Economy
Brent Crude Sheds 4% to $77 Per Barrel on Worrying US, Asia Data
By Adedapo Adesanya
The Brent crude price dropped 4.6 per cent or $3.76 on Thursday to close at $77.42 per barrel as investors worried about global oil demand following weak data from the United States and Asia.
Also, the US West Texas Intermediate (WTI) crude depreciated during the session by 4.9 per cent or $3.76 to finish at $72.90 a barrel after the number of Americans filing new claims for unemployment benefits increased to a three-month high last week.
The weekly jobless claims report from the US Labor Department on Thursday, the most timely data on the country’s economic health, also showed unemployment rolls expanding to levels last seen two years ago.
The labour market is slowing as higher interest rates curb demand, consistent with slowing economic activity. This development suggests that labour market conditions continued to ease.
The report came after other data that showed US retail sales fell for the first time in seven months in October as motor vehicle purchases and spending on hobbies dropped.
Retail sales slipped 0.1 per cent last month, the US Commerce Department’s Census Bureau said after data for September was revised higher to show sales increasing 0.9 per cent instead of the previously reported 0.7 per cent rise.
This pointed to slowing demand at the start of the fourth quarter that further strengthened expectations the country’s Federal Reserve is done hiking interest rates.
Meanwhile, an expected slowdown in Chinese oil refinery throughput also gave investors pause. Runs eased in October from the previous month’s highs as industrial fuel demand weakened and refining margins narrowed.
Still, Chinese economic activity rallied in October as industrial output increased at a faster pace and retail sales growth beat expectations.
Also, the Organisation of the Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) have both predicted supply tightness in the fourth quarter, but US data on Wednesday showed inventories were abundant.
As the Israel-Hamas conflict appeared to be escalating in Gaza, US officials on Wednesday said they would enforce oil sanctions against Iran, which has long been a backer of Hamas.
This comes amidst US lawmakers debating several pieces of legislation to pressure Iran after the October 7 attacks on Israel by Hamas that killed at least 1,400 people, mostly civilians.
Hamas has long been backed by Iran, but the country has denied any involvement in the attacks.
Earlier this month, the US House of Representatives passed a bill to bolster sanctions on Iranian oil.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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