Economy
Oil Market Up on Small US Crude Stocks Build, Fed Rate Cut Signal
By Adedapo Adesanya
The oil market edged up about 1 per cent on Wednesday on a smaller-than-expected build in US crude inventories and positive signals by the US Federal Reserve on interest rate cuts this year.
Brent futures rose 92 cents or 1.1 per cent to $82.96 per barrel, while the West Texas Intermediate (WTI) futures appreciated by 98 cents or 1.3 per cent to settle at $79.13 per barrel.
Crude oil prices moved higher after the Energy Information Administration (EIA) reported estimated inventory draws across fuels. In crude, the EIA reported a build of 1.4 million barrels for the week to March 1.
The EIA also estimated draws of over 4 million barrels each in gasoline and middle distillate stocks compared with the 4.2 million barrels for the previous week, which was accompanied by a draw across fuels. It also compared with an estimated crude inventory increase of a modest 423,000 barrels for the week to March 1, as reported by the American Petroleum Institute (API).
Support also came as US Federal Reserve Chair Jerome Powell said the American central bank still expects to reduce its benchmark interest rate later this year.
This will happen even though policymakers still need greater confidence in inflation’s continued decline. The US has an inflation target of 2 per cent.
Further rate hikes appear to be off the table, with Mr Powell repeating that the current benchmark rate, held in the 5.25 per cent to 5.5 per cent range since July, was likely at its peak.
Lower interest rates could increase oil demand by boosting economic growth.
Support also came as the US Dollar slipped to a one-month low against a basket of other currencies after Powell’s comments.
A weaker Dollar can boost demand for oil by making the fuel cheaper for buyers using other currencies.
The market also moved away from China even as the world’s largest importer earlier this week announced new measures to stimulate stronger growth that fell short of expectations which it put at 5 per cent.
Meanwhile, talks on a ceasefire and hostage exchange between Israel and Hamas were at an impasse as the humanitarian crisis in Gaza deepened and a merchant vessel was on fire after a fatal attack in the Red Sea.
The disruption in oil tanker movements due to Red Sea attacks by the Iran-backed Houthi militia in Yemen, along with the latest 2.2 million barrels per day supply cut extension by the Organisation of the Petroleum Exporting Countries and allies (OPEC+) was causing supply tightness, especially in Asian markets.
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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