Economy
Brent Nears $56 as Demand Jumps
By Adedapo Adesanya
Brent crude witnessed a gain of more than 2 per cent on Friday, specifically rising by 2.96 per cent or $1.61 to trade at $55.99 per barrel.
The appreciation in the price of the international crude benchmark was majorly influenced by the voluntary cut in supply by Saudi Arabia, spurring an increase in demand.
During the session, the situation caused the price of the United States benchmark futures, West Texas Intermediate (WTI) crude, appreciated by 2.77 per cent or $1.41 to $52.24 a barrel.
Through the week, both benchmarks recorded weekly gains of more than 6 per cent in what seems like one of the best weeks for oil prices.
A commitment by Saudi Arabia to cut back production has helped restore the shaky market balance despite the concerns about shut-ins from COVID-19.
Earlier this week, Saudi Arabia pledged extra, voluntary oil output cuts of 1 million barrels per day in February and March as part of a deal under which most producers in the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will hold production steady during new lockdowns.
This decision allowed market participants to widen their positions on firm spot demand.
Analysts, however, noted that prices could see a correction in the coming months if fuel demand remains constrained by the pandemic. Restrictions on travel and other activity around the world to contain a surge in COVID-19 cases are weighing on fuel sales, weakening the prospect of an energy demand recovery in the first half of 2021.
A resurgence of cases among global economies is threatening to further encroach on the recent bull with the US recording its highest death toll yet this week, killing more than 4,000 people in a single day.
China also reported the biggest rise in daily cases in more than five months and Japan is considered extending a state of emergency in its capital.
Despite this, more vaccination news helped the market as the United Kingdom approved a third coronavirus vaccine after its Pfizer/BioNTech and Oxford/AstraZeneca jabs had been approved. The UK became the first western nation to license a vaccine against COVID-19.
The UK government has agreed to buy 10 million more doses of the Moderna vaccine to add to the 7 million it had already ordered, after the Medicines and Healthcare products Regulatory Agency (MHRA) authorised it on Friday.
It was also a week that saw the Energy Information Administration (EIA) reported a decline in US crude inventories.
Stockpiles fell by 8 million barrels in the week to January 1 to 485.5 million barrels, their biggest decline since August, exceeding analysts’ expectations for a 2.1 million-barrel drop.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
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