Crude Oil Soars Over 2% as OPEC Mulls Deeper Cuts

By Adedapo Adesanya The duo of Aradel Holdings Plc and 11 Plc landed the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.84 per cent on Monday, November 27. The two energy stocks overpowered losses posted by two other securities admitted to the alternative stock exchange, leaving the NASD Unlisted Security Index (NSI) closing higher by 7.22 points to 864.51 basis points from 857/29 points, as the market capitalisation of the exchange increased by N9.78 billion to N1.171 trillion from N1.162 trillion. Aradel Holdings Plc saw its share price continue to soar as it rose by N28.80 to

By Adedapo Adesanya The Naira appreciated against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, November 27 as expectations of renewed confidence that the Central Bank of Nigeria (CBN) would offer stability to the market. Before the market closed, there were indications that the CBN Governor, Mr Olayemi Cardoso, would share his plans for the Nigerian economy at a dinner for bankers in Lagos and this boosted a fresh hope, considering he had not offered a direction prior then. In the official market, the domestic currency gained N161.44 or 16.9 per cent against the Dollar

By Adedapo Adesanya Brent crude benchmark dipped below $80 a barrel on Monday, precisely losing 60 cents of 0.7 per cent to trade at $79.98 a barrel as investors await this week’s meeting of the Organisation of the Petroleum Exporting Countries and their allies (OPEC+). The group is anticipated to maintain its ceiling on crude oil production by member countries into 2024. This affected the oil market, with the West Texas Intermediate (WTI) crude futures declining yesterday by 68 cents or 0.9 per cent to trade at $74.86 per barrel. Last week, the 23-man OPEC+ postponed its Sunday ministerial meeting

By Adedapo Adesanya The prices of oil benchmarks jumped by 2 per cent on Tuesday on the fresh possibility that the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) will extend or deepen supply cuts. Data showed that Brent crude futures gained $1.70 or 2.1 per cent to close at $81.68 a barrel and the US West Texas Intermediate (WTI) crude increased by $1.55 or 2.1 per cent to $76.41 per barrel after a drop in Kazakh oil output and a weaker US Dollar. OPEC+ is due to hold an online ministerial meeting on Thursday to discuss 2024

By Dipo Olowookere A total of 30 stocks appreciated in price on the floor of the Nigerian Exchange (NGX) Limited on Thursday as investors sustained their interest in the local equities. The price gainers were led by Guinness Nigeria after its share price rose by 10.00 per cent yesterday to settle at N55.00, while Total Energies grew by 9.92 per cent to N264.90. UPDC appreciated by 9.90 per cent to N1.11, RT Briscoe improved by 9.09 per cent to 36 kobo, while University Press gained 8.16 per cent to sell for N2.65. On the losers’ log, there were nine members

By Adedapo Adesanya Oil fell to the lowest level in a week as the U.S.-China trade war escalated against the backdrop of swelling American crude inventories. On Thursday, the Brent Crude still traded below the $60 as the futures depreciated by $1.21 or 2.03 percent to sell for $58.27 per barrel, while the West Texas Intermediate (WTI) crude saw a decline of 63 Cent, equivalent to 1.14 percent to trade at $54.60. In the latest episode of the dispute between the world’s biggest economies, the Chinese government said it “has no choice but to take necessary measures to retaliate” against

By Dipo Olowookere In order to help private healthcare providers in Nigeria deliver access to affordable healthcare services to citizens, Access Bank and GE Healthcare have agreed to work together. Through the partnership, the two organisations will provide sustainable healthcare equipment financing to the private healthcare providers. It was gathered that borrowers will be able to secure loans of up to $800,000 negotiable, based on the customer requirement, with Access Bank providing access to loans for eligible healthcare providers, while GE Healthcare will support the program through provision of GE healthcare equipment and technical support. The equipment under the partnership

By Modupe Gbadeyanka The candidate of the Labour Party in the governorship election in Abia State, Mr Alex Otti, has been declared as the winner of the exercise by the Independent National Electoral Commission (INEC). The former banker polled a total of 175,467 votes to defeat his closest rival in the poll, Mr Okey Ahiwe of the Peoples Democratic Party (PDP), who garnered 88,529 votes. The Abia State governorship election was earlier declared inconclusive by the electoral umpire due to issues arising from over-voting. The collation centre had to be moved to Abuja from Umuahia, the state capital. The governor-elect,

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange could not keep up with the gains it printed on Wednesday as it closed flat on Thursday, January 16, 2020. It was observed that the market recorded low trading activity, leaving the market capitalisation unchanged at N504.79 billion, and the NASD Unlisted Securities Index (NSI) at 702.62 points. During the session, investors transacted a total of 470 shares compared with the 768,050 units exchanged at the previous session, indicating a decline by 99.9 percent or 767,580 units. Also, the total value of securities exchanged on Thursday reduced by 99.4 percent or

By Ashemiriogwa Emmanuel Following a very impressive first-half performance, the NASD Over-the-Counter (OTC) Securities Exchange is set for an active second half of 2021. In this half of the year, there are plans to commence the NASD Investor Protection Fund (IPF), among other implementations to further strengthen the unlisted securities bourse. The Managing Director and Chief Executive Officer (CEO) of NASD, Mr Bola Ajomale, while speaking at a webinar held last Friday, which was monitored by Business Post, stated that the IPF scheme is to compensate investors with genuine claims of pecuniary loss resulting from insolvency, bankruptcy or negligence of

By Okechukwu Keshi Ukegbu On May 29, powers will change hands in almost all the South East states as brand new governors will take over leadership. One laudable project the outgoing governors failed to fine-tune and set it rolling is the south east regional integration project. Whatever reason led to the ability or failure of the governors to achieve this laudable project should not bother this. But it is largely blamed on party differences. Precisely in 2017, the governors came up with this initiative to forge a very strong and reliable regional integration. Unfortunately, since then, nothing serious has come

By Modupe Gbadeyanka For the first time in weeks, the Nigerian Stock Exchange (NSE) closed positive in two straight trading sessions last Thursday and Friday, guiding the market to a 0.39 percent weekly gain. This week, the market will be welcoming a new convert, Airtel Africa, and there are expectations that the company should bring along the goodies its rival, MTN Nigeria, brought to the market when it listed on May 16, 2019. For analysts at Meristem Research, investors should monitor these four stocks because they could fetch holders cool yields at the end of the day. In their weekly