Economy
Oil Market Down 2% as Weak US Jobs Data Outweighs OPEC+ Delay
By Adedapo Adesanya
The oil market went down by 2 per cent on Friday on the back of a big weekly loss after data from US jobs, with Brent crude declining by $1.63 or 2.24 per cent to $71.06 a barrel and the US West Texas Intermediate (WTI) crude losing $1.48 or 2.14 per cent to trade at $67.67 per barrel.
The data was weaker than expected in August, which outweighed price support from a delay in supply increases by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+).
For the week, Brent declined by 10 per cent while WTI dropped by around 8 per cent.
US government data showed employment increased less than expected in August, but a drop in the jobless rate to 4.2 per cent suggested an orderly labour market slowdown.
This may not warrant a big interest rate cut from the Federal Reserve this month with analysts noting that the jobs report was a little soft and implied that the largest oil-producing economy is on the slide.
Concerns around Chinese demand also kept pressuring oil prices.
Underwhelming demand this year has lowered oil refining output as independent Chinese refiners are particularly sensitive to low margins and prefer to reduce refinery throughput when margins and demand are weak.
In the wider Asian market, refining margins across Asia fell this week to their lowest level for this time of year since 2020, which could lead to more curbs on run rates at Asian refiners, including in China.
As fuel supplies are growing after demand peaked for the summer, margins are now at their lowest in four years.
Sinopec, the largest refiner in Asia, confirmed market concerns about weak fuel demand in China when it reported first-half earnings last month.
Analysts predict additional reductions in refining utilisation in the future due to declining profits and an increase in fuel supply in the face of declining demand, which is concerning for oil demand in Asia, the world’s largest growing market.
Meanwhile, US crude stockpiles fell by 6.9 million barrels to 418.3 million barrels last week.
Prices this week were also influenced by indications that the opposing factions in Libya might be getting closer to reaching a settlement to end the conflict that has stopped the nation’s crude shipments. While most exports were still prohibited, limited loadings from storage were allowed.
The number of active oil rigs in the US, an early predictor of future production, stayed at 483 this week, according to energy services company Baker Hughes.
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.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism10 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn