Data From Europe, China Lift Crude Oil

Image

By Adedapo Adesanya

Crude oil prices recovered earlier losses on Monday after data from China and Europe turned the commodity bullish despite spikes in new coronavirus infections threatening the market.

Brent crude rose 58 cents or 1.41 percent to $41.62 per barrel and the United States West Texas Intermediate crude rose $1.11 or 2.88 percent to $39.60 per barrel.

This gain can be attributed to the recovery of economic sentiment in the eurozone which was intensified in June with improvements across all sectors, the European Commission data showed on Monday. According to the figures, overall sentiment rose to 75.7 points in June from 67.5 points in May.

The index crashed in April to its lowest level since measurements started in 1985 as lockdowns closed large sectors of the economy.

In China, profits at industrial firms rose for the first time in six months in May, suggesting the country’s economic recovery is gaining traction. The world’s biggest importer of crude industrial profits for May were up 6 percent from a year earlier, representing the first increase in 2020, official statistics released showed.

With this, Brent crude is set to end June with a third consecutive monthly gain after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, extended its 9.7 million barrels-per-day (bpd) supply cut agreement into July.

It is also an impressive performance for the US Crude that plunged to the negative territory for the first time in history in April.

But fears of a second wave of the pandemic are keeping prices from going higher. The death toll from COVID-19 surpassed half a million people.

The US leads the world with a COVID-19 case tally of 2.55 million and the death toll of 125,803, more than double the 1.34 million cases and 57,622 deaths recorded in Brazil. Within the US infections have climbed in 32 states over the past 14 days.

Some states in the United States have reimposed restrictions after jumps in cases. California ordered bars to close on Sunday following similar moves in Texas and Florida. Washington state and the city of San Francisco have paused their reopening plans.

Share
Related Stories
Image
05-March-2024

NGX Remains Catalyst for Economic Growth—Chiemeka

By Aduragbemi Omiyale The acting chief executive of the Nigerian Exchange (NGX) Limited, Mr Jude Chiemeka, has described the bourse as a catalyst for economic growth and development. He said this at the listing of 7.5 billion ordinary shares of Transcorp Power Plc at N240 per unit at the exchange on Monday. The energy firm raised the market capitalisation of the trading platform by N1.8 trillion yesterday. According to him, the inclusion of Transcorp Power into the NGX, the first listing of the year, underscored the pivotal role the bourse plays in shaping Nigeria’s economic landscape. He added that NGX

Image
03-March-2024

Dangote Cement’s African Subsidiaries Contribute 41.2% to FY 2023 Sales

By Dipo Olowookere Dangote Cement Plc has revealed that sales from its factories outside Nigeria, its base, improved in the 2023 fiscal year by 12.7 per cent, contributing about 41.2 per cent to its total volume for the period under review, with its Nigerian operations accounting for the rest. In its audited financial statements for the year ended December 31, 2023, filed to the Nigerian Exchange (NGX) Limited, the cement maker said revenue generated from its pan-African operations increased by a record 123.2 percent to N925.9 billion, while EBITDA surged by over four-fold to N263.7 billion. Business Post reports that

Image
04-March-2024

Tinubu Assures Qatari Investors Seamless Repatriation of Funds

By Aduragbemi Omiyale Any investor, especially from Qatar, who wants to invest in the Nigerian economy will not encounter bottlenecks while repatriating their funds, President Bola Tinubu has assured. Due to the foreign exchange (FX) crisis in the country, many companies, particularly foreign airline operators, have had their funds trapped, forcing a few of them, including Emirates, to suspend operations in Nigeria. On Sunday, at the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu said such may never happen again, urging business persons from the Middle East nation not to “miss out on the golden opportunity we present.” “I

Image
05-March-2024

Investors of Unlisted Securities Lose N43bn

By Adedapo Adesanya It was a bad day for investors of unlisted securities in Nigeria as the NASD Over-the-Counter (OTC) Securities Exchange ended the first trading session of the week on a negative note with a 3.11 per cent loss triggered by four stocks on the platform. The culprits were UBN Property Plc, Aradel Holdings Plc, Central Securities Clearing System Plc, and Resourcery Plc. They were under selling pressure during the trading session. This resultantly trimmed N43 billion from the market capitalisation of the bourse to N1.449 trillion from N1.542 trillion, as the NASD Unlisted Security Index (NSI) dropped 35.53

More Stories
Image
28-April-2022

Ways Nigerians Can Profitably Invest in the Financial Market (Legally)

Nigeria has the largest economy and the third most developed financial market in Africa. This impressive record comes with no surprise as the country boasts of one of the world’s strictest and most secure financial systems. While that’s the case, its strictness means the extensive regulation of all participants dealing in its financial markets. At the same time, the financial markets leave endless possibilities open to investors. Aside from forex trading in Nigeria, there are many other legal and well-regulated mediums for investment. Although certain instruments and assets like cryptocurrency are illegal in the country, many legal choices are just

Image
28-November-2019

Reps to Investigate Total Remittances Flows to Nigeria

By Dipo Olowookere The House of Representatives has mandated its committees on Diaspora, Banking and Currency, National Planning and Economic Development to investigate the actual amount of remittances made into the country in the last three years by Nigerians living abroad. At the plenary on Tuesday presided over by Speaker of the House, Mr Femi Gbajabiamila, the lower chamber of the National Assembly also directed the committees to collaborate with Nigerians in the Diaspora Commission, the Central Bank of Nigeria (CBN), Money Transfer Operators and other stakeholders for a comprehensive report, which should be submitted within four weeks for further

Image
22-August-2023

FrieslandCampina, Others Buoy OTC Stock Exchange by 0.76%

By Adedapo Adesanya A 0.76 per cent growth was recorded by the NASD Over-the-Counter (OTC) Securities Exchange on Monday, reversing the loss reported in the preceding trading session. This improvement was buoyed by the rise in the share prices of FrieslandCampina Wamco Plc, Food Concepts Plc, and Industrial and General Insurance (IGI) Plc. FrieslandCampina Wamco Plc appreciated during the session by N2.69 to close at N76.20 per unit versus last Friday’s N73.51 per unit, Food Concepts Plc improved by 9 Kobo to quote at N1.05 per unit compared with 96 Kobo per unit, and IGI Plc boosted its value by

Image
18-October-2023

Mastering Intraday Trading Strategy for Success With Traders Union

Intraday trading is all about quick profits in the fast-paced world of finance. To succeed, you need effective Forex trading strategies. Traders Union (TU) experts are here to help you understand and use the top intraday trading strategies. They’ll share tips on how to spot the right times to enter and exit trades, allowing you to make the most of your opportunities and maximize profits in intraday trading. Mastering intraday trading TU’s analysts explained that intraday trading, also known as day trading, involves buying and selling securities within a single trading day. To begin intraday trading successfully, follow these tips:

Image
04-January-2021

FRSC Identifies Three Major Traffic Violations by Motorists

By Ahmed Rahma The Federal Road Safety Corps (FRSC) has declared that the corps will embark on aggressive enforcement of traffic regulations in 2021 and beyond. This was stated by the Corps Marshal of the FRSC, Mr Boboye Oyeyemi, via a statement issued by the Corps Public Education Officer (CPEO), Assistant Corps Marshal (ACM) Bisi Kazeem on Sunday. The FRSC chief disclosed that this move was sequel to the mass return movements of road users from the end of the year activities, coupled with the review of the operational activities by the FRSC, as part of the end of year

Image
22-August-2019

Tax Default: God is Good Motors Knocks FIRS, Demands Retraction

By Adedapo Adesanya Nigeria’s leading transport franchise, God Is Good Motors (GIGM), has demanded the removal of its name from a published list of tax defaulters by the Federal Inland Revenue Service (FIRS). The firm said it has fully paid documented tax liability as demanded by the services, wondering how it could have defaulted after meeting all obligations. It claimed that no prior demand notices were served on the firm in any of its branches nationwide as required by Sections 32 (d) and 33(1) of the FIRS Establishment Act before publication of its name among defaulters. In a nine-point rejoinder

Image
11-February-2022

NGX Offers Lagos Robust Platform to Fund Strategic Initiatives

By Dipo Olowookere The Nigerian Exchange (NGX) Limited has made its robust trading platform available to the Lagos State government to fund strategic initiatives. The Chief Executive Officer of the exchange, Mr Temi Popoola, while speaking during a meeting with the Governor of Lagos State, Mr Babajide Sanwo-Olu, said the government can take advantage of the different options to raise funds for its projects and programme. When Governor Sanwo-Olu assumed office in 2019, he unveiled a six-strategic development agenda christened THEMES, an acronym for Traffic Management and Transportation, Health and Environment, Education and Technology, Making Lagos a 21st Century Economy,

Image
15-July-2023

Popular Payment Methods for Gambling Business

The iGaming world growth opened the doors for many online casino sites in Australia to offer players fast and secure transactions. Aussies today enjoy numerous methods, from the “old but gold” credit and debit cards to the newest ways—crypto and NFTs. With so many options on the table, it’s important that players distinguish the good and the bad and choose a payment method that is tailored to their needs. That’s why our team created the following list of the most popular payment methods in the online gambling world today. Credit and Debit Cards The most popular payment methods for online

Ad
Ad
Recent Stories
Image
05-March-2024

Ghana’s Central Bank Suspends FX Trading Licence of First Bank

By Aduragbemi Omiyale The foreign exchange (FX) trading licence of FBN Bank Ghana Limited, a subsidiary of FBN Holdings Plc, the parent company of First Bank of Nigeria Limited, has been suspended by the Bank of Ghana. A statement issued on Monday by Ghana’s central bank disclosed that its action was because of the bank’s fraudulent documentation in its forex operations. The country’s banking sector regulator also suspended the FX trading licence of GTBank Ghana Limited, a subsidiary of Nigeria’s GTCO Plc, the parent company of GTBank Limited for the same offence. The notice from the central bank disclosed that

Image
05-March-2024

Binance Exits Nigeria, to Convert Naira Balances to UDST

By Adedapo Adesanya Binance will discontinue all services for Nigeria’s fiat currency, the Naira, following the ongoing regulatory onslaught on the firm by the Nigerian authorities. The crypto exchange will automatically convert Naira balances to US Dollar Tether (USDT) from March 8 but will cease support for deposits after today. Withdrawals will become unsupported after March 8 by 12 noon Nigerian time, a statement sighted by Business Post confirmed. The conversion rate for automatic conversions will be pegged at N1,515.13 to 1 USDT, according to an announcement from the website. Other features, including Binance Convert, Binance P2P, the exchange’s Auto

Image
05-March-2024

Petrol, Electricity Subsidies Will Gulp 3% of Nigeria’s GDP—IMF

By Adedapo Adesanya The International Monetary Fund (IMF) has warned the Nigerian government the payment of subsidies on petrol and electricity could take up to 3 per cent of the country’s gross domestic product (GDP) in 2024. The IMF stated this in a statement released on Monday on the completion of its 2024 Article IV Mission to Nigeria. The lender said that the recent improvements in revenue collection and oil production are encouraging, as “low revenue mobilization constrains the government’s ability to respond to shocks and to promote long-term development.” But it emphasised that, “The capping of fuel pump prices

Image
05-March-2024

Deel Buys 100% Stake in African HR Solution Company PaySpace

By Adedapo Adesanya Global human resources company, Deel, has announced the acquisition of African-based payroll and HR solution company, PaySpace, for an undisclosed amount, in one of its largest acquisitions to date. By acquiring PaySpace, Deel will become the first global payroll and Employer of Record (EOR) with its full-stack payroll engine localized in 50 countries and integrated into its offering. PaySpace’s proprietary technology is a cloud-native framework built as a single engine. Its platform allows for easy configuration to add additional countries through localization. These localization projects normally take years to complete, but with PaySpace’s innovative technology, it can

Image
05-March-2024

Emotions Pour as Dignitaries Eulogise Late Herbert Wigwe

By Adedapo Adesanya  It was an emotional rollercoaster at the tribute event held on Monday night to celebrate the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. Dignitaries from government, corporate organisations, and royalty paid tribute to the late titan who died alongside his wife, son, and a former group chairman of the Nigerian Exchange (NGX) Group Plc, Mr Abimbola Ogunbajo, on February 9 in the United States. The event which was monitored by Business Post was divided into six segments – Young Hebert, the banker, the entrepreneur, the CEO, the builder and the ambassador. These personalities

Image
05-March-2024

Nigeria’s Economic Outlook is Challenging—IMF Declares

By Aduragbemi Omiyale The International Monetary Fund (IMF) has alerted that tough times await Nigerians, though it retained its gross domestic product (GDP) growth forecast for 2024 at 3.2 per cent. In a statement on the conclusion of the IMF Staff 2024 Article IV Mission to Nigeria, the global lender said the administration of President Bola Tinubu “inherited a difficult economic situation marked by low growth, low revenue collection, accelerating inflation, and external imbalances built up over years.” However, it praised the government’s approval of an effective and well-targeted social protection system, including the release of grains, seeds, and fertilizers,

Image
05-March-2024

Banks Involved in 70% of Economic Crimes in Nigeria—EFCC

By Aduragbemi Omiyale Nearly 70 per cent of financial crimes in Nigeria have the involvement of banks, the Economic and Financial Crimes Commission (EFCC) has claimed. “Broadly speaking, banking fraud in Nigeria is both inside and outside related. “The inside related fraud comprises outright selling of customers’ deposits, authorising loan facilities, forgery and several other kinds of unhealthy and criminal practices,” the chairman of EFCC, Mr Ola Olukoyede, said while speaking at the Annual Retreat and General Meeting of the Association of Chief Audit Executives of Banks in Nigeria held in Abuja. The EFCC boss, represented by the agency’s Director

Image
05-March-2024

Nigerian Air Force Airstrikes Hit Two Illegal Refineries in Rivers

By Adedapo Adesanya The Nigerian Air Force component of Operation Delta Safe, through airstrikes destroyed two illegal oil refining sites in Krakama and Temakiri, Degema Local Government Area of Rivers State, in continuation of efforts to stamp out the activities of crude oil thieves and oil pipeline vandals in the country. This was disclosed by the Director of Public Relations and Information, Nigerian Air Force, Mr Edward Gabkwet, an Air Vice Marshal, saying the illegal oil refining sites were observed actively operating with Cotonou boats sighted nearby with the probable intent to illegally siphon crude oil from the sites. Mr

Image
05-March-2024

NGX Remains Catalyst for Economic Growth—Chiemeka

By Aduragbemi Omiyale The acting chief executive of the Nigerian Exchange (NGX) Limited, Mr Jude Chiemeka, has described the bourse as a catalyst for economic growth and development. He said this at the listing of 7.5 billion ordinary shares of Transcorp Power Plc at N240 per unit at the exchange on Monday. The energy firm raised the market capitalisation of the trading platform by N1.8 trillion yesterday. According to him, the inclusion of Transcorp Power into the NGX, the first listing of the year, underscored the pivotal role the bourse plays in shaping Nigeria’s economic landscape. He added that NGX

Image
05-March-2024

Dangote Renames Lagos Refinery Road After Herbert Wigwe

By Modupe Gbadeyanka The road to the Dangote Refinery in the Lekki area of Lagos State has been renamed after the late group chief executive of Access Holdings Plc, Mr Herbert Wigwe. This development was announced on Monday night by the owner of the oil facility, Mr Aliko Dangote, during the Celebrating Herbert Wigwe’s Professional Legacy, who said this gesture was to immortalise his friend. The Nigerian billionaire businessman and the richest black man on earth, in an emotional tribute to the late banker, who died in a helicopter crash in the United States on February 9, 2024, along with