Economy
Oil Market Jumps on Heightened Middle East Tension, Drop in US Stockpiles
By Adedapo Adesanya
The oil market rose by nearly 3 per cent on Wednesday as investors worried that the conflict in the Middle East could widen after the killing of a Hamas leader in Iran and after a sharp fall in crude stockpiles in the United States.
Brent crude gained $2.09 or 2.66 per cent to finish at $80.72 a barrel while the US West Texas Intermediate (WTI) crude rose by $3.18 or 4.26 per cent to settle at $77.91 a barrel.
Still, Brent finished July with nearly a 7 per cent monthly decline with WTI down nearly 4 per cent for the month.
Crude prices moved higher after the US Energy Information Administration (EIA) reported an inventory draw of 3.4 million barrels for the week to July 26.
The inventory change compared with a draw of 3.7 million barrels for the previous week, when fuel inventories also declined substantially. For the week to July 26, the EIA estimated mixed changes in fuel inventories.
Gasoline (petrol) stocks shed 3.7 million barrels with production averaging 10 million barrels daily. This compared with a stock draw of 5.6 million barrels for the previous week when gasoline production averaged 10.2 million barrels daily.
Tensions in the oil-producing Middle East region heated up overnight on news that Hamas leader Ismail Haniyeh was assassinated in Iran.
This came a day after the Israeli government claimed it killed Hezbollah’s most senior commander, Fuad Shukr, in an airstrike on Lebanon in retaliation for Saturday’s rocket attack on Israel which reportedly claimed the lives of 12 civilians, most under the age of 16.
The second of the two strikes, and the one that sent oil prices spiking, came just hours later when Hamas’ political leader was killed while in Iran for the swearing-in ceremony of the country’s new president.
The strike has heightened tensions in the region and is likely to undermine Gaza ceasefire talks, with Iran, Qatar, Jordan, and Lebanon all condemning Israel.
Also, the US conducted a strike in Iraq in the latest conflict in the region.
A fall in the US Dollar supported prices after it dropped 0.4 per cent against other benchmarked currencies.
A weaker Dollar can boost demand for oil by making the greenback-denominated commodity cheaper for holders of other currencies.
Limiting gains were concerns about fuel demand in China, the world’s top crude oil importer which was worsened by China’s manufacturing activity in July shrinking for a third month, data showed on Wednesday.
The Organisation of the Petroleum Exporting Countries and its allies, OPEC+, will hold an online joint ministerial monitoring committee meeting (JMMC) on Thursday (August 1) but the alliance is expected to stick to their current deal on production and start unwinding some output cuts from October.
Economy
46 Stocks Gain Weight, 53 Equities Lose on NGX in One Week
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited was bullish last week despite investors’ mood swing, triggered by happenings in the country and across the globe, especially the Middle East crisis.
The All-Share Index (ASI) and the market capitalisation appreciated week-on-week by 3.94 per cent to 225,722.49 points and N145.335 trillion, respectively.
Similarly, all other indices finished higher with the exception of the growth and commodity indices, which depreciated by 0.02 per cent and 0.41 per cent, respectively, while the sovereign bond index closed flat.
A look at the price changes of shares in the five-day trading week showed that
46 stocks gained weight versus 61 stocks of the previous week, 53 equities shed weight compared with 36 equities a week earlier, and 47 shares closed flat, in contrast to 49 shares of the preceding week.
UAC Nigeria led the gainers’ chart after it chalked up 42.00 per cent to trade at N142.00, Union Dicon appreciated by 32.73 per cent to N21.90, NASCON expanded by 32.63 per cent to N206.90, Trans-Nationwide Express rose by 30.58 per cent to N7.90, and Zichis improved by 25.71 per cent to N15.60.
On the flip side, Infinity Trust Mortgage Bank led the losers’ group after it gave up 50.79 per cent to close at N9.35, Abbey Mortgage Bank declined by 33.33 per cent to N5.40, Guinea Insurance slipped by 15.20 per cent to N1.06, Stanbic IBTC lost 13.82 per cent to settle at N162.50, and Living Trust Mortgage Bank slumped by 10.98 per cent to N3.65.
As for the activity log, Customs Street recorded a turnover of 3.805 billion shares worth N213.955 billion in 297,202 deals in the week compared with 3.588 billion shares valued at N195.313 billion transacted in 254,553 deals in the previous week.
Financial stocks led the activity chart with 2.739 billion units sold for N106.269 billion in 135,101 deals, contributing 71.99 per cent and 49.67 per cent to the total trading volume and value, respectively.
Services equities traded 212.324 million units worth N4.024 billion in 17,042 deals, and consumer goods shares exchanged 180.076 million units valued at N13.269 billion in 32,457 deals.
Access Holdings, UBA, and First Holdco were the busiest with 814.060 million units traded for N39.032 billion in 37,195 deals, contributing 21.40 per cent and 18.24 per cent to the total equity turnover volume and value, respectively.
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.
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