Economy
Market Optimism Wanes as Oil Sheds Earlier Gains
By Adedapo Adesanya
Crude oil prices fell for the second day in a row on Thursday, shedding the gains recorded earlier in the day after market optimism waned.
The Brent crude, which had risen above $30 earlier in the day, later lost 27 cents or 0.91 percent to sell at $29.44 per barrel, while the US West Texas Intermediate (WTI) crude fell by 2.04 percent or 45 cents to trade at $23.54 per barrel.
Prices had spent much of the session facing north as a result of Saudi Arabia’s decision to lift prices to help stabilize the market already experiencing a glut.
Saudi Arabia’s oil giant, Aramco, raised the price for all its crude oil grades to all regions for June.
According to the new development, its flagship Arab Light crude grade will be sold in Asia next month at a $5.90 a barrel discount to the Oman/Dubai average. This is a rise by $1.40 a barrel from May.
Another information that had helped the market earlier in the day was the slow rise in crude inventory in the United States. Latest stockpiles grew by 4.6 million barrels, which was smaller than the 8.67 million barrels build analysts had been expecting.
Some signs of easing tensions between China and the US in a renewed spat may have contributed to oil’s earlier gains.
On Thursday, there were reports that the US trade negotiator, Mr Robert Lighthizer, and his Chinese counterpart, Mr Liu He, were scheduled to have a call to discuss progress on a phase-one trade deal between the countries that had looked to be disrupted by President Donald Trump.
However, these have all proven to be short term helpers as the problem of plunge in demand and oversupply still exist.
Demand for crude oil has fallen by 30 million barrels per day as “stay-at-home” orders from governments all over the world have brought non-essential travel to slow down the economies.
At the same time, the world’s largest oil producers have begun cutting production on May 1 but the major problem that accumulated before the cut began continue to affect the market.
In latest figures, a substantial glut of crude remains, with supplies from the Middle East soaring to their highest level since at least January 2017 in April.
Saudi Arabia, Iraq, Kuwait and the United Arab Emirates (UAE), which account for about 70 percent of OPEC’s production, shipped a combined average of 18.9 million barrels a day of crude and condensate in April, 2 million barrels a day more than revised March levels.
Even as OPEC countries have started taking off 9.7 million barrels daily off production, there have been reports that smaller members like Kazakhstan, may struggle to cut output, raising fears that they are not compliant with the agreement.
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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