Economy
Oil Prices Down as China Depresses Market
By Adedapo Adesanya
Oil prices slid further to a seven-week low on Tuesday as investors worried that demand from China could be weakening.
The price of Brent crude fell by $1.15 or 1.4 per cent during the session to settle at $78.63 per barrel and the US West Texas Intermediate (WTI) crude slumped by $1.08 or 1.4 per cent to $74.73 per barrel.
There are expectations that China’s manufacturing activity will shrink for the third month in a row, adding to worries about the world’s top oil importer.
Staying with China, Citi cut its outlook on the country’s economy, now expecting the gross domestic product (GDP) growth at 4.8 per cent, down from 5 per cent in an earlier forecast, after second-quarter growth came in below predictions.
The Chinese government has vowed to step up support for the economy, but investors expect such measures will be limited since the Third Plenum policy meeting largely reiterated existing goals.
Market participants have been discussing a possible ceasefire deal in Gaza that could reduce the geopolitical risk premium for crude prices.
Analysts noted that a ceasefire deal with Hamas can potentially remove $4 to $7 a barrel of risk premium from the market.
An Israeli air strike in Lebanon targeted a senior Hezbollah commander in the southern suburbs of Beirut. The Israeli military claimed that the strike was in response to a cross-border projectile attack that claimed the lives of 12 children and adolescents over the weekend.
According to certain analysts, Israel’s measured response may indicate that an agreement regarding Gaza is imminent.
The US is considering fresh sanctions on Venezuela, a member of the Organisation of the Petroleum Exporting Countries (OPEC) following disputed results in the South American country’s presidential election.
If the US intensifies its sanctions on the oil producer, the global supply could be reduced as a result of the Venezuelan elections.
The opposition in Venezuela claims that it received 73 per cent of the ballots, although the electoral commission of the country declared President Nicolas Maduro, the victor of the presidential vote that will see him start his third term.
Later in the week prices could move in either direction, with a US Federal Reserve meeting scheduled for Wednesday that could reignite hopes of an interest rate cut before the end of the year.
A day later, OPEC and its allies, OPEC+ will hold a monitoring meeting to review the market, including a plan to start unwinding some output cuts from October. No changes are currently expected.
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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