Economy
Oil Market Falls in First 2024 Session on Interest Rates Worry, Red Sea Tensions
By Adedapo Adesanya
The oil market depreciated in the first session of 2024 over interest rate worries amid concerns about tensions in the Red Sea expected to disrupt supplies.
Yesterday, Brent crude was down by $1.16 or 1.5 per cent to $75.88 a barrel and the US West Texas Intermediate (WTI) crude shrank by $1.22 or 1.7 per cent to $70.43 a barrel.
It was observed that trices were largely pressured by investors’ tempered expectations about interest rate cuts. They are betting that the US Federal Reserve could cut rates by as much as 1.5 per cent by the end of 2024, but that would still leave policy rates at close to 4 per cent, higher than where it has been for most of the past two decades.
At that level, monetary policy will still tell on growth, as it would be above the so-called neutral rate at which the economy neither expands nor contracts.
Also pressuring oil was the strengthening of the US Dollar on the first trading day of the year, supported by higher US yields.
The Dollar index, which measures the US currency against six counterparts, rose by 0.799 per cent, on track for its biggest daily percentage gain since October.
This is as it fell 2 per cent in 2023, snapping two years of gains due to investor expectations that the US Federal Reserve will cut rates significantly this year while the economy remains resilient.
Attacks on vessels in the Red Sea by Houthi rebels continued over the weekend, and analysts warned that the oil market will move higher only if shots are fired.
The world’s second-largest container line Moller-Maersk halted transit through the Red Sea less than a week after it had decided to resume navigation, with its Maersk Hangzhou tanker coming under attack by Houthi militias.
There was also the arrival of an Iranian warship on Monday.
In China, the world’s largest oil importer, investor expectations of economic stimulus measures rose after manufacturing activity shrank in December for a third month, government data showed on Sunday.
It is widely expected that such a stimulus could boost oil demand and support crude prices.
The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will hold a Joint Ministerial Monitoring Committee (JMMC) meeting sometime in early February.
OPEC+ typically holds JMMC meetings every other month, although volatile market conditions and member unrest have sometimes prompted the group to schedule meetings outside the every-other-month schedule.
OPEC+ members collectively decided to voluntarily cut 2.2 million barrels per day from the group’s production this quarter, although much of that was production cuts that were already in effect, including Saudi Arabia’s 1 million barrels per day voluntary cut.
While many OPEC+ members voluntarily agreed to cut their crude oil production. However, Angola raised worry about what it was asked to produce and decided to quit its membership in OPEC, citing the lack of benefits.
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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