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The Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has warned local government council chairmen and councillors against diverting funds meant for their jurisdictions.

Speaking at an event in Abuja on Thursday, July 25, Fagbemi warned that anyone found wanting will be jailed.

Recall that the Supreme Court on Thursday morning, July 11, granted financial autonomy to the 774 local governments across the country.

The apex court in its pronouncement in a lawsuit filed by the Federal Government against the 36 state governments ordered the Federal Government to henceforth, pay allocation meant for the 774 local government directly to their respective accounts.

Fagbemi, who observed that local government chairmen may want to divert the funds amid state pressure, said: “Well, we have a situation on our hands, I know that it is still there; the conduct of elections is to be undertaken by the states.

But the distinction is this: don’t forget, the governors have immunity, the local government council chairmen or councillors, they have no immunity, so they have to choose between dealing with the funds of the local government as they like and risking going to jail. The choice is theirs (LG chairmen).

If they want to tamper with these funds and end up in jail, it is their choice. Or if they want to write their names in letters of gold, activities like construction or upgrading of roads must return to the local government. They don’t all have to come to Abuja.

If they stay at the local government, we will be able to reduce the level of insecurity that we have in Nigeria today. What obtains offshore is that the security agents are able to perform optimally because of information that comes to them from members of the public and usually it is from the grassroots.”

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Ford (F) shares tumbled nearly 14% in premarket trading Thursday after the automaker reported quarterly earnings that came in below expectations and kept its full-year bottom-line outlook unchanged, as warranty costs continued to weigh on the company’s profitability.

Below, we take a closer look at the Ford chart and use technical analysis to locate key price levels to watch amid anticipated earnings-driven selling pressure.

Since breaking out from a descending channel in late June, Ford shares continued trending higher for several weeks but have undergone a retracement in recent trading sessions leading into the carmaker’s quarterly results.

Moreover, the relative strength index (RSI) has fallen below overbought levels, indicating softening price momentum.

Amid an earnings-related sell-off, investors should keep an eye on three key areas on the Ford chart where the shares could attract buying interest.

The first sits around $12, a level where the price may encounter support near the 200-day moving average (MA) and a horizontal line that cuts through a range of comparable price points from October 2022 to June this year.

A breakdown below this level could see the shares decline to the $11.20 region, where buyers may seek entry points close to a trendline connecting multiple swing lows that formed on the chart between September 2022 and January this year.

Finally, a more significant move lower could lead to a retest of $9.70, an area on the chart likely supported by bargain hunters looking for buying opportunities near this year’s low and beneath the psychological round number of $10 per share.

When monitoring the levels outlined above, consider using other technical indicators, such as the RSI, stochastics oscillator, and bullish candlestick patterns, as confirmation that the earnings-related pullback may be ending.

If the stock’s current uptrend rhymes with the move higher from October 2023 to April this year, we can use a bars pattern to forecast a future price target.

We do this by taking the bars pattern from that period and applying it from the low of the descending channel, which projects a target of around $16.

Ford shares were down 13.9% at $11.77 in recent premarket trading.

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The President General of Ohanaeze Ndigbo, Chief Emmanuel Iwuanyanwu has reportedly passed away.

Jide Iwuanyanwu, the son of the late Chief Emmanuel, broke the sad news in a statement on Thursday, July 25.

According to the statement, “The Iwuanyanwu family of Umuohii Atta, in Ikeduru Local Government Area of Imo State announces the demise of our patriarch, Engr Chief Emmanuel Chukwuemeka Iwuanyanwu-Ahaejiagamba Ndigbo.

Chief Iwuanyanwu di£d on Thursday July 25, 2024 after a brief illness. He was aged 82. Chief Iwuanyanwu before his d£ath was President General of Ohanaeze Ndigbo worldwide and President of Owerri Peoples Assembly.”

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Shares in fast casual restaurant Chipotle Mexican Grill (CMG) jumped more than 4% in extended trading Wednesday after the burrito maker served up second quarter results above Wall Street’s expectations, as demand for the chain’s menu items allowed it to avoid lowering prices, helping to sustain revenue growth.

Below, we take a closer look at the technicals on Chipotle’s chart and point out important price levels to watch out for amid a post-earnings pop.

Since forming a bear trap pattern after setting a record high in June, Chipotle shares have had a correction of around 24% on above-average volume. However, the shares appear to have found buying interest near a trendline linking a February pause in the stock’s longer-term uptrend and the closely aligned 200-day moving average.

It’s also worth pointing out that the relative strength index (RSI) recently moved into oversold territory below the closely watched 30 threshold for only the fourth time over the past year, setting the stage for an earnings-driven pop from this key support area.

If Chipotle shares stage a post-earnings recovery, investors should monitor three key levels where the stock may run into overhead resistance.

The first area to watch sits around $57, a location on the chart where sellers who bought the dip may be happy to lock in profits near price consolidation that formed as part of the stock’s trending move between October 2023 and June this year.

A close above this level could see a move up to the key $61 level, where the shares would likely face a confluence of resistance from the downward sloping 50-day MA and a horizontal line linking a series of price points from late April to early July. This area also roughly lines up with the 50% Fibonacci retracement level using a grid stretched from the June high to July low.

Finally, an extended bullish move in the stock could drive a rally to around $65, just 6% below the all-time high (ATH), near a trendline sitting above a narrow range of price action between April and May.

Chipotle shares gained 4.4% to $54.04 in after-hours trading Wednesday.

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There are plenty of newly built homes for sale these days—and fewer takers.The rate of sales for newly built houses fell 0.6% between May and June to an annual rate of 617,000, down 7.4% from the same month last year, the Census Bureau said Wednesday. That was despite the number of homes for sale ticking up to a fresh high of 476,000, the most since February 2008. 

Sales fell short of the annual rate of 640,000 forecasters had expected, according to a survey of economists by and .

The slump in sales for newly-built homes despite rising inventories echoes the trend in sales of existing homes. The data may reflect a standoff where sellers are holding firm on price, while many buyers are waiting to purchase a home until it become more affordable—either through price cuts or lower interest rates on home loans.

“Building inventory has done little to stoke buyer demand as prices remain stubbornly high,”  Hannah Jones, senior economic research analyst at Realtor.com, wrote in a commentary. “Many buyers are holding off on jumping into the market, hoping to see lower mortgage rates or lower home prices later this year.” 

The median newly constructed home sold for $417,300 in June, an uptick from $407,100 in May. That was down from the peak of $460,300 hit in October 2022, but around $100,000 more than typical pre-pandemic prices. 

Buyers may in fact be seeing some relief on the mortgage front: the average rate offered for a 30-year mortgage last week was 6.77%, the lowest since March, according to Freddie Mac. 

Overall, sellers may be losing the upper hand in the housing market, where low for-sale inventories have bolstered sellers’ pricing power for both new and existing homes. That’s changing as the number of houses for sale rises. As of June, it would take a little more than nine months of sales to exhaust the available inventory, the highest in nearly two years.   

Forecasters at Pantheon Macroeconomics expect the number of new homes for sale “will increase further, putting downward pressure on prices and homebuilders’ margins.”

“New home prices typically fall when inventory is greater than about eight months’ sales,” Ian Shepherdson, chief economist at Pantheon, wrote in a commentary.

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Police operatives in Anambra State have arrested one Nwalobi Fredrick, 41, for allegedly impregnating his 16-year-old in-law in Ekwulobia, Anambra State.

It was gathered that the suspect was arrested after the family of the teenage girl reported the incident at the office of the Women and Social Welfare Commissioner in Awka.

Chidinma Ikeanyionwu, the media aide to the Women and Social Welfare Commissioner, Hon Ify Obinabo, who disclosed this in a statement on Thursday, July 25, 2024, said the suspect blamed the devil for the crime.

According to the statement, “Contrary to what the suspect had earlier told the Honourable Commissioner, the 16-year-old girl stated that the incident started after she was kept in her in-law’s care in late January to enable her finish her secondary education since the demise of her mother.

She explained that it was just a day after settling in his house that Mr Nwalobi first had carnal knowledge of her and ever since has been having his way with her body.

Upon further interrogation, she revealed that she’s already four months gone, and ever since she became pregnant, her in-law has refused to take responsibility for putting her in a family way.

Meanwhile, the 41-year-old suspect, who remarried in April after the d£ath of his first wife, says he doesn’t have money to take care of the girl since he now has his own family.”

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