Brent Loses 24% Monday to Trade at $34/b

By Adedapo Adesanya  Angola, one of Africa’s top crude oil producers and a key member of the Organisation of the Petroleum Exporting Countries (OPEC), has officially rejected the proposed production quota for the year 2024 and may even exit the group. This was signalled by Mr Diamantino Pedro Azevedo, Angola’s Minister of Energy and Mineral Resources, confirming the nation’s decision and indicating a divergence from OPEC’s suggested allocations for both member and non-member countries. The announcement was made during the 26th OPEC+ Meeting on Thursday, where the organisation proposed 1.11 million barrels of crude oil per day production quota for

By Adedapo Adesanya The trio of Newrest Asl Plc, FrieslandCampina Wamco Nigeria Plc, and Acorn Petroleum Plc made the NASD Over-the-Counter (OTC) Securities Exchange appreciate by 0.14 per cent on Friday, December 1. The three gainers pressed down the 8 Kobo loss reported by UBN Property Plc, which closed the trading session at N1.52 per unit compared with the preceding day’s value of N1.60 per unit. During the trading day, Newrest Plc gained N1.46 to close at N16.10 per share compared with Thursday’s closing price of N14.64 per share, FrieslandCampina Wamco Plc moved up by 60 Kobo to end the

By Adedapo Adesanya The return of the bears was averted at the NASD Over-the-Counter (OTC) Securities Exchange on Thursday by Central Securities Clearing System (CSCS) Plc, which helped the alternative bourse close marginally higher by 0.03 per cent. This slight growth increased the value of the OTC exchange by N380 million, closing relatively flat at N1.165 trillion, as the NASD Unlisted Security Index (NSI) increased by 0.27 points to end the day at 859.58 points compared with the previous day’s 859.31 points. During the trading day, the value of CSCS Plc went up by 8 Kobo to settle at N17.08

By Bliss Okperan Nigeria recorded an improvement in its trade surplus in the third quarter of 2023, according to data released by the National Bureau of Statistics (NBS), which was analysed by Business Post. The agency disclosed that in the period under review, the total value of exports stood at N10.347 trillion, while imports stood at N8.458 trillion, leaving the total value of trades at N18.802 trillion, 60.78 per cent higher than the N6.435 trillion achieved in the second quarter of 2023. Analysis showed that between July and September 2023, the country, which prides itself as the biggest economy in

By Investors Hub European stocks are turning in a lackluster performance on Friday as earnings proved to be a mixed bag and investors kept an eye on multiple speeches from Fed officials due later today for further insight on inflation and interest rates. While the U.K.?s FTSE 100 Index is down by 0.2 percent, the French CAC 40 Index is just above the unchanged line and the German DAX Index is up by 0.3 percent. Royal Bank of Scotland shares have tumbled despite the bank posting its first annual profit in a decade. Similarly, British Airways owner IAG has moved

By Adedapo Adesanya Late on Monday, the Central Bank of Nigeria (CBN) announced the restoration of the old N200, N500 and N1,000 notes as legal tender until December 31, 2023, as directed by the Supreme Court. This was made known in a statement signed by CBN spokesperson, Mr Isa Abdulmumin. “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been

By Adedapo Adesanya The Independent National Electoral Commission (INEC) has announced the date for the 2023 general elections in the country. INEC Chairman, Mr Mahmood Yakubu, made the announcement on Wednesday during a one-day public hearing on the National Electoral Offences Commission (Establishment) Bill 2021, organised by the Senate Committee on INEC. According to the INEC boss, the 2023 general elections are exactly one year, nine months, two weeks and six days or 660 days from today. The last general polls in Nigeria took place in 2019 and President Muhammadu Buhari was re-elected for another term in office for four

By Adedapo Adesanya The gross earnings of Africa Prudential Plc dropped 7 per cent in the first six months of the year to N1.87 billion from N2.01 billion in the same period of 2019. The company noted in its unaudited financial statements for the half-year ended June 30, 2020, the weak performance came on the premise of the COVID-19 pandemic, which it claimed wiped out as many contributions from its retainer fees, which contributes over 60 per cent of revenues from contracts with customers. According to details contained in the documents, revenue from contract with customers, one of its major

By Dipo Olowookere Transactions on the floor of the Nigerian Stock Exchange (NSE) tucked in Customs Street, Lagos closed bearish on Wednesday. It was observed that the market closed marginally lower at the midweek trading session by 0.07 per cent on the back of sustained profit-taking. Business Post reports that the losses printed by industrial goods (-0.80 per cent), banking (-0.24 per cent) and consumer goods (-0.07 per cent) sectors outweighed the 1.92 per cent growth by the insurance and the 0.20 per cent increase by the energy counters. When trading activities were rounded up for the day, the All-Share

By Investors Hub Asian stocks ended mixed on Wednesday as investors digested a slew of regional data and looked ahead to cues from the U.S. Federal Reserve meeting for any indications on interest rates. Underlying sentiment remained cautious in the wake of falling oil prices, rising bond yields and U.S. President Donald Trump’s tough rhetoric on immigration and North Korea during his first State of the Union address. China’s Shanghai Composite Index dipped 6.50 points or 0.2 percent to 3,481.51 after a government report showed activity in China’s vast manufacturing sector expanded at a slower pace in January. The official

By Dipo Olowookere Lagos State government on Monday flagged off the reconstruction of the Oshodi-International Airport Road, with a pledge to complete the project within the next fifteen months. Governor Akinwunmi Ambode had last month at the quarterly Town Hall Meeting held in Badore area of Ajah announced that the reconstruction of the road, which is a major gateway to the country, would commence in September, and that the construction would facilitate the transformation of the road to a world class standard. Specifically, the design of the project include the reconstruction and expansion of the existing carriage to three-lane Expressway

By Dipo Olowookere For the past weeks now, the Nigerian Stock Exchange (NSE) has witnessed the dominance of bears at the market with new 52-week lows recorded. The situation at the stock market has been very discouraging to investors, who are very worried at the rate the local bourse was bleeding. Last week, the equities market depreciated by 4.59 percent, the heaviest this year, registering 14 price gainers and 55 price losers. However, observers and analysts are predicting that things will get better this week as investors are expected to take advantage of low prices of stocks to add more