODUCTS: Dangote Refinery Issues Mass Staff Layoffs Amid Union Row
Sep-26 15:56
Nigeria's Dangote refinery announced mass layoffs affecting the majority of its Nigerian workforce Sep. 25, according to a leaked staff briefing, staff sources and the country's oil workers' union, Platts reported.
- A memo from the refining business circulated to all staff and published by Nigerian media announced a "total reorganization of the plant" involving the termination of employment for some of its workers, effective immediately from Sept. 25.
- An earlier row with the unions had seen drivers block refinery gates and shutting down inland deliveries during mid-September.
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US STOCKS: Early Equities Roundup: New Nasdaq Highs
Aug-27 15:49
- Stocks continue to drift near or above last Friday's record highs Wednesday. Reminder: Nvidia earnings expected to be announced after today's close.
- Uncertainty over an independent Federal Reserve aside (following Trump's "firing" of Fed Gov Cook late Monday) Trump seeking a majority of like minded Fed boardmen in the aftermath of Chairman Powell's dovish Jackson Hole speech appears to be emboldening risk takers.
- Currently, the DJIA trades up 97.03 points (0.21%) at 45512.04 (off Friday's 45727 record high), S&P E-Mini Future up 10 points (0.15%) at 6492.5 (off Friday's 6401.25 high), Nasdaq up 33.1 points (0.2%) at 21573.14 vs. 21591.23 record high this morning.
- Energy and Financial sector shares led first half gainers, oil and gas stocks rising with a modest rebound in crude this morning (WTI +0.33 at 63.58): Valero Energy +1.64%, Marathon Petroleum +1.36%, Occidental Petroleum +1.30% and Phillips 66 +1.29%.
- Financials buoyed by: Wells Fargo +1.73%, Citigroup +1.48%, Huntington Bancshares +1.43% and M&T Bank +1.32%.
- On the flipside, Communication Services and Consumer Staples sector shares underperformed ahead midday: Paramount Skydance -5.71% on downgrade at from Morgan Stanley, Meta Platforms -0.73% and Live Nation Entertainment -0.47%.
- Consumer Staples weighed by: J M Smucker -4.64% after announcing profit pressure at the latest earnings call, Kroger Co -1.26% and Philip Morris International -1.16%.
FED: US TSY 17W BILL AUCTION: HIGH 4.020%(ALLOT 28.28%)
Aug-27 15:32
- US TSY 17W BILL AUCTION: HIGH 4.020%(ALLOT 28.28%)
- US TSY 17W BILL AUCTION: DEALERS TAKE 26.08% OF COMPETITIVES
- US TSY 17W BILL AUCTION: DIRECTS TAKE 5.04% OF COMPETITIVES
- US TSY 17W BILL AUCTION: INDIRECTS TAKE 68.87% OF COMPETITIVES
- US TSY 17W BILL AUCTION: BID/CVR 3.00
FED: US TSY 1Y-11M FRN AUCTION: HIGH MARGIN 0.195%; ALLOTMENT 77.45%
Aug-27 15:32
- US TSY 1Y-11M FRN AUCTION: HIGH MARGIN 0.195%; ALLOTMENT 77.45%
- US TSY 1Y-11M FRN AUCTION: DEALERS TAKE 21.43% OF COMPETITIVES
- US TSY 1Y-11M FRN AUCTION: DIRECTS TAKE 0.71% OF COMPETITIVES
- US TSY 1Y-11M FRN AUCTION: INDIRECTS TAKE 77.85% OF COMPETITIVES
- US TSY 1Y-11M FRN AUCTION: BID/CVR 3.22
