By Adedapo Adesanya

Crude oil continued to slide as moves by the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) to expedite its output hikes stoked fears about rising global supply at a time when the demand outlook is uncertain.

The price of Brent crude closed at $60.23 a barrel during the session after it shed $1.06 or 1.7 per cent, while the US West Texas Intermediate (WTI) crude ended at $57.13 a barrel after declining by $1.16 or  2 per cent.

On Saturday, OPEC+ agreed to further speed up oil production hikes for a second consecutive month, raising output by 411,000 barrels per day in June.

The June increase by eight participants in the OPEC+ group will take the total combined hikes for April, May and June to 960,000 barrels per day, representing a 44 per cent unwinding of the 2.2 million barrels per day of various cuts agreed on since 2022.

Reuters also reported that the group could fully unwind its voluntary cuts by the end of October if members do not improve compliance with their production quotas.

The market has faced heavy downturn since last week after Saudi Arabia signaled it could cope with a prolonged lower price environment, a decision that offset optimism on the demand side that US-China tariff talks could happen.

Reuters reported that the production increase is as much about challenging US shale supply as it is to penalize members that have benefited from higher prices while flouting their production limits.

Saudi Arabia is believed to be pushing OPEC+ to speed up the unwinding of earlier output cuts to punish fellow members Iraq and Kazakhstan for poor compliance with their production quotas.

Market analysts including ING and Barclays have also lowered their Brent crude forecasts following the OPEC+ decision.

Barclays reduced its Brent forecast by $4 to $66 a barrel for 2025 and by $2 to $60 for 2026, while ING expects Brent to average $65 this year, down from $70 previously.

Standard Chartered has also cut its 2025 forecast by $16 per barrel to $61 per barrel and its 2026 forecast by $7 per barrel to USD 78per barrel . The bank contends that the Donald Trump administration will have a hard time convincing the markets that its tariff-based policies are not recessionary.

By Dipo Olowookere

The bulls extended their stay on the floor of the Nigerian Exchange (NGX) Limited for another day with a 0.62 per cent growth on Monday.

This was influenced by the price appreciation recorded by 35 stocks, overpowering the impact of the 29 depreciating stocks during the session, reflecting a positive market breadth index and strong investor sentiment.

Beta Glass gained 9.97 per cent to sell at N120.75, The Initiates appreciated by 9.90 per cent to N5.44, Cadbury Nigeria leapt by 9.87 per cent to N35.05, Caverton improved by 9.77 per cent to N2.92, and Multiverse gained 9.45 per cent to quote at N6.95.

On the flip side, Ecobank declined by 9.62 per cent to N23.50, Meyer lost 6.70 per cent to settle at N8.35, Custodian Investment tumbled by 4.72 per cent to N17.15, Mutual Benefits went down by 4.49 per cent to 85 Kobo, and Access Holdings depreciated by 3.88 per cent to N21.05.

Business Post reports that the strong appetite for local equities suppressed the profit-taking in the banking space yesterday as its index closed lower by 1.62 per cent.

However, the consumer goods counter rose by 2.90 per cent, the insurance index gained 2.69 per cent, the energy sector jumped by 2.58 per cent, the commodity industry advanced by 1.59 per cent, and the industrial goods counter chalked up 0.07 per cent.

As a result, the All-Share Index (ASI) was up by 655.93 points to close at 106,698.50 points compared with the preceding session’s 106,042.57 points and the market capitalisation increased by N412 billion to settle at N67.060 trillion versus last Friday’s N66.648 trillion.

Investors bought and sold 569.0 million shares valued at N18.9 billion in 18,612 deals, in contrast to the 565.3 million shares worth N15.0 billion traded in 18,367 deals in the previous session, indicating an improvement in the trading volume, value, and number of deals by 0.66 per cent, 26.00 per cent, and 1.33 per cent, respectively.

First HoldCo dominated the activity chart with the sale of 106.0 million equities for N2.6 billion, GTCO traded 87.2 million stocks worth N5.6 billion, Access Holdings exchanged 42.9 million shares valued at N919.3 million, Japaul transacted 41.3 million stocks for N80.6 million, and Chams sold 23.6 million equities valued at N48.8 million.

By Aduragbemi Omiyale

Africa’s richest man, Mr Aliko Dangote, has taken a significant step to reduce the annual sugar import bill of Ghana by $162 million with the establishment of a sugar refinery in the country.

The sugar milling project is to be sited in Kwame-Danso, Bono Region under the West African nation’s ambitious One District, One Factory (1D1F) initiative.

All the required permits as well as land for the massive project have been secured and the next step should be the commencement of the factory, according to Mr Dangote in a post on a LinkedIn.

Business Post reports that the Dangote Sugar Refinery Ghana will have the capacity to crush 12,000 tonnes of sugarcane daily, and an irrigation infrastructure spanning 25,000 hectares of farmland, with production lines for sugar, molasses, and ethanol.

“We’re thrilled to announce the launch of a major agro-industrial project in Kwame-Danso, Bono Region: Dangote Sugar Refinery,” the Nigerian businessman said, describing the venture as “a new chapter” in Ghana’s economic journey.

“With land secured and necessary permits obtained, we’re moving forward with the support of Ghana’s ‘One District, One Factory’ initiative.

“This project tackles Ghana’s $162 million sugar import bill while fostering a sustainable, homegrown solution.

“At Dangote, we envision more than just a factory. We see a catalyst for economic independence, job creation, and transformative impact across Africa. Join us in shaping the continent’s future,” he stated.

When completed, the project is expected to boost the revenue of Dangote Sugar Refinery Plc, an entity listed on the Nigerian Exchange (NGX) Limited.

Recall that in the 2024 financial year, the sugar refiner grew its turnover by 51 per cent to N665.6 billion from N441.5 billion a year earlier, with the earnings per share (EPS) rising to N15.80 from N6.00 in 2023.

Mr Dangote has consistently assured the company would build a sustainable business, target the production of 1.5 million metric tonnes of refined sugar annually and at the same time generate over 75,000 employment opportunities in its value chain.

Also, the chief executive of Dangote Sugar, Ravindra Singh Singhvi, reiterated the company’s goal of achieving self-sufficiency in sugar production for Nigeria, with a target of producing 700,000 tonnes of sugar locally within the next five years.