Economy
Oil Drops on Poor Chinese Demand Data
By Adedapo Adesanya
Oil fell more than $1 on Friday to record a second straight weekly decline as disappointing Chinese data added to doubts about demand growth after Saudi Arabia’s weekend decision to cut output.
Brent declined by $1.17 or 1.5 per cent to settle at $74.79 a barrel, as the US West Texas Intermediate (WTI) went down by $1.12 or 1.6 per cent to $70.17 a barrel.
Both benchmarks lost more than $3 on Thursday after a media report that a US-Iran nuclear deal was imminent and would result in more supply.
Prices pared losses after both countries denied the report, ending at about a Dollar a barrel lower.
A spokesperson for the White House National Security Council called the report “false and misleading,” while Iran’s mission to the United Nations cast doubt on the report, saying: “Our comment is the same as the White House comment.”
The US and European Union officials have been trying to curb Iran’s nuclear program since the breakdown of indirect US-Iranian talks on reviving the 2015 nuclear deal between Iran and top world powers.
Oil prices had risen early in the week, buoyed by Saudi Arabia’s pledge over the weekend to cut more output on top of the cuts agreed earlier with the Organisation of the Petroleum Exporting Countries and its allies, OPEC+.
The Saudi cut lifted prices slightly, and then the talks of the potential return of Iranian barrels saw a large drop.
However, a rise in US fuel stocks and weak Chinese export data have weighed on the markets.
Exports slumped 7.5 per cent year-on-year in May, data from China’s Customs Bureau showed on Wednesday, much larger than the forecast 0.4 per cent fall and the biggest decline since January.
Equally, imports contracted 4.5 per cent, slower than an expected 8.0 per cent decline and April’s 7.9 per cent fall.
Meanwhile, analysts expect oil prices to rise if the US Federal Reserve pauses hiking interest rates at its next meeting over June 13-14.
The US Federal Reserve’s decision may also influence Saudi Arabia’s next move, some analysts said.
The world’s second-largest economy grew faster than expected in the first quarter thanks to robust services consumption and a backlog of orders following years of COVID disruptions, but factory output has slowed as rising interest rates and inflation squeeze demand in the United States and Europe.
Economy
NGX Group’s 65th Annual General Meeting Holds April 29
By Aduragbemi Omiyale
The 65th Annual General Meeting (AGM) of the Nigerian Exchange (NGX) Group Plc has been fixed for Wednesday, April 29, 2026, at 11:00 am at its corporate head office on 2–4 Customs Street, Lagos.
Business Post gathered that the meeting would be streamed live on the company’s website and social media platforms to enable broader participation by shareholders and stakeholders unable to attend physically.
As part of a special business, shareholders will consider a proposed bonus issue of one new ordinary share for every three existing shares held as at the close of business on April 10, 2026, subject to regulatory approvals.
The proposal also includes an increase in the organisation’s share capital from N1,102,309,954 to N1,469,746,605, to accommodate the bonus shares and amendments to the Memorandum of Association to reflect the new capital structure.
Also at the gathering, shareholders will consider and, if deemed fit, approve the company’s audited financial statements for the year ended December 31, 2025, alongside the reports of the directors, auditors, board evaluation consultants, and audit committee.
The meeting will also deliberate on the declaration of a final dividend and the re-election of three non-executive directors retiring by rotation, who are Mr Umaru Kwairanga, Mrs Ojinika Olaghere, and Dr Okechukwu Itanyi.
Other ordinary business items on the agenda include authorising the board to fix the remuneration of the external auditors, determining the remuneration of managers, and electing members of the statutory audit committee.
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.
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