Economy
Oil Falls on Stronger Dollar, UK COVID-19 Cases Surge
By Adedapo Adesanya
Oil prices fell more than one per cent from their highest level in years on Thursday as the Dollar strengthened after the United States Federal Reserve signalled it might raise interest rates as soon as 2023.
The price of the international benchmark, Brent crude futures, dropped $1.31 or 1.76 per cent to trade at $73.08 per barrel while the United States’ benchmark, West Texas Intermediate (WTI) crude futures, lost $1.61 or 1.87 per cent to sell at $71.05 per barrel.
The US Dollar strengthened to its highest since in two months against a basket of other currencies after the US Federal Reserve hinted that it might raise interest rates at a much faster pace than assumed.
Fed officials projected an accelerated timetable for rate increases, began talks on how to end emergency bond-buying and said the COVID-19 pandemic was no longer a core constraint on the commerce of the largest economy in the world.
This led the Dollar Index, which tracks the greenback against six major currencies, to rise by 0.53 per cent at 91.892, its highest since mid-April.
A stronger dollar makes oil more expensive in other currencies, which could dent demand.
Another factor for the poor performance of the crude oil was the worries, which resurfaced after new coronavirus cases jumped in Britain.
The country reported its biggest daily rise in new cases of COVID-19 since February 19 on Thursday, according to government figures which showed 11,007 new infections, up from 9,055 the day before.
Analysts worry that this could affect demand as the surge in COVID cases in one of the best performing economies despite rapid vaccinations will raise many alarms over how quickly the rest of Europe will reopen.
The spread of the more infectious Delta variant of the disease, first identified in India, prompted Prime Minister Boris Johnson on Monday to postpone a planned easing of social-distancing rules that had been due for June 21.
Meanwhile, the market is still dealing with supply concerns over the return of Iranian barrels. Indirect talks between Iran and the US on reviving the 2015 Iran nuclear deal have come closer than ever to an agreement, but essential issues remain to be negotiated.
The delay is happening as the country heads to the presidential polls on Friday, June 18. The outcome of today’s presidential elections in Iran is also likely to lend support to the oil price depending on who emerges as the winner.
If successful with the talks and sanctions are lifted, the recovering market will have to contend with an additional one to two million barrels of oil.
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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