Economy
Oil Appreciates on China’s Latest Step to Prop Economy
By Adedapo Adesanya
Oil appreciated on Monday after China took steps to bolster its slumping economy, with Brent increasing by 65 cents or 0.8 per cent to $85 per barrel, as the US West Texas Intermediate (WTI) gained 45 cents or 0.6 per cent to sell for $80.28 per barrel.
The focus of the oil market was on China’s actions to support its economy as the world’s largest economy halved the stamp duty on stock trading effective Monday in the latest attempt to boost the struggling market.
According to Reuters, the finance ministry, in a brief statement on Sunday, said it was reducing the 0.1 per cent duty on stock trades “in order to invigorate the capital market and boost investor confidence.”
The country has taken a series of measures, including a smaller-than-expected cut in a key lending benchmark last week. However, investors are demanding a stronger policy response, including massive government spending.
Possible disruptions from Tropical Storm Idalia heading for Florida, US, also boosted the market.
Idalia was intensifying as it approached Cuba, according to the latest update. Its most likely impact is a day or two of power outages, and analysts noted that it could add some short-term support for the price of oil.
Meanwhile, pressure remains after Federal Reserve Chair Jerome Powell said the US central bank may need to raise rates further to cool still-too-high inflation.
Speaking last Friday, he promised that the Federal Reserve would move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the US economy.
According to analysts, Powell’s remarks still delivered a blow, with investors now seeing one more rate hike by year-end more likely than not.
The US Federal Reserve has raised rates by 5.25 percentage points since March 2022, and inflation by the US Federal Reserve preferred gauge has moved down to 3.3 per cent from its peak of 7 per cent last summer. Although the decline was a welcome development, inflation still remains too high, according to the central bank head.
Oil prices have remained above $80 a barrel with support from falling oil inventories and supply cuts from the Organisation of the Petroleum Exporting Countries and its allies (OPEC+).
Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels a day into October, analysts told Reuters last week, as the kingdom seeks to provide further support for the market.
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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