By Adedapo Adesanya

crude oil prices were up by around 3 per cent on Thursday following a breakthrough in looming trade talks between the US and China, the world’s two largest oil consumers.

Brent crude futures gained $1.72 or 2.8 per cent to trade at $62.84 a barrel and the US West Texas Intermediate (WTI) crude futures rose by $1.84 or 3.2 per cent to finish at $59.91 per barrel.

The US Treasury Secretary, Scott Bessent, will meet with China’s top economic official in Switzerland on May 10 for negotiations over a trade war disrupting the global economy.

Optimism around those talks was providing support to the market just as President Donald Trump on Thursday unveiled the broad outline of a trade agreement with the United Kingdom.

The deal is the first by the US with a country whose imports were subject to new tariffs imposed by Trump in early April.

The trade deal leaves in place a 10 per cent tariff on goods imported from the UK while Britain agreed to lower its tariffs to 1.8 per cent from 5.1 per cent and provide greater access to US goods.

He said that the deal includes “billions of dollars of increased market access for American exports,” and that the UK will “reduce or eliminate numerous nontariff barriers that unfairly discriminated against American products.”

On the supply front, the Organisation of the Petroleum Exporting Countries and its allies in OPEC+ will increase its oil output, pressuring prices.

According to Reuters, OPEC oil output edged lower in April despite a scheduled output hike taking effect, led by a cut in Venezuelan supply on renewed US attempts to curb the flows and smaller drops in Iraq and Libya.

Market analysts warned that a US-Iran nuclear deal could drive Brent prices down toward $50 per barrel on increased global supply, but without a deal prices could rise to over $70.

US sanctions on two small Chinese refiners for buying Iranian oil have created difficulties receiving crude and led them to sell product under other names.

This is evidence of the disruption that the US stepped-up pressure is inflicting on Iran’s biggest oil buyer.

Five independent refineries in the Shandong province stopped buying Iranian crude in April for fear of being next on the list of sanctions.

By Dipo Olowookere

For the fourth consecutive trading session this week, the Nigerian Exchange (NGX) Limited ended in green territory with a 0.35 per cent growth on Thursday.

The bulls tigthened their grip on Customs Street yesterday as a result of sustained buying pressure, with investor sentiment remaining strong after the bourse ended with 38 price gainers and 21 price losers, implying a positive market breadth index.

Chellarams and Beta Glass gained 10.00 per cent each to settle at N9.46 and N160.65 apiece, International Energy Insurance appreciated by 9.93 per cent to N1.66, May and Baker rose by 9.78 per cent to N10.10, and Academy Press improved by 9.78 per cent to N3.93.

On the flip side, Abbey Mortgage Bank lost 10.00 per cent to quote at N7.47, Livestock Feeds declined by 9.77 per cent to N7.85, Legend Internet shed 8.50 per cent to finish at N9.15, Deap Capital shrank by 6.48 per cent to N1.01, and VFD Group tumbled by 5.88 per cent to N16.00.

A total of 554.1 million equities worth N14.4 billion exchanged hands in 16,704 deals yesterday compared with the 587.5 million equities valued at N18.7 billion transacted in 17,496 deals at midweek, indicating a shortfall in the trading volume, value, and number of deals by 5.69 per cent, 24.00 per cent, and 4.53 per cent, respectively.

Fidelity Bank topped the activity chart with 69.8 million shares sold for N1.4 billion, Access Holdings transacted 65.8 million stocks valued at N1.4 billion, Tantalizers exchanged 55.1 million equities worth N126.8 million, GTCO traded 46.0 million shares for N3.1 billion, and First HoldCo transacted 22.7 million stocks valued at N571.6 million.

Business Post reports that the consumer goods index depreciated by 1.34 per cent during the session and the commodity sector closed flat.

However, the banking industry improved by 1.02 per cent, the industrial goods sector advanced by 0.98 per cent, the insurance counter expanded by 0.33 per cent, and the energy space leapt by 0.07 per cent.

Consequently, the All-Share Index (ASI) closed higher by 382.13 points to 109,231.96 points from 108,849.83 points and the market capitalisation jumped by N241 billion to N68.653 trillion from N68.412 trillion.

By Adedapo Adesanya

The International Monetary Fund (IMF) has removed Nigeria from its Total IMF Credit Outstanding list after repaying the $3.4 billion pandemic loan.

The global lender provided funding support to some countries after the COVID-19 pandemic in 2020, which crumbled the global economic and made some nations struggling to survive.

Nigeria was among the countries that relied on the IMF for funding support and it has repaid the loan, prompting the lender to remove its name from the debtors’ list.

The journey towards clearing this debt began in earnest in 2023, when the nation’s IMF debt stood at $1.61 billion, reaching $472 million by January 2025.

Commenting on the development, the Senior Special Assistant to the President on Digital Engagement and Strategy, Mr O’tega Ogra, described the clearance as a “strategic reset” for the nation’s financial policy.

He emphasized that this achievement is a reflection of the administration’s focus on fiscal discipline, long-term sustainability, and economic resilience.

“This milestone signals a new chapter for Nigeria, one marked by clarity, capacity, and fiscal responsibility.

“We are no longer defined by aid dependence but by our capacity to stand tall and manage our financial future on our terms,” Mr Ogra stated.

While Nigeria’s exit from the IMF’s debtor list is a symbolic moment of progress, Mr Ogra made it clear that the country would continue to engage with the IMF and other international partners, but now on a more proactive, strategic basis.

“Global partnerships remain essential, but we approach them from a place of strength, not dependency,” he added.