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Global Equities Take a Breather Following Massive Vaccine-related Moves

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By Hussein Sayed, Chief Market Strategist at FXTM,

Pfizer and BioNTech’s announcement on Monday that their Covid-19 vaccine was more than 90% effective in preventing the virus has led to big market moves so far this week. While the rally in global equities is remarkable, that isn’t what has captured my interest. It is the big selloff in FANG+ internet platform stocks and the reallocation of funds into economic sensitive sectors that has been more fascinating. The NYSE FANG+ index declined 3.2% on Monday and fell by another 2.5% on Tuesday. Meanwhile, Banks, Travel and Energy stocks have all seen double digit gains over the first two days of the week. 

 

Long term bond yields in the US and most other developed nations have risen by more than 10 basis points, which also supports the move into cyclical stocks and the selling of industries that have benefited the most from the pandemic.

 

However, this trend seems to have reversed on Wednesday with Tech companies contributing the most to the 0.76% gains in the S&P 500, while Basic Materials, Energy and Financial stocks all closed in negative territory.  

 

The vaccine-related rotation has quickly faded as investors have realised that the pandemic won’t disappear as fast as it arrived. While the vaccine remains the best news received since the virus spread, life won’t return to normal in a matter of days or weeks. It largely depends on when a widespread vaccination campaign becomes available and how fast economic activity returns to pre-pandemic levels. Lockdowns and social restrictions remain in place for many nations through the winter season, particularly in Europe, and so we will continue to rely on stay-at-home companies for some time.

 

If the second wave hitting Europe and third wave in the US isn’t as dangerous as the first one, we may still see adjustments in investor’s portfolios by reducing Tech exposure and tilting towards economic sensitive stocks. But this won’t be in a straight line, and won’t necessarily lead to another a more prolonged selloff in Tech. After all, Covid-19 may have already started major structural changes in the way we do business and many of those differences may prove to be permanent.

 

A risk that is being totally ignored at the moment is a US constitutional crisis. You only have to look at President Trump’s Twitter account to see what I mean. The lame duck President continues to reject the outcome of the election and doesn’t seem willing to concede or stand down. However, with no evidence thus far of his claim of illegitimate votes, the markets are ignoring his tweets and actions. If Trump’s legal attacks result in a delay of certifying the election results, then we may see this tail risk priced into equities and other asset classes.


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Nnaji, Former Minister Seeks Out-of-court Settlement over Certificate Forgery Allegations

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Nnaji, Former Minister Seeks Out-of-court Settlement over Certificate Forgery Allegations

Uche Nnaji

Uche Nnaji, former minister of Science, Innovation and Technology, has indicated interest to settle out of court with the University of Nigeria, Nsukka, and other parties in a certificate forgery dispute.

This was disclosed on Monday during proceedings before Justice Hauwa Yilwa of the Federal High Court Abuja, where the suit came up for hearing of pending applications.

Nnaji had approached the court in October 2025, following an investigation by Premium Times, alleging that the minister had forged his first degree and National Youth Service Corps certificates.

The report further faulted the minister for submitting the forged documents to President Bola Tinubu and the Senate during his ministerial screening.

Nnaji had subsequently resigned his position as minister following widespread controversy, stating that he did not want the issue to become a distraction from the activities of the administration.

The case has, however, stalled at the courts since it was instituted, due to procedural setbacks including issues relating to the service of court processes and multiple preliminary objections filed by the defendants.

When the matter was called on Monday, Ope Muritala, counsel to Nnaji,  informed the court that although the case was slated for a hearing of pending applications, there was a fresh development, adding that parties were exploring an amicable resolution, requesting an adjournment to enable negotiations to continue.

“There is a new development as parties are exploring an out-of-court settlement,” he told the court.

P.C. Ike and N.H. Obah, lawyers representing the first (Minister of Education) and second (National Universities Commission) defendants, told the court they were not previously aware of the settlement discussions until they arrived at the court, but did not oppose the request for an adjournment to allow the talks to proceed.

Meanwhile, counsel to the third to seventh defendants, including the UNN and its principal officers, Chidubem Ugwueze, however, confirmed that the move towards settlement had been communicated earlier.

He told the court that a Senior Advocate of Nigeria, Chris Uche, who is leading the defence team, had informed him of the development.

According to him, the information originated from another Senior Advocate, Wole Olanipekun, representing Nnaji.

Although he did not object to the proposed settlement, Ugwueze urged the court to proceed with hearing the defendants’ pending motion for regularisation in the event that settlement talks collapse.

However, Justice Yilwa declined the request, stating that it would be more appropriate to consider such applications only if the out-of-court resolution efforts fail.

In view of the parties’ disposition, the court adjourned the matter to July 8, 2026, for report of settlement or continuation of proceedings.


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Nomination Opens for Consumers Value Awards

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In a bold step to deepen consumer voice and accountability across both private and public sectors, BrandXchange the organisers of the Consumers Value Awards have announced the official launch of the 5th edition with a groundbreaking theme: “Beyond Satisfaction: Redefining Consumer Value in a New Economy.”

Scheduled to hold on 23rd September 2026, this year’s edition introduces a Consumer & Citizen Value Scorecard, a nationwide voting platform that places the power of evaluation directly in the hands of consumers. Nigerians can nominate their brands through this link: https://consumervalue.vercel.app/nominate

Speaking on the theme, the Convener, Akonte Ekine, noted that the concept of consumer satisfaction is no longer sufficient in today’s economic climate.

“For too long, satisfaction has been the benchmark. But in reality, many consumers who are ‘satisfied’ still feel overcharged, underserved, or unheard. This year, we are going beyond satisfaction to focus on what truly matters—real value. Value in pricing, value in service, and value in trust,” he said.

He further explained that the introduction of the Consumer & Citizen Value Scorecard marks a significant evolution of the Awards into a data-driven, people-powered evaluation system.

“Through this Scorecard, Consumers will not just vote—they will assess. They will tell us which brands deliver fair value and which public institutions are truly serving the people. This is about giving consumers and citizens a structured voice that drives recognition and accountability,” Ekine added.

Unlike traditional award systems driven by panels or jury decisions, the Consumers Value Awards remain strictly based on consumer voting, ensuring that winners emerge from real-life experiences and public perception.

The 2026 edition expands its scope to include public sector institutions, reinforcing the idea that citizens are not only customers of brands but also consumers of government services.

“From banking halls to public hospitals, from telecom services to regulatory agencies, Nigerians interact with systems every day. This initiative ensures that both brands and institutions are held to the same standard—delivering value in a challenging economy,” he stated.

The voting process will measure key indicators such as:

  • Value for money
  • Trust and transparency
  • Service delivery quality
  • Responsiveness to consumer needs
  • Accessibility and inclusiveness

Insights from the voting process will culminate in a Consumer & Citizen Value Index, offering one of the most comprehensive snapshots of consumer sentiment.

The organisers believe the initiative will not only celebrate excellence but also drive improved performance, strengthen consumer trust, and encourage responsible service delivery across sectors.

Voting is expected to commence in June 2026, with nominations open to the general public via www.consumersvalueawards.com.


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IHS Nigeria, Ilorin Innovation Hub Showcase 19 High Growth Startups

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IHS Nigeria, part of the IHS Holding Limited (NYSE: IHS) (“IHS Towers”) group, one of the largest independent owners, operators, and developers of shared communications infrastructure in the world by tower count, has partnered with the Ilorin Innovation Hub to host the maiden edition of its Demo Day at the state-of-the-art facility in Ilorin, Kwara State.

The event, themed “The Convergence,” is designed to spotlight 19 emerging startups that have participated in the Hub’s accelerator and incubation programs, and invite them to pitch their solutions to investors, venture capital funds, corporate partners, and the media.

The Ilorin Innovation Hub, a partnership between the Kwara State Government and IHS Nigeria, began operations in February 2025 with programs managed by Co-creation Hub and Future Africa.

The Demo Day presents an opportunity to take stock and assess how the Ilorin Innovation Hub is helping to nurture and bring to life groundbreaking ideas and solutions supporting economic resilience and addressing real-world societal challenges. The event is expected to help unlock funding opportunities, foster strategic collaborations, and amplify visibility for these startups that are developing solutions across critical sectors including agriculture, health-tech, green energy, lifestyle, and digital services.

Beyond the startup showcase, the Demo Day highlights Kwara State’s continued commitment to driving digital innovation and entrepreneurship, and IHS Nigeria’s commitment to bridging the digital divide and deepening the digital economy in Nigeria.

Mohamad Darwish, CEO, IHS Nigeria, commented, “We believe innovation and digital technology are powerful drivers of economic growth and sustainable development. This is why we partnered with the Kwara State Government on the Ilorin Innovation Hub. It is impressive and very fulfilling to see the diverse portfolio of ideas and solutions showcased today from the hub within a year of the commencement of operations.

This speaks to the depth of creativity among Nigerians and what is possible when they are equipped and supported. Today’s event makes me proud of our investment in the space and underscores IHS Nigeria’s continued commitment to supporting technology, entrepreneurship, and digital innovation in Nigeria.”

Temi Kolawole, Managing Director, Ilorin Innovation Hub, commented, “Today, we showcase 19 startups that have shown that when you combine talent with the right support, the results speak for themselves. The Ilorin Innovation Hub exists to ensure that geography is never a barrier to building something extraordinary, and this Demo Day is proof that we are on the right track.”


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