Economy
News of Another COVID-19 Vaccine Lifts Oil Prices
By Adedapo Adesanya
The new week saw prices of crude oil opening in the upward territory on Monday, November 23 as the eventuality of another coronavirus vaccination improved demand outlook for the commodity.
Rising to their strongest level since early September, the Brent crude gained 85 cents or 1.89 per cent to trade at $45.82 per barrel, while the West Texas Intermediate (WTI) crude futures moved up by 1.01 per cent or 43 cents to trade at $42.85 per barrel.
AstraZeneca Plc became the latest company to report a vaccine that protects most people from coronavirus. It was disclosed that vaccinations will hopefully start as soon as December 11 or 12.
It was reported that the vaccine stopped an average of 70 per cent of participants from falling ill. The effectiveness rose to 90 per cent for one of two regimens, using half a dose followed by a full one later, close to the high bar set by Pfizer Inc. and Moderna Inc.
Astra and Oxford officials said they’re preparing to submit the findings to regulators and don’t expect the different outcomes in the study to affect the process.
Despite the apparently lower efficacy than shots from Pfizer and Moderna, which each prevented by about 95 per cent of cases, the British vaccine has some advantages. Their shot can be kept at refrigerator temperatures, while those from Pfizer and Moderna require freezing for longer-term storage and transport. That would make Astra’s easier to deploy globally, particularly in lower and middle-income countries. It also comes at a lower cost.
Crude has now jumped around 20 per cent this month as pharmaceutical companies make rapid progress on vaccines. Optimism that relief from the pandemic is in sight has seen the market look past surging infections and more lockdown measures.
Equally lifting the market were expectations that the Organisation of the Petroleum Exporting Countries (OPEC) and its allies known as OPEC+ might extend a deal to restrain output.
The recent spike in coronavirus cases has been touted as a likely catalyst that will prompt the OPEC+ alliance to roll over the current 7.7 million barrels per day production cuts into 2021, instead of easing them by 2 million barrels per day from January.
The market is banking on an extension of the current OPEC+ cuts of three months through the end of the first quarter of 2021, and the group is reportedly also leaning toward such an extension. This is subject to a meeting set for next week Monday and Tuesday, (November 30 – December 1).
Another development that helped the market yesterday was the claims by Houthi rebels in Yemen in a statement that they struck a Saudi Arabia’s national oil company, Aramco fuel distribution centre in Jeddah on the kingdom’s west coast with a missile.
Although Aramco’s main oil facilities are in the east, a possible disruption to oil production can trigger price movement.
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.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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