Economy
Oil Marks Another Weekly Drop over Worrisome Demand
By Adedapo Adesanya
Oil futures suffered a second consecutive weekly decline on Friday, pressured by worries over the outlook for demand and a climb in US crude supplies.
The international benchmark, Brent crude, dropped 24 cents or 0.6 per cent to sell at $39.82 per barrel, while the US West Texas Intermediate (WTI) crude lost 16 cents or 0.39 per cent to settle at $37.33 per barrel.
Growing infection rates around the world continue to spell demand worries for the oil market as one of the world’s largest consumer of oil, India, reported another record daily jump in its COVID-19 cases.
Globally, cases crossed 28.6 million on Friday and investors expect a global glut to persist if demand weakens further with the rising coronavirus cases in some countries.
Crude had posted a loss on Thursday as investors focused on government data that showed a 2 million-barrel climb in US crude inventories for the week ended September 4, according to the Energy Information Administration (EIA).
The uncertainty heightened worries over near-term domestic demand in the largest oil-consuming nation while it also lingers over the outlook for global demand.
The rise in crude stockpiles rose against expectations as refineries slowly returned to operations after production sites were shut down due to storms in the Gulf of Mexico and the wider region last week.
The news that traders were starting to book tankers again to store crude oil and diesel, amid a stalled economic recovery, also dampened the mood of the market.
Increasing stockpiles are likely to be a subject at a meeting on September 17 of the market monitoring panel of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia.
The OPEC and allied producers also known as OPEC+ decided to taper production cuts by 2 million barrels per day to 7.7 million barrels per day beginning August 1 through the end of the year.
However, Saudi Arabia and Kuwait have lowered their official selling prices to Asia for October, to counter slower demand. Reduction of prices does not bode well with investors who see the move as highly risky.
OPEC officials had seen production increases justified as demand gradually returned from its pandemic’s nadir in April but the meeting on Thursday may touch on the new development.
Data from Baker Hughes BKR Friday, meanwhile, showed a modest decline of 1 in the number of active US rigs drilling for oil to total 180.
By Aduragbemi Omiyale
As part of the 2025 Global Money Week celebration, over 200 students were recently selected and equipped with essential financial literacy skills.
This seminar on money management tips was put together by the Nigerian Exchange (NGX) Group Plc, in collaboration with the Central Bank of Nigeria (CBN) and MinieMoney.
It underscored a shared commitment to fostering financial inclusion and equipping young Nigerians with the knowledge required for long-term financial well-being.
The event was organised to mark the Global Money Week, is a global initiative currently in its 13th edition designed to promote financial education among young people, ensuring they develop the critical thinking skills needed to make informed financial decisions.
The 2025 theme, Think Before You Follow, Wise Money Tomorrow, reinforces the importance of strategic financial planning from an early age.
The Head of Trading and Products at NGX, Mr Abimbola Babalola, highlighted the transformative power of financial literacy in shaping students’ futures.
“The financial choices you make today will determine the quality of your life tomorrow. Understanding saving, investing, and responsible money management early on will put you on the path to financial success,” he stated.
Also, the Assistant Director of the Consumer Protection Department at CBN, Mr Christian Mordi, introduced the CBN’s ‘Sabi Money’ platform, designed to enhance financial education nationwide.
“Financial literacy extends beyond numbers; it is about developing discipline, patience, and informed decision-making skills that foster economic security,” he noted.
On his part, the chief executive of MinieMoney, Mr Gbolahan Faniran, emphasized the importance of early investment habits and leveraging the power of compound interest.
“Achieving financial success is not about following trends but about making intentional money choices today that ensure a secure future,” he said.
Business Post reports that students from Vivian Fowler Memorial College for Girls, Dansol High School, Kith and Kin Educational Schools, Caleb British International School, Lagos Preparatory and Secondary School, and The Bells Comprehensive Secondary School attended the programme.
They engaged in insightful discussions on financial literacy, investment strategies, and capital market operations, with the added opportunity to experience firsthand the dynamics of the NGX trading floor.
By Adedapo Adesanya
The trio of Geo-Fluids Plc, Food Concepts Plc, and Industrial and General Insurance (IGI) Plc were extended the stay of the NASD Over-the-Counter (OTC) Securities Exchange in the red region for another trading day, weakening the alternative stock exchange further by 0.13 per cent on Thursday, March 20.
Geo-Fluids Plc lost 15 Kobo to trade at N2.70 per unit compared with the previous day’s N2.85 per unit, Food Concepts Plc declined by 6 Kobo to close at N1.49 per share versus Wednesday’s closing price of N1.55 per share, and IGI Plc tumbled by 2 Kobo to settle at 37 Kobo per unit, in contrast to the 39 Kobo per unit it traded a day earlier.
As a result, the NASD Unlisted Security Index (NSI) went down by 4.36 points to close at 3,373.62 points, in contrast to the previous trading day’s 3,377.98 points.
In the same vein, the market capitalisation of the bourse depreciated by N2.51 billion to settle at N1.948 trillion compared with the preceding day’s N1.951 trillion.
During the trading session, the volume of securities traded at the bourse crumbled by 99.4 per cent to 201,873 units from the 31.3 million units recorded on Wednesday, the value of securities bought and sold by the market participants moderated by 97.7 per cent to N776,509.51 from the N33.3 million quoted a day earlier, and the number of deals carried out by investors decreased by 26.1 per cent to 17 deals from 23 deals.
When the market closed for the day, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with 533.9 million units sold for N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.5 million units worth N359.5 million.
In the same vein, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 533.9 million units valued at N520.9 million, trailed by IGI Plc with 69.9 million units sold for N23.7 million, and Geo-Fluids Plc with 44.1 million units worth N88.9 million.
By Adedapo Adesanya
The Naira appreciated against the United States Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, March 20 by N13.19 or 0.85 per cent to trade at N1,534.33/$1 compared with the previous day’s N1,547.52/$1.
Also, the value of the Nigerian currency improved against the British Pound Sterling at the same FX market segment by N12.50 to settle at N1,972.89/£1 compared with Wednesday’s closing price of N1,985.39/£1 and against the Euro, it gained N10.30 to close at N1,657.81/€1, in contrast to the N1,668.11/€1 it was exchanged at midweek.
For another trading session, the exchange rate of the Naira to the US Dollar remained unchanged yesterday at N1,585/$1, according to data obtained by this newspaper.
However, the cryptocurrency market was largely negative during the trading day despite fresh comments by President Donald Trump, ramping up his pro-crypto sentiment with an assertion that crypto will spark economic growth.
Speaking via a pre-recorded video at an event, the American President reiterated his promise to the industry, but this didn’t move the needle since he did not announce any new actions, instead reiterating what his administration has already done.
Mr Trump had already signed two executive orders tied to digital assets since taking office for his second term on January 20, after previously creating a working group for digital assets and establishing a Bitcoin reserve using previously seized assets.
At the crypto space on Thursday, Solana (SOL) slumped by 4.9 per cent to trade at $128.08, Dogecoin (DOGE) lost 3.4 per cent to sell at $0.1686, Ethereum (ETH) went down by 2.1 per cent to close at $1,971.64, Ripple (XRP) declined by 2.0 per cent to quote at $2.40, Bitcoin (BTC) shrank by 1.9 per cent to finish at $84,150.03, and Cardano (ADA) decreased by 1.8 per cent to settle at $0.7175.
On the flip side, Binance Coin (BNB) appreciated by 0.6 per cent to end at $630.54, Litecoin (LTC) expanded by 0.3 per cent to $93.06, while the US Dollar Coin (USDC) and the US Dollar Tether (USDT) traded flat at $1.00 apiece.
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