Economy
Oil Extends Rally on Strong US Jobs Data
By Adedapo Adesanya
Oil prices kept up their positive momentum on Thursday on the back of a better-than-expected jobs data from the United States.
The data released in the day indicated that more jobs were added to the economy despite the crisis caused by coronavirus related lockdowns.
Yesterday, the Brent crude rose by 74 cents or 1.76 percent to trade at $42.77 per barrel, while on its part, the US West Texas Intermediate (WTI) crude returned to $40 level, gaining 47 cents or 1.18 percent to settle at $40.29 per barrel.
As the United States prepare for holiday this weekend to mark its independence day, data showed that jobs rose by 4.8 million in June and the previous month was revised higher.
For crude oil, it built on gains from Wednesday following a large drop in US crude inventories as well as plunging output of nearly 10 percent from members of the Organisation of the Petroleum Exporting Countries (OPEC).
Crude inventories fell 7.2 million barrels from a record high last week, far more than analysts had expected, according to data from the US Energy Information Administration (EIA).
But further gains may be limited as fresh outbreaks of the virus are reported across the world’s biggest economy, prompting some states to pause or even reverse re-opening measures.
New COVID-19 cases in the United States rose by nearly 50,000 in one day, leading states to restrict movements and close bars and restaurants again, a decision which is expected to affect further job growth.
While oil has recovered from an unprecedented market crash and is trading near its highest levels since early March, the rebound in fuel consumption has not been stable.
The recent gains have been spurred by evidence that efforts to cut production are working. A survey on Wednesday showed that OPEC output fell to the least since 1991 in June, while Russia reached near-total compliance with its OPEC+ quota.
However, OPEC+ hasn’t made any decision yet on whether to extend its full production cutback, which stands at 9.7 million barrels a day, into August, or ease it as initially planned to 7.7 million at the end of this month. The coalition will meet on July 15 to decide.
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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