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Major U.S. equities indexes traded in positive territory on Tuesday, boosted by a resurgence among tech stocks. The S&P 500 jumped 1.0%, while the Dow added 0.3%. The tech sector's outperformance helped the Nasdaq surge by 1.5%.
Shares of data analytics firm Palantir Technologies (PLTR) jumped 6.6% on Tuesday, the strongest daily gain in the S&P 500. Asset management firm Ark Invest spotlighted software as an area with more room to benefit from artificial intelligence (AI) trends. Rahul Bhushan, managing director of Ark Invest Europe, said firms like Palantir could be poised to take market share from the mega-cap tech companies whose cloud-computing platforms have been a focal point in the emerging AI boom.
Edwards Lifesciences (EW) shares surged 6.2%. The medical device company could see increased momentum for its heart valve repair system after The Centers for Medicare and Medicaid Services (CMS) said it was evaluating the possibility of national Medicare reimbursement for transcatheter repair procedures.
Shares of cybersecurity provider Palo Alto Networks (PANW) were up 5.1% following positive commentary from several investment research firms. Goldman Sachs boosted its price target on Palo Alto, suggesting the company's strategy to upgrade to more advanced serviced offerings could drive growth. Meanwhile, BNP Paribas initiated coverage of the networking technology company's stock with an "outperform" rating.
Crude oil futures prices fell more than 4% amid reports of potentially easing tensions in the Middle East. The slip in prices pressured oil and gas stocks. Marathon Petroleum (MPC) shares plunged 7.7%, posting the steepest drop of any stock in the S&P 500. Shares of fellow refiner Valero Energy (VLO) closed the session down 5.3%.
Super Micro Computer (SMCI) shares slipped 5.0% on Tuesday, giving back a portion of the strong gains posted by the stock in the previous session after the company reported upbeat delivery figures for its graphics processing units. Challenges to Supermicro include reports emerging last month that the Department of Justice is conducting an investigation into the firm's accounting practices.
Analysts at KeyBanc downgraded their view on shares of industrial chemical maker Celanese (CE) to "sector weight" from "overweight," citing softness in the automotive end market and a cautious outlook for the near term. Celanese shares lost 4.6% on Tuesday.
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Petrol pump price rose to N1,030 per litre at various outlets of the Nigerian National Petroleum Company Limited (NNPC Ltd) in Abuja on Wednesday, Premium Times is reporting.
The recent development comes after the NNPC decided to terminate its exclusive purchase agreement with Dangote Refinery. Earlier on Monday, this newspaper exclusively reported that the Nigerian National Petroleum Company Limited (NNPC Ltd) is ending its exclusive purchase agreement with Dangote Refinery, opening up the market for other marketers to buy petrol directly from the refinery.
This means the NNPC will no longer be the sole off-taker, and marketers can now negotiate prices directly with Dangote Refinery. This development aligns with the current practices for fully deregulated products, where refineries can sell directly to marketers on a willing buyer, willing seller basis.
PREMIUM TIMES observed Wednesday morning that NNPC Ltd outlets in the Central area of Abuja, the Federal Capital Territory, adjusted the pump price of petroleum to N1,030.
At the station, Glory Okoye, a customer who spoke to PREMIUM TIMES, said: “This is funny; I just noticed that the pump price has changed from N897 to N1,030.” At several other outlets in the Wuse, Lugbe area of the capital city, this newspaper confirmed that the pump price equally jumped to N1,030 as motorists and commuters grumbled amid the uncertainty.
In Akute, Ogun State, this newspaper observed that the NNPC outlets were shut against motorists who formed a long queue along the Akute-Alagbole Road. A motorist told PREMIUM TIMES that the outlets sold petrol in the early hours of Wednesday but dropped midway, claiming that one of its generating sets was faulty.But attendants said they are waiting for a directive on prices from the top,” a frustrated customer said.
Shares of data analytics software firm Palantir Technologies (PLTR) were Tuesday's biggest gainers in the S&P 500 after after asset management firm Ark Invest spotlighted software as an area with more room to benefit from artificial intelligence (AI) trends.
In an interview with CNBC, Rahul Bhushan, managing director of Ark Invest Europe, said data analytics and software firms like Palantir could be poised to take market share from mega-capitalization tech companies like Microsoft (MSFT), Amazon (AMZN), and Alphabet (GOOGL), whose cloud-computing platforms have been a focal point in the emerging AI boom.
According to Bhushan, hardware and infrastructure have accounted for 80% of the value that has accrued over the past two and a half years as investors pour money into shares of AI-related companies. Ark Invest is "finding far more asymmetrical opportunities today" in companies operating further down the "AI stack"—including those providing software-as-a-service and platform-as-a-service products—Bhushan said.
Data analytics providers like Palantir can provide customized data and AI services that are tailored to the needs of specific clients, Bhushan said.
Palantir shares rose more than 6% on Tuesday, leaving them up some 140% in 2024.
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The Federal Government has urged Nigerians to seek permission before using the national anthem.
A statement by the Director General of the National Orientation Agency (NOA), Mallam Lanre Issa-Onilu on Wednesday, said seeking permission was necessary to avoid misinterpretation. He further announced that press conferences will be held across all states to initiate the sensitisation campaign on the agency’s new policies.
He, however, did not state in what context permission should be sought before the anthem could be sung, or its lyrics could be used. “As custodians of Nigeria’s national symbols, the NOA is tasked with preventing all forms of misuse. The DG emphasised that permission must be sought from the Agency before using the National Anthem to avoid misrepresentation,” the statement partly read. He also clarified that the Nigerian flag is simply green, white, and green, with the correct shade of green being Emerald 2.0.
He noted the transformation from the neglected state in which he met the agency, citing key achievements such as the establishment of audio-visual studios, the launch of an optimised NOA website featuring the CLHEEAN-NOA Artificial Intelligence voice and chat assistant, and the recent approval of institutionalisation policies by the Federal Executive Council (FEC), all with the full support of President Bola Tinubu.
The DG explained that previous administrations focused solely on infrastructure development while neglecting the critical role of value orientation, leading to the decline of social intervention structures like the Boys’ Scouts, Girls’ Brigade, WAI Brigade, and even the National Orientation Agency itself.
However, he said the current administration recognised this oversight, with President Tinubu extending his support to the agency. The backing he said, is reflected in the recent Federal Executive Council’s approvals, all of which revolve around value orientation and the National Identity Project. Speaking on the newly introduced Citizen Value Brigade (CVB), Mallam Issa-Onilu advised Nigerians not to allow their children to search for heroes elsewhere, especially during their formative years.
He said the NOA had received approval to establish this social institution, which will instil Nigerian values in children, starting with 1,000 children per state and the FCT. The initiative he said aims to cultivate homegrown heroes for future generations to emulate. He also stressed the importance of creating local cartoon content to counter the influx of foreign values being conveyed to young Nigerians. The Director General reiterated that both leaders and citizens share equal responsibility for national progress.
He explained that within the Nigerian Promise—a key aspect of the National Values Charter-there are principles of Equality and Meritocracy that the nation guarantees to its citizens, whether they are in positions of leadership or the general populace. He warned that Nigeria cannot move without active participation and adherence to these values.
President Tinubu on the first anniversary of his office signed into law the bill to revert to Nigeria’s old national anthem which was dropped by a military government in 1978. The re-adopted anthem, which begins “Nigeria, We Hail Thee,” was written by Lillian Jean Williams in 1959 and composed by Frances Berda.