Economy

Brent Drops Below $70 as Weak Data Dampens Market

Published

5 years ago

17/08/2021

By Adedapo Adesanya

Crude prices on Monday went bearish as official data showed that economic activity slowed in China, indicating that COVID-19 outbreaks are crimping the world’s second-largest economy.

This development dragged the price of the Brent crude oil futures down by 96 cents or 1.35 per cent to $69.63 per barrel and weakened the United States West Texas Intermediate (WTI) crude oil futures by $1.05 or 1.53 per cent to $67.39 per barrel.

Official data from China on retail sales, industrial production and urban investment is expected to show that a recent tightening of coronavirus restrictions prompted declines in activity in the world’s second-biggest economy in July.

Chinese factory output and retail sales growth slowed sharply in July, missing expectations, as flooding and fresh outbreaks of COVID-19 disrupted business activity.

This is further compounded by the Chinese government-imposed restrictions on mobility to counter the spread of the Delta variant raising worries about a recovery in fuel demand.

Authorities have suspended public transportation services and flights, which has already started to dent fuel demand in recent days.

Further worsening the case, crude oil processing in China, the world’s biggest oil importer, last month also fell to its lowest level on a daily basis since May 2020 as independent refiners cut production in the face of tighter quotas, elevated inventories and falling profits.

In Japan, the world’s fourth-biggest importer of crude oil, many analysts expect modest economic growth in the current quarter as a state of renewed emergency restrictions to deal with record cases of infections weigh on household spending.

In the US, doubts about the speed of economic recovery were also heightened after consumer sentiment dropped sharply in early August to its lowest in a decade, according to a survey.

Analysts noted that the economy’s performance will be diminished over the next several months, but the extraordinary surge in negative economic assessments also reflects an emotional response, mainly from dashed hopes that the pandemic would soon end.

The outlook market in the past few days has been largely negative with the International Energy Agency (IEA) last week pointing out that rising demand for crude oil reversed course in July.

The Paris-based agency noted that it was expected to increase at a slower rate over the rest of 2021 because of surging COVID-19 infections from the Delta variant.

Economy

NGX RegCo Fines Stockbroker for Unauthorised Sale of Clients’ Securities

Published

22 minutes ago

10/04/2026

Dipo Olowookere

**Revokes Trading Licences of LMB, Platinum Stockbrokers

By Aduragbemi Omiyale

A stockbroking company, Premium Capital and Stockbrokers Limited, has been fined N5 million for engaging in “unauthorised sale of its clients’ securities.”

A circular issued by the Nigerian Exchange (NGX) Regulation Limited disclosed that the trading licence of the organisation has also been revoked.

In the notice signed by the Head of Market Regulation for NGX RegCo, Chinedu Akamaka, Premium Capital violated Rule 11.9 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules), which focuses on the Prohibition of Unauthorised Sale of Securities.

Business Post reports that Premium Capital was not the only stockbroker that had its trading licence withdrawn, as it also affected others.

The licence of LMB Stockbrokers Limited was revoked by NGX RegCo for prolonged inactivity, which falls contrary to Rule 6.4: Revocation of Inactive Dealing Members’ Licences, Rulebook of The Exchange, 2015 (Dealing Members’ Rules), as amended.

The same also affected Platinum Stockbrokers Limited, which has not witnessed activity on the floor of the NGX Limited for a while.

Similarly, the authorised dealing clerkship of Mr Bernard Oluwole Ilori, was taken back with immediate effect in alignment with an earlier determination by the Securities and Exchange Commission’s (SEC) Administrative Proceedings Committee (APC), which arose from his involvement in regulatory infractions connected to Mutual Alliance Investment and Securities Limited and resulted in his 10-year ban from the Nigerian capital market since March 25, 2021.

Investors have been “strongly advised not to engage in any activity with the firms” whose trading licenses have been revoked.

Economy

NGX RegCo Delists Shares of DN Tyre, Greif Nigeria

Published

2 hours ago

10/04/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

The securities of DN Tyre and Rubber Plc, and Greif Nigeria Plc have been delisted by the regulatory arm of the Nigerian Exchange (NGX) Group Plc, NGX Regulation Limited.

A statement signed by the Head of the Issuer Regulation Department of NGX RegCo, Mr Godstime Iwenekhai, said the delisting became effective on Thursday, April 9, 2026.

In the notice issued yesterday, it was further disclosed that the action complied with the provisions of Clause 14 of the Amended Form of General Undertaking, for Listing on Nigerian Exchange Limited General Undertaking.

According to this clause, “The exchange reserves the right to, at its sole and absolute discretion, suspend trading in any listed securities of the Issuer, delist such securities, or remove the name of the issuer (listed company) from the daily official list of the exchange with or without prior notice to the issuer, upon failure of the issuer to comply with any one or more of the provisions of this General Undertaking, or when in its sole discretion, the exchange determines that such suspension of trading or delisting is in the public interest, or otherwise warranted.”

It was explained that the shares of the two firms were delisted because they fell below the listing standards.

“The securities of DN Tyre and Rubber Plc and Greif Nigeria have been delisted from the facilities of Nigerian Exchange Limited (NGX) effective Thursday, April 9, 2026, on the grounds that the companies are operating below the listing standards of NGX and their securities are no longer considered suitable for continued listing and trading in the market,” the disclosure noted.

Economy

OTC Securities Exchange Down 0.95%

Published

3 hours ago

10/04/2026

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange declined by 0.95 per cent on Thursday, April 9, plunging the Unlisted Security Index (NSI) by 37.41 points to 3,893.50 points from 3,930.91 points.

In the same vein, the market capitalisation lost N22.38 billion during the session to N2.329 trillion from the N2.351 trillion it ended at midweek.

The OTC securities exchange was under selling pressure yesterday, resulting in a negative market breadth index after three securities lost weight and one gained weight.

Central Securities Clearing System (CSCS) Plc led the losers’ table after it shed N3.74 to sell at N64.21 per unit versus N67.95 per unit. Food Concepts Plc went down by 19 Kobo to N2.68 per share from N2.87 per share, and Free Range Farms Plc dropped 10 Kobo to settle at 90 Kobo per unit versus N1.00 per unit.

On the flip side, MRS Oil gained N5 to close at N165.00 per share compared with the preceding day’s N160.00 per share.

At the trading session, there was a 23.5 per cent jump in the value of securities to N40.4 million from N32.7 million, but the volume of securities fell by 81.9 per cent to 1.04 million units from 5.7 million units, and the number of deals went down by 29.7 per cent to 26 deals from the preceding session’s 37 deals.

At the close of transactions, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis with 3.4 billion units valued at N8.4 billion, followed by CSCS Plc with 57.5 million units exchanged for N3.9 billion, and Okitipupa Plc with 27.5 million units traded for N1.8 billion.

Also, GNI Plc ended the trading day as the most traded stock by volume on a year-to-date basis with the sale of 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units worth N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units sold for N1.2 billion.